Why Rite Aid Stock Is Sinking Today
Shares of Rite Aid Corporation (NYSE: RAD) had sunk 16.7% lower as of 11:04 a.m. EST on Monday. The decline appears to reflect some profit taking by investors after Rite Aid's big jump last week, which was spurred by the pharmacy retailer's better-than-expected third-quarter earnings update.
After shares soared more than 60% in two days, it's not surprising that Rite Aid's sizzle would cool off somewhat. However, the underlying reasons for investors' renewed enthusiasm haven't changed.
Source Fool.com