Why Walgreens Boots Alliance Stock Caught a Cold Today
Walgreens Boots Alliance (NASDAQ: WBA) had a lousy day on an generally prosperous Wednesday for stocks. On the back of a big rival's earnings release, the company's shares fell by more than 2%. By contrast, the S&P 500 index rose by 1.5% during the trading session.
The rival in question is Rite Aid, which unveiled its third quarter of fiscal 2023 results before market open.
While the company notched modest beats on both the top and bottom lines, it lowered its non-GAAP (adjusted) earnings before taxes, depreciation, and amortization (EBITDA) guidance for the entirety of the fiscal year. Also, Rite Aid's net loss forecast for the period will likely end up being steeper than current analyst expectations.
Source Fool.com
