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WALGREENS Q3 MISS ESTIMATES; CORONAVIRUS DRIVES UP COSTS -

09-Jul
20:33 IST

Walgreens Boots Alliance’s stock is trading at 39.15-lower by 7.42% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.5%. The stock has erased all of its earlier gains and turned negative after the opening bell.

The pharmaceutical, manufacturing, and wholesale company reported its fiscal third-quarter earnings before the market opened on Thursday. Walgreens Boots Alliance generated EPS of 83 cents for the quarter ended on 31st May. The EPS was below the consensus estimates of $1.17. The company brought in $34.63 billion in revenue for the third quarter, above the market expectation of $34.36 billion.

Walgreens posted a net loss of $1.71 billion, or $1.95 per share, compared with earnings of $1.03 billion, or $1.13 per share, a year earlier. The drugstore chain said its profits were dragged down primarily by its non-U.S. business, particularly in the United Kingdom. Increased sales of low-margin items, higher supply chain costs, and higher expenses for labor and store cleaning also squeezed them.

Walgreens shares were down nearly 7% Thursday morning.

The drugstore chain has been cutting costs in some areas, while also experimenting with new business models. It’s testing a new small-format pharmacy and on Wednesday, it announced it struck a deal with VillageMD to open doctor offices in 500 to 700 of its U.S. stores over the next five years.

On the technical front, the RSI is currently at 21.73% and suggests that the market can move in the upward direction. The current price is below all the moving averages. The %K has crossed the %D from above to the downside at around 47% and suggests that the market can move in the downward direction.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.

Trade Suggestion – Limit Sell at 40.1, Take profit at 37.8 and Stop loss at 42.0 .

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