Walgreens Boots Alliance (WBA) said on Tuesday it would shut 1,200 stores over the next three years as new CEO Tim Wentworth plots a turnaround at the struggling pharmacy chain operator hit by sluggish consumer spending and low drug reimbursement rates.Walgreens stock rose 7% before the bell on Tuesday.The company also narrowly beat Wall Street’s lowered estimates for fourth-quarter adjusted profit, and forecast fiscal-year earnings that were mostly in-line with expectations.Pharmacy chains are facing their most turbulent time in recent history as consumers avoid high-priced grocery items and pressures mount on payments they receive from drug middlemen for filling prescriptions.As…
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Image source: Getty Images Over the past couple of years, the stock market in the US has exploded higher. There are many valid reasons for this, including the concentration of tech stocks in the S&P 500. Even though I’m a UK investor, I don’t have any major restrictions as to investing the other side of the pond. So it got me thinking about what the difference in profit would be if I’d put money in the S&P 500 instead of the FTSE 100. Calculating the numbers If I’d invested £1,000 in a S&P 500 tracker fund this time last year,…
Brian Moynihan, CEO of Bank of AmericaHeidi Gutman | CNBCBank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results. Here’s what the company reported:Earnings: 81 cents vs. 77 cents LSEG estimateRevenue: $25.49 billion vs. $25.3 billion estimateThe bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses.Revenue rose less than 1% to $25.49 billion as gains in trading revenue and asset management and investment banking fees offset a decline in net interest income. Fixed income trading…
On Tuesday, BTIG initiated coverage on DHT Holdings (NYSE:), a tanker company, with a Buy rating and a price target of $16.00 per share. The firm’s analyst highlighted DHT Holdings’ position to benefit from a projected multi-year upcycle in the tanker market and its potential to offer an attractive dividend to investors. The analyst pointed out that after a period of stabilization in the crude tanker market, with the Very Large Crude Carrier (VLCC) benchmark rate, also known as TD3, averaging around $37,000 since the start of 2023, there are expectations for a rise in activity. This anticipated increase is…
Aligned with the United Nations General Assembly (UNGA) meeting, thousands of government officials, heads of state, investors in climate, academics, corporate executives and sustainability change-makers gathered for Climate Week NYC. Reflecting on this gargantuan event, one thing is clear: Every… Source link
Leading crypto pauses from recent rally. Source link
Image source: Getty Images I last wrote about the FTSE 250‘s Bellway (LSE: BWY) a year ago. Since then, much has happened for the national housebuilding business. For example, the company reduced the shareholder dividend payments. However that move hasn’t stopped the share price from shooting up by just over 50%. It seems investors have been anticipating a recovery in the housebuilding sector. But the stock’s moved before the ‘facts’ of the fundamentals have appeared in the trading and financial record. That’s often the case with cyclical companies. The forward-looking stock market It’s a phenomenon that makes investing in the…
(Reuters) – Boeing (NYSE:) said on Tuesday it has entered a credit agreement worth $10 billion with a consortium of banks, as the U.S. planemaker readies financing sources amid a crippling strike and upcoming debt maturities. The latest development signals that the planemaker is diversifying its financing options as it has $11.5 billion of debt maturing through Feb. 1, 2026. Earlier this year, Boeing committed to issuing $4.7 billion of its shares to acquire Spirit AeroSystems (NYSE:) and assume its debt. Boeing’s cash woes have worsened since roughly 33,000 of its workers represented by the Machinists union walked off their…
A beloved small business can’t keep up with constant rent increases, and its owners need help to either buy the building or find another space they can afford.A neighborhood resident sees a triple-decker go up for sale on his block and wants to buy it, but doesn’t have the money or the experience of a typical real estate investor.Rhode Island’s first-ever community investment fund is designed for situations like these. There’s nothing else like it in the country, according to Jessica David, one of the founders.People who lack access to capital can turn to the fund for loans and equity…
UnitedHealth Group (UNH) reported a better-than-expected profit for the third quarter on Tuesday, aided by expansion of its insurance and Optum businesses.The health insurer’s medical costs, however, came in higher than expectations. For the quarter, the company’s medical loss ratio – the percentage of premiums spent on medical care – was 85.2%, higher than the 82.3% reported a year earlier, as well as analysts’ estimate of 84.2%.Shares of UnitedHealth were down 2.4% in premarket trading.The company, along with other health insurers, has faced elevated medical costs as a turnover in people enrolled in Medicaid left insurers with more sick patients.Demand…