Shares of Walgreens Boots Alliance Inc. WBA slumped 3.4% toward a six-week low, on the heels of CVS Health Corp.’s CVS earnings report in which the fellow health care services and drugstore chain cut its full-year profit outlook. Walgreens’ stock, which paced the Dow Jones Industrial Average’s DJIA declines, has dropped 8.2% amid a three-day losing streak. When Walgreens reported fiscal second-quarter results in late March, the company’s results beat expectations, boosted by an “acceleration” in sales in February, and affirmed its full-year earnings outlook. On Wednesday, CVS’s stock fell 3.4% after the company topped earnings expectations but lowered its full-year outlook as the early close of the company’s $10.6 billion acquisition of Oak Street was expected to be a “short-term headwind.” Elsewhere, shares of fellow drugstore chain Rite Aid Corp. RAD rose 1.0%, but had been down as much as 3.0% at its intraday low of $1.96; the stock had closed at a record low of $2.02 on Tuesday.
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