Walgreens Stock Surges on Strong Earnings Report
57 minutes ago
Shares of Walgreens Boots Alliance (WBA) skyrocketed Friday morning after the pharmacy retailer reported better-than-expected fiscal first-quarter results.
The company recorded $39.46 billion in revenue for the quarter, well above the $36.71 billion it recorded the same time last year and the $37.33 billion analyst consensus compiled by Visible Alpha. Walgreens posted a $265 million net loss, below the small profit analysts expected, but the company’s adjusted earnings beat projections.
After adjusting for the cost of various one-time charges like store closures and the changing value of some of its investments, Walgreens recorded an adjusted net income of $440 million, or 51 cents per share, well above the $329.34 million and 38 cents per share analysts had expected.
In its fourth quarter report, Walgreens announced a plan to close roughly 1,200 “underperforming” stores over the next three years, including 500 in this fiscal year. The company did not disclose in Friday’s earnings report how many stores it closed in the first quarter.
“While our turnaround will take time, our early progress reinforces our belief in a sustainable, retail pharmacy-led operating model,” Walgreens CEO Tim Wentworth said Friday.
Walgreens shares were up more than 20% early Friday. The stock was the worst performer in the S&P 500 in 2024, with shares hitting their lowest price in decades.
–Aaron McDade
Bitcoin Levels to Watch as Cryptocurrency Down From Highs
2 hr 19 min ago
Bitcoin (BTCUSD) surged above $100,000 early this week but retreated in recent days as investors reassess this year’s interest rate outlook.
The cryptocurrency has lost ground as stronger-than-expected economic data has driven up Treasury yields, putting downward pressure on risk-on assets such as bitcoin amid investor concerns that the Federal Reserve may not cut interest rates again.
Bitcoin was at $93,500 on Friday morning, up from an overnight low of $91,700 but well below its high for the week set on Monday of nearly $103,000.
Since setting an all-time high (ATH) of around $108,000 in mid-December, bitcoin’s price has come under significant selling pressure. More recently, the cryptocurrency’s price formed a bearish engulfing pattern to halt last week’s rally back above the closely watched $100K level.
In addition, the relative strength index (RSI) has dropped below the 50 threshold and the price has fallen decisively under the respected 50-day moving average (MA), signaling weakening buying momentum.
Investors should watch key support levels on Bitcoin’s chart around $92,000, $87,000, and $74,000, while also monitoring important resistance levels near $100,000 and $106,000.
Read the full technical analysis piece here.
–Timothy Smith
Delta Soars as Results Beat Expectations
2 hr 43 min ago
Shares of Delta Air Lines (DAL) rose in premarket trading Friday after the airline reported fourth-quarter fiscal 2024 results that came in ahead of analysts’ estimates.
The carrier posted December-quarter profit of $843 million, or $1.29 per share, on revenue of $15.56 billion. Analysts polled by Visible Alpha expected net income of $1.15 billion, or $1.78 per share, on revenue of $14.89 billion.
On an adjusted basis, earnings per share (EPS) of $1.85 topped analysts’ estimates of $1.76.
Delta projects EPS growth of over 10% year-over-year to greater than $7.35 in fiscal 2025, “excluding the 45-cent impact of the CrowdStrike-caused outage in the September quarter.” For the current quarter, it expects revenue to grow 7% to 9% and EPS of $0.70 to $1.00.
Shares were up 7% in recent premarket trading. They have risen roughly 50% over the past year, more than double the percentage gain of American Airlines (AAL) stock but trailing the roughly 135% surge in United Airlines (UAL) shares.
–Aaron McDade