U.S. stocks were mixed on Tuesday, one day after a big rally, as Walgreens Boots Alliance turned in a disappointing quarterly earnings report and offered a weakened outlook.
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The nation’s largest drugstore chain now expects full-year earnings for 2019 to be roughly flat — compared to its previous guidance of 7 percent to 12 percent growth. Walgreens also said it plans to cut costs by more than $1.5 billion by 2022, instead of its originally anticipated $1 billion.
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“The market challenges and macro trends we have been discussing for some time accelerated, resulting in the most difficult quarter we have had since the formation of Walgreens Boots Alliance,” Pessina said in a statement.
The decline in Walgreens shares dragged down the Dow Jones Industrial Average.
Airline stocks gave averages a modest lift, as Delta and United Continental equities rose.
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| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26186.13 | -72.29 | -0.28% |
| SP500 | S&P 500 | 2866.41 | -0.78 | -0.03% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7831.423349 | +2.51 | +0.03% |
Investors also gauged an assortment of potential problems: The U.K. Parliament’s apparent paralysis regarding how to leave the European Union; Europe’s slowing growth; and the ongoing U.S.-China trade conflict.
The price of 10-year U.S. Treasurys fell, hiking the yield to 2.94 percent.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| WBA | WALGREENS BOOTS ALLIANCE INC. | 55.74 | -7.75 | -12.21% |
Asian stocks rose. Japan’s Nikkei 225 closed flat, Hong Kong’s Hang Seng Index added fractionally and South Korea’s climbed 0.4 percent.
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European equities climbed as Britain’s FTSE 100 was up 0.96 percent, Germany’s DAX climbed 0.62 percent and France’s CAC 40 increased 0.33 percent
