Walgreens Earnings Beat, Rite Aid Acquisition Deadline Delayed

Shares of Walgreens Boots Alliance (WBA) - Get Report were higher on Thursday after posting better-than-expected earnings for the fiscal fourth-quarter. Earnings of $1.07 a share surpassed analysts' forecasts of $0.99. But, revenue of $28.64 billion for the period missed expectations. The drugstore chain expects full-year earnings in the range of $4.85 to $5.20 a share. Walgreens also said that it has extended the deadline to complete its merger with Rite Aid as it works to obtain regulatory approval. The new end date of the merger agreement is now Jan. 27, 2017; it had been Oct. 27, 2016. Both companies expect the transaction will close in the beginning of the 2017 calendar year. (Walgreens is a holding in Jim Cramer's Action Alerts PLUS portfolio). 

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