Why Walgreens Boots Alliance's Stock Surged Higher Today
You can't keep a good stock down, and on Friday it was abundantly clear that scores of investors consider Walgreens Boots Alliance (NASDAQ: WBA) to be a good stock. A day after getting dinged for a quarterly-earnings report many felt was sub-par, Walgreens' shares motored 4% higher on Friday. That beat the S&P 500 index's 2%-plus bull run.
Much of this was a "that wasn't so bad, really" reassessment of Walgreens' first quarter of fiscal 2023 results, which were unveiled Thursday morning.
By late in the trading day, the stock had taken a nearly 8% hit to its price. Investors fretted about the company's year-over-year sales decline for the period and its lackluster guidance for the full fiscal year (although it made a slight upward adjustment to its revenue projection). Management also admitted that it would abandon its recent strategy of growing by acquisitions.
Source Fool.com
