U.S. stocks surged after the Federal Reserve kept interest rates on hold and toned down its concerns about global financial markets.
In a statement following a two-day policy meeting, Fed officials suggested they had become less concerned in recent weeks about financial-market volatility and international economic growth. They also said they would assess whether it was time to raise rates at their next meeting.
“Now it looks like they’re less concerned with monitoring the rest of the world,” said Rob Bernstone, managing director of equity trading at Credit Suisse.
That, coupled with a rate improvement still on hold, assisted boost investors’ appetite for stocks, he said, which are often perceived as riskier than other assets such as U.S. government bonds.
The Dow Jones Industrial Average added 198.09 points, or 1.1%, to 17779.52. The S&P 500 rose 24.46, or 1.2%, to 2090.35, while the NASDAQ rose 65.55, or 1.3%, to 5095.69.
On Wednesday, Rite Aid Corporation (NYSE:RAD)’s shares declined -6.92% to $8.07.
Rite Aid Corporation (RAD) offered 40.80% EPS for prior five years. The company has -686.80% return on equity value while its ROI ratio was 43.90%. The company has $9.07 billion market capitalizations and the institutional ownership was 61.00%. Its price to book ratio was -19.19. Volatility of the stock was 11.40% for the week while for the month booked as 5.72%.
Walgreens Boots Alliance Inc. will become the latest drugstore chain to test antitrust regulators’ appetite for further consolidation in a $216 billion industry where being bigger hasn’t yet stemmed dwindling profits on prescription medicines, according to WSJ.
Walgreens, the largest pharmacy chain in the U.S. with 8,200 stores, is paying $9.4 billion in cash to buy the No. 3 chain, Rite Aid Corp., and its 4,600 locations.
The combination would give it nearly three times as many pharmacies as Wal-Mart Stores Inc. and put it more than 60% ahead of rival CVS Health Corp. in terms of stores. In 14 states, counting Pennsylvania, New York and Michigan, the projected combination would more than double Walgreens’s existing store count. WSJ Reports
Rite Aid Corporation is a retail drugstore chain. The Company sells prescription drugs and a range of other merchandise, which are referred to as front-end products.
Chicago Bridge & Iron Company N.V. (NYSE:CBI)’s shares gained 15.20% to $44.88.
Chicago Bridge & Iron Company N.V. (CBI) has beta value of 2.34. The company has the market capitalization of $4.15 billion. Return on assets ratio of the company was 6.40% while its return on equity ratio was 21.70%. ATR value of company was 2.24 while stock volatility for week was 4.15% while for month was 4.71%. Debt to equity ratio of the company was -0.73 and its current ratio was -0.90.
Chicago Bridge and Iron Company N.V. (CBandI) provides a range of services to customers in the energy infrastructure market across the world. The Company also provides various Government services.
At the end of Wednesday’s trade, Hecla Mining Company (NYSE:HL)‘s shares dipped -0.89% to $2.23.
Hecla Mining Company (HL) is currently valued at $849.82 million. The company has 377.70 million shares outstanding and 53.40% shares of the company were owned by institutional investors. The company has 1.75 value in price to sale ratio while price to book ratio was recorded as 0.59. The company exchanged hands with 8.09 million shares as compared to its average daily volume of 7.19 million shares. It beta stands at 1.15.
Hecla Mining Company is engaged in discovering, acquiring, developing and producing silver, gold, lead and zinc. The Company operates in three segments: the Greens Creek, Lucky Friday, and Casa Berardi units.