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At least three big-name pharmacy retailers saw shares dropping Wednesday in the wake of Walgreen's (NYSE: WAG) weak guidance for 2016.
Along with announcing plans to acquire the 55 percent of European drug retailer Alliance Boots while retaining its U.S. headquarters, Walgreen forecast $4.25 to $4.60 a share in 2016 earnings versus a Street consensus of $5.03.
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Walgreen tumbled more than 14 percent Wednesday to $59.17 per share.
With the Boots acquisition, Walgreen said it will become the world's largest purchaser of prescription drugs and related products.
Along with Walgreen's disappointing long-term earnings guidance, its new-found competitive heft might be spooking investors in competing Rite Aid (NYSE: RAD) and CVS (NYSE: CVS).
Rite Aid fell 8.14 percent to $6.02, while CVS was off 0.27 percent to $77.05.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.