Rite Aid Corporation and Walgreens Boots were off to a relatively normal start to the trading session today. However, that all changed minutes ago as both stocks started spiking toward the top. Below, we’ll talk about what we’re seeing from the stocks, why, and what we’ll be watching for with regard to RAD and WBA ahead.
What We’re Seeing From RAD And WBA
As mentioned above, Rite Aid and Walgreens Boots were both off to a relatively normal day today. While RAD was in the green and WBA was in the red, neither had movement that was worth writing home about. However, the stocks are both spiking at the moment, sending one comfortably into the green and getting the other closer to the line. Currently (2:23), RAD and WBA are trading at $7.62 per share and $83.24 per share respectively. This comes after Rite Aid climbed $0.14 per share (1.87%). Also, Walgreens Boots is still in the red, but not much. Currently it’s down $0.04 per share (0.05%).
Why We’re Seeing The Spike
As usual, as soon as we noticed that RAD and WBA were spiking, the CNA finance team started doing some digging to see exactly what was causing the gains. While we didn’t see any fundamental news, we did see something on Dealreporter.
According to the outlet, RAD and WBA are nearing a deal to divest stores. However, it’s important to remember that, at the moment, this is nothing more than a rumor. There has been no confirmation from either side of the coin.
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on this potential deal as it evolves. If the rumor does come to fruition, it could be a great thing for Rite Aid and Walgreens Boots. Nonetheless, we’ll keep a close eye on RAD and WBA and bring you the news as it breaks!
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[Image Courtesy of Wikimedia]