Hot Stocks Update - Rite Aid (RAD) Skyrockets On Robust Earnings

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Shares of Rite Aid Corporation (NYSE:RAD) have soared 14.29% to its day’s high of $1.52 on 13.49 million shares.

Rite Aid Corporation (NYSE: RAD reported a strong recovery in the third quarter earnings. During the quarter, Rite Aid recorded a loss of $83.9 million, or 10 cents a share, compared to a loss of $243.1 million, or 30 cents, in the year-ago period. This is higher than the analyst estimate’s loss of 18 cents.

Revenue for the quarter declined 2% to $6.35 billion from $6.47 billion.

For the quarter ended Nov. 28, same-store sales fell 0.5%.

Rite Aid projects a fiscal year loss of between 50-66 cents a share, compared with the loss of 48-74 cents a share in its earlier guidance. It also expects total sales of $25.6-$25.9 billion.

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