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Walgreens Earnings Top Views; Dow Jones Component Walgreen Stock Down

Walgreens Boots Alliance (WBA) earnings and revenue narrowly toped fiscal first-quarter estimates for the drugstore giant. Walgreens Earnings

Estimates : Analysts expected Walgreens earnings to rise 12% to $ 1.43 a share, with sales up 9% to $ 33.58 billion.

Results: Walgreens earnings climbed to $ 1.46 a share as revenue grew 9.9% to $ 33.793 billion. Comparable pharmacy sales grew 2.8%, while retail comps sank 3.2%.

Outlook: Walgreens Boots Alliance still sees fiscal 2019 earnings growth of 7% -12% at constant currencies.

Walgreens Stock Technical Analysis

] Shares fell 1.5% to 72.18 before the opening bell in the stock market today, but on light volume. On Dec. 4, Walgreens stock hit 86.31[ads1] intraday, its best level since April 2017. But shares of the Dow Jones component have been pulling back since then.

Goldman Sachs downgraded Walgreens stock to sell on Friday on concerns of the performance of its core retail pharmacy business. Walgreens stock sliced ​​through its 50-day line that day, beginning a four-day losing streak through Wednesday.

The relative strength line, which tracks a stock's performance vs. The S & P 500 index is retreating but is still close to a 52-week high.

Meanwhile, rival CVS Health (CVS), which just closed its acquisition of health insurance giant Aetna, was up 0.5 % early Thursday.

Rite Aid (RAD) popped 11% early Thursday. After Wednesday's close, the smaller drug store operator signaled it would meet or beat fiscal 2019 revenue targets while slightly missing on earnings. Rite Aid also amended and extended a drug purchasing pact with McKesson (MCK). Walgreens acquired almost half of Rite Aid stores earlier this year after regulators objected to a full takeover.


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