Financial News

DEERFIELD, Ill. — The clock for the Walgreens Boots Alliance and Rite Aid merger was definitively set Monday evening as the two companies announced that they have certified substantial compliance with the Federal Trade Commission's Request for Additional Information.

NEW HAVEN, Conn. — Biohaven Pharmaceutical Holding Co. commenced an IPO of 9.9 million common shares at an initial public offering price of $17 per share. In addition, Biohaven has granted the underwriters a 30-day option to purchase up to an additional 1,485,000 common shares at the initial public offering price, less underwriting discounts and commissions. The shares began trading on the New York Stock Exchange on May 4 under the ticker symbol “BHVN.”

MEMPHIS, Tenn. — Fred’s Pharmacy reported total sales for April decreased 3% year-over-year to $159.1 million compared to $163.9 million in April 2016. However, total comparable-store sales for the month increased 1.2% compared with a 0.3% increase in comparable sales in the prior year period.

ISSAQUAH, Wash. — Costco Wholesale reported net sales during April came in at $9.42 billion, an increase of 5% compared to the $8.98 billion it earned in the same month in 2016. The company noted it also had one fewer sales day due to the timing of Easter, which likely affected net and comparable sales by 1.5% to 2%.

CAMP HILL, Pa. — In a 10-K filing to the Securities and Exchange Commission Wednesday, Rite Aid expressed its belief that the proposed per share merger acquisition would likely fall to $6.50 per share, suggesting the divestiture of an additional 335 stores to secure approval from the Federal Trade Commission.

DUBLIN, Ohio — Cardinal Health shareholders are about to see their pockets get deeper.

Cardinal Health’s board of directors approved a 3% increase to the company's quarterly dividend. The dividend will increase from $0.4489 per share to $0.4624 per share and will be payable on July 15 to shareholders of record on July 3. 

The dividend increase means Cardinal Health’s stock provides approximately a 2.5% dividend yield based on its current price.

BRAMPTON, Ontario — Loblaw on Wednesday posted retail segment sales of $7.4 billion, up 0.1%, for the first quarter ended March 25, 2017.

"We continued to invest to deliver value to consumers," stated Galen Weston, chairman and CEO, Loblaw. "We are pleased with our performance in the first quarter, against a highly competitive food retail environment and despite the pressures of deflation and healthcare reform."

SALISBURY, N.C. — In an effort to make shopping easier and more affordable for its customers, Food Lion will make a $110 million investment in its stores by remodeling 71 stores in the greater Richmond, Va., market this year. This effort includes remodeling the stores, additional price investments throughout the year and investments in associates and the community through Food Lion Feeds, the grocer's hunger relief initiative.