Rite Aid (RAD) Stock Higher Following Q3 Financial Results

23 Dec 2015 | Author: | No comments yet »

Fed Aftermath and Rite Aid — 5 Things to Know Today.

Diluted earnings per share, after adjusting for some items, totaled 6 cents, beating analysts’ consensus estimate of 5 cents that was compiled by Zacks Investment Research. During the quarter, the Camp Hill, Penn.-based company saw “tremendous progress in strengthening (its) retail healthcare offering by converting additional stores to our Wellness format,” said Rite Aid CEO John Standley in a statement. It offers various products and services for users, including Twitter that allows users to create, distribute, and discover content; and Vine and video, a mobile application that enables users to create and distribute short looping videos. Today’s must-read story is from Fortune‘s Dan Primack, who was first to report that billionaire casino owner and Republican party donor Sheldon Adelson is the mystery buyer of The Las Vegas Review-Journal.

The income tax expense that ate into the bottom line was partly due to the offsetting of its deferred tax assets and higher interest and amortization expenses related to its acquisition of EnvisionRx, a deal that was completed in June. The Fed assured investors that the central bank’s policy would remain accommodating as it raised rates from their longstanding stimulus level of near zero to 0.25%. We thank our dedicated Rite Aid team for their continued hard work in executing our key initiatives and serving our valued customers.” Revenues for the quarter were $8.2 billion versus revenues of $6.7 billion in the prior year’s third quarter, an increase of $1.5 billion or 21.8 percent.

Retail Pharmacy Segment revenues were $6.7 billion and increased 0.8 percent compared to the prior year period primarily as a result of an increase in same store sales. President Vladimir Putin admitted for the first time that rebels in eastern Ukraine are being ‘advised’ by Russians, something established beyond reasonable doubt a long time ago, but putting the seal on another 6-month extension of European sanctions against the country. Putin said the worst of Russia’s economic crisis is behind it but warned that there would probably be further budget cuts next year because the government’s oil price forecast, at $50 a barrel, is too high.

Rite Aid RAD -0.06% agreed to be sold to larger rival Walgreens Boots Alliance WBA -0.68% for $9.4 billion in October and investors will be interested to hear updates on that deal, which likely faces a long road to obtaining antitrust approval as it would combine two of the country’s largest drugstore operators. The most highly-anticipated film of the year officially opens nationwide on Friday, but Star Wars: The Force Awakens will first debut in various theaters across the country in special preview screenings. Fans with tickets to the advance screenings will get an early look at a movie that could become one of the highest-grossing films of all time, according to several analyst predictions. The Walt Disney DIS -1.03% film has been a hit with most critics, so far, but it could have trouble breaking the record for biggest opening weekend ($208 million, set earlier this year by Jurassic World) as no December release has ever topped the $100 million-mark in its debut weekend. Its vessels carry various drybulk commodities, such as iron ore, grain, and coal, as well as bauxite, phosphate, fertilizers, steel products, cement, sugar, and rice.

Alcoa also will supply ready-to-install titanium seat track assemblies for the entire 787 Dreamliner family. “Alcoa has positioned itself to win in a multi-material aerospace industry, and these deals are the latest proof points that our strategy is working,” said Alcoa Chairman and Chief Executive Officer Klaus Kleinfeld. “We are proud to partner with Boeing as it delivers sophisticated airplanes to meet the world’s increasing demand for air travel.” Under one contract, Alcoa Fastening Systems & Rings will supply advanced titanium, stainless steel, alloy steel, aluminum and nickel-based superalloy fastening systems for every Boeing platform, including the 777X—Boeing’s newest commercial airplane—the 737 MAX—scheduled for first delivery in 2017—and the 787 Dreamliner.

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