Moments ago Walgreen reported that it was the latest company to confirm that despite endless propaganda, the retail weakness in the most recent quarter – one ending November 30 – has spread to virtually all product lines, and as a result it missed revenue estimate of $19.59 billion, printing $19.55BN instead. Yet despite the top-line weakness, the stock is higher pre-market for one simple reason: as usual the algos were fooled by the bottom line, which beat by a whopping 6 cents, printing at $0.81 on $0.75 expected. But unlike most of its peers buying back their stock at a record pace, Walgreen barely engaged in the now generic stock repurchasing gimmicks.
This post was published at Zero Hedge on 12/23/2014.
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