Walgreens drops to basement of the Dow
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 27 June 2023
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis. |
| 0:09.0 | Good afternoon. Today is Tuesday, June 27th, and I'm your host, Kim Kahn. |
| 0:14.0 | Our top story so far on today's session. |
| 0:16.4 | Shares of Walgreens fell sharply after the pharmacy chain failed to meet earnings |
| 0:20.0 | expectations and trimmed its earnings outlook. It cited macro factors and a weaker demand for |
| 0:25.2 | COVID-19 vaccines and tests. Rival CVS Health and Rite Aid also dropped. |
| 0:30.8 | Walgreens lowered its adjusted earnings outlook for full year 2023 to $4 to |
| 0:35.8 | 405 per share from 445 to 465 previously. The street consensus is at |
| 0:42.1 | 445 per share. |
| 0:44.0 | CEO Rosalin Brewer says the revised guidance takes an appropriately cautious |
| 0:48.0 | to forward view in light of consumer spending uncertainty. |
| 0:52.0 | The company exceeded consensus with its top line |
| 0:54.3 | notching quarterly revenue of 35.4 billion, but the bottom line fell short. |
| 0:59.3 | Ruer said despite the sales growth, significantly lower demand for COVID-related services, |
| 1:05.2 | a more cautious and value-driven consumer, and a recently weaker respiratory season created |
| 1:10.0 | margin impressions in the quarter. |
| 1:12.2 | If today's drop holds, Walgreens will |
| 1:14.0 | slump to the basement of the Dow 30 in year-to-date performance. |
| 1:17.2 | Shares are now down more than 20% for 2023. Seeking Alpha's analysts and Quant rating have a hold rating on the stock, which is also the consensus of Wall Street. |
| 1:27.0 | Now here's a look at how trading is shaping up. A host of economic indicators gave traders lots to digest. |
| 1:33.2 | Helping Bulls was an unexpected rise in May durable goods orders, |
| 1:36.7 | which bolstered the case for a soft landing. |
... |
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