Why Rite Aid Stock Surged Today
Shares of Rite Aid (NYSE: RAD) were surging for the second day in a row today, following a surprisingly strong quarterly profit that the drugstore chain reported on Thursday. After jumping 42% yesterday, the beaten-down stock was up another 25% as of 2:02 p.m. EST.
On the top line, Rite Aid said same-store sales fell 0.1% in the quarter as prescriptions filled increased 2.8% but performance was impacted by the introduction of generics and, on the front end, lower cigarette and tobacco sales.
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Source Fool.com
