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Guy Cohen mentioned last time that this earnings season is likely to be volatile … Well here it is, and we’ve barely gotten started yet! STZ was highlighted in one of Guy’s filters, it had earnings today, and has popped up at the open by over $11 so far. Watch Today’s OVI Market Review to see how STZ popped at its earnings announcement.
Read The Capitalist’s Take Here
WALGREENS SCRAPS RITE AID MERGER; WILL INSTEAD BUY HALF OF RITE AID’S STORES
Drugstore chain Walgreens Boots Alliance Inc scrapped its deal to buy Rite Aid Corp after failing to win antitrust approval, but said it would instead buy nearly half of the smaller rival’s U.S. stores for $5.18 billion.
Rite Aid’s shares plunged about 28 percent to $2.85, while Walgreens shares were up 1 percent at $77.97. Walgreens also ended a related deal to sell as many as 1,200 Rite Aid stores to Fred’s Inc sending Fred’s shares down 19 percent.
Walgreens, the biggest U.S. drugstore chain, will likely have an easier time winning antitrust approval to buy 2,186 Rite Aid stores after it failed to win approval to take over the nearly 4,600-store chain.
Read More at Reuters Here
Read More at NY Times Here
Read More at Wall Street Journal Here
NIKE TOPS EARNINGS EXPECTATIONS; CONFIRMS DEAL TO SELL ON AMAZON
Nike reported fourth-quarter earnings and sales Thursday that topped Wall Street’s expectations, also confirming a major deal with a rival retailer that Nike has avoided working with in the past: Amazon. This news sent shares of the world’s largest footwear maker’s stock more than 7 percent higher after hours.
On a call with analysts and investors, Nike’s management team confirmed a new pilot with Amazon, where the retailer will directly sell a limited product assortment on Amazon’s U.S. e-commerce platform. The offerings will include athletic footwear, apparel and accessories.
Read More at CNBC Here
Read More at Business Insider Here
Read More at Forbes Here
Closing Bell
– Thursday, June 29th
Markets Dive DOWN as Tech Stocks Plunge
Big Insider Trades
– The J.M. Smucker Company (SJM) President of Pet Food and Snacks Barry Dunaway Sells $1.1m
– United Community Financial Corp. (UCFC) Director Marty Adams Buys $3.2m
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