Why Rite Aid Stock Rallied on Friday
Shares of Rite Aid (NYSE: RAD) had a healthy glow on Friday, as the stock surged as much as 17%. As of 1:12 p.m. ET, the stock was still up 7.2%.
The catalyst that sent the retail drugstore chain soaring was chatter that the company might still be in the crosshairs of activist investors.
Rite Aid held its annual meeting of shareholders on Wednesday, and it came away with a clean bill of health. The company's slate of board of director nominees was overwhelmingly reelected, illustrating that management still has the support of Rite Aid's shareholders.
Source Fool.com
