Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news and analysis.

Good afternoon, today's Thursday, June 27th, and I'm your host Kim Khan. Our top story so far.

Walgreens Boots Alliance plunged to a multi-year low after lowering its full year outlook due to a tough

overall backdrop for retail.

In addition, the Wall Street Journal reported that it plans major store closures this year.

The report indicated that the company hasn't settled on a final number of locations to close as it is still

reviewing about a quarter of its stores that aren't profitable. CEO Tim

Wentworth said, we continue to face a difficult operating environment

including persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins.

We recognize that we need to be focused on what are the parts of the business that we believe are contributing and have a future and some of those that need to change.

Walgreens said it now sees full year EPS of 280 to 295 down from prior guidance of 320 to 350 and below the

consensus estimate of 320. Also in the drugstore arena, Rite Aid is seeking

approval from a bankruptcy court for its restructuring plan that will cut $2 billion in debt and emerge from Chapter 11 owned by a group of investors.

The company argues that the

economic calendar was busy today, but while a little hot, the figures didn't move the needle on fed expectations.

The market is still pricing in a 65% chance that rates will be lower after the September meeting.

Treasury yields move lower, but the action is more likely to be driven by positioning ahead of the big core PCE inflation report on Friday.

The final Q1 GDP estimate came in in an annual rate of 1.4 percent, slightly higher

than the second estimate of 1.3 percent%, but lower than Q4's strong print of 3.4%.

The upward revision mainly reflected a downward revision to imports

and upward revisions to non-residential fixed investment in government spending.

Durable goods orders for May unexpectedly rose 0.1%, topping the consensus for a drop of 0.5%,

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