NEW YORK (TheStreet) -- Shares of Walgreen Company (WAG) are plummeting -13.15% to $60.01 in early market trading after the company backed away from a plan to cut its U.S. tax bill, and announced it will no longer pursue an overseas reorganization.
The drugstore chain will buy the remaining stake in the Alliance Boots that it does not already own, but will not pull off an inversion with the Swiss health and beauty retailer, the Associated Press reports.
Walgreen said it is not in the best long term interest of its shareholders to re-domicile outside the U.S., the AP added.
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Separately, TheStreet Ratings team rates WALGREEN CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WALGREEN CO (WAG) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow."