Walgreens Just Wants 'Closure'

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Sean H. & Jocelin A.
October 15, 2024 • Estimated Reading Time: 10 minutes

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TLDR

MARKET RECAP → Stocks fell Tuesday as the market paused from its recent rally, with traders digesting the latest round of earnings reports.

WALGREENS TO CLOSE 1,200 STORES BY 2027 → 📉 Walgreens (WBA) plans to close 1,200 stores by 2027 as part of a cost-cutting strategy. Despite challenges, Q4 earnings exceeded expectations with $37.55 billion in revenue, driven by growth in healthcare services.

BOEING TO RAISE $25 BILLION → 💰 Boeing (BA) plans to raise up to $25 billion through shares or debt to boost its balance sheet, while securing a $10 billion credit facility to handle short-term liquidity challenges. The company faces mounting financial pressure, including a machinist strike costing $1 billion a month and potential credit rating downgrades.

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TODAY’S TOP NEWS

Walgreens To Close 1,200 Stores By 2027

📉 Store Closures: Walgreens (WBA) announced plans to close 1,200 stores by 2027, including 500 in fiscal 2025, as part of its cost-cutting measures to improve financial performance.

📊 Strong Earnings: Despite challenges like reimbursement pressure and softer consumer spending, Walgreens exceeded earnings expectations for Q4, reporting $37.55 billion in revenue, up 6% from last year.

🏥 Health Unit Growth: Walgreens saw growth across its U.S. healthcare segment, particularly in specialty pharmacy partnerships, contributing to a positive performance in a challenging retail environment.

TODAY’S TOP NEWS

Boeing To Raise $25 Billion

💰 Capital Raise: Boeing (BA) announced plans to raise up to $25 billion through shares or debt over the next three years to strengthen its balance sheet amid ongoing challenges.

🏦 Credit Agreement: The company secured a $10 billion credit facility from banks, which provides short-term liquidity while Boeing navigates a difficult financial environment.

📉 Financial Strain: Boeing faces potential downgrades from credit agencies due to issues like a machinist strike, costing the company over $1 billion a month, and ongoing program delays.

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