Walgreens, CVS Taking Tough Market Hits This Year
This year has been rough on big drug store retailers. Walgreens has lost more than 10 percent of its stock value so far this year, making it the worst performer on the Dow. Its biggest rival, CVS, has done even worse. CVS has seen its stock plummet 15 percent so far this year compared to last year. Both have their reasons. Walgreens has been dealing with an FDA crackdown for selling more cigarettes to minors than any other retailer. CVS is facing skepticism for buying insurance giant Aetna.
That isn’t helping Rite Aid (RAD) either. That chain, which recently sold a big chunk of its stores to Walgreens, announced Wednesday that it was cutting 400 jobs and that its CEO was leaving.
Read more at CNN Business.