Shares of Walgreen Climb Despite Profit Missing Expectations

Shares of Walgreen are rising despite the drugstore chain saying it was hurt by price cuts it made in order to compete with rivals during the holiday season.
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Shares of Walgreen are rising on Wednesday despite reporting second-quarter earnings that missed expectations. The drugstore chain said profit was hurt by price cuts it made in order to compete with rivals during the holiday season. Walgreen said a slowdown of generic drug introduction and a mild flu season also weighed on the company's results. However, CEO Greg Wasson said pressure from fewer new generic drugs on the market would lighten in the second half of the fiscal year.

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