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.
Mastery Sponsors - Scoobitty Scrappity - Become one Today
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.
Best of the Blogs
Scanning and identifying the best blog entries every hour
- FOMC Ends QE; Reiterates "Considerable Time" for Low Rates | Financial Sense
- The Halloween Yen Massacre Sends Market To All-Time Highs | ZeroHedge
- U.S. Stock Market: Favorable Sentiment for a 4th Quarter Rally | Financial Sense
- Despite Plunge In Spending, Consumer Confidence Jumps To 7-Year High | ZeroHedge
- Fly Buy: $SLCA | iBankCoin.com
- How Well Does the CPI Measure Individuals’ Health Care Burden? | Financial Sense
- Added To CCJ For $17.30 | iBankCoin.com
The most relevant financial news and articles from the Internets
- Apple CEO Tim Cook Just Came Out As Gay (AAPL) | Business Insider
- Michigan's AD Has Resigned Which Is Going To Spark Rumors That Jim... | Business Insider
- Drew Brees Tops the Power 100 in 2012 | BusinessWeek
- STOCKS RALLY, GOLD TUMBLES: Here's What You Need To Know (DIA, SPY, SPX, QQQ) | Business Insider
- How Zappos CEO's Obsession With Raving Helped Him Create... | Business Insider
- Samsung Galaxy Note 4 Review: No Longer the Biggest -- but Is it the Best? | TheStreet.com
- The 25 Most Powerful Photos From October | Business Insider