The Stock Under $1 Today is Rite Aid (NYSE:RAD)
Rite Aid Corporation (NYSE:RAD) shareholders are not pleased today with the company's 2011 loss estimate. Rite Aid shares are down 13% on the news and trading at 95 cents. The volume is already 2X the daily average as the selling continues on Rite Aid, at one point its stock hit 93 cents.
Rite Aid had nothing positive to report this morning, to sum it up -- since 2007 the company's net loss is more than $4.7 billion.
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Here are the numbers from MarketWatch.com -- Thursday after the No. 3 U.S. drug-store chain increased its fiscal 2011 loss estimate and trimmed its outlook for sales at stores one year. Pennsylvania-based Rite Aid reported a wider second-quarter loss of 23 cents a share, compared to the year-earlier loss of 14 cents, due to costs for new programs associated with its long-running turnaround effort and retiring debt. Rite Aid forecast a fiscal 2011 loss between 46 cents and 67 cents a share. Sales were pegged to be as much as $25.4 billion and same-store sales are targeted to decline as much as 1.5%. Since 2007, Rite Aid has racked up a net loss of more than $4.7 billion.
Fellow Masters, Rite Aid is a falling knife at the moment, we think this stock could re-test its 52-week low of 86 cents. At this point its only a dime away from doing so, thus wait for the selling to subside and more downgrades to come in before buying on the dip -- this stock can go lower.
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