Walgreen Co. (WAG) Shares Tumble on Earnings News
Shares of drugstore chain Walgreen Co. tumbled Monday after the usually solid retailer's fourth-quarter fell sharply short of expectations, causing its first earnings decrease in nearly a decade.
Shares sank more than 15 percent, on pace to be the largest single-day decrease in roughly 20 years, before recovering slightly.
Walgreen, one of the nation's biggest drugstore chains, blamed its poor performance on higher expenses and lower reimbursements for popular generic medications. Meanwhile, executives warned its problems would likely persist.
Shares sank more than 15 percent, on pace to be the largest single-day decrease in roughly 20 years, before recovering slightly.
Walgreen, one of the nation's biggest drugstore chains, blamed its poor performance on higher expenses and lower reimbursements for popular generic medications. Meanwhile, executives warned its problems would likely persist.
Labels: WAG, Walgreen Co.
posted by Stock Administrator @ 4:09 PM
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