Daily Stock Market News

Rite Aid Could Test 2009 Bear-Market Lows. Here’s the Chart.

Shares of Rite Aid  (RAD)  on Thursday have lost more than a quarter of their value after the drugstore chain reported earnings.

Of course, the broad stock market also is under significant selling pressure once again.

As for the company’s report, it beat revenue expectations even as sales fell 3.4% year over year. But its loss of 63 cents a share missed estimates by 17 cents.

While management maintained its full-year revenue outlook, it lowered its net loss outlook and adjusted-Ebitda range. That’s as consumer spending remains pressured and supply-chain issues continue to hobble corporate operations.

Read More: Rite Aid Could Test 2009 Bear-Market Lows. Here’s the Chart.

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