It wasn't supposed to be this way: The 2017 tax cut and aggressive moves toward deregulation were supposed to pull the U.S. economy out of its glacial move higher.Economyread more
President Trump says Iran may not have intentionally downed an unmanned U.S. surveillance drone.Politicsread more
Slack pursued an unusual direct listing, meaning it did not have banks underwrite the offering.CNBC Disruptor 50read more
Slack's CEO said that the company didn't want to go public via an IPO so that it could be as transparent and accessible as possible.Deals and IPOsread more
Oil jumped as much as 6% on Thursday after Iran shot down a U.S. military drone, prompting President Trump to blast Tehran on Twitter.Energy Commoditiesread more
If Facebook cut corners in something as basic as the branding of its nascent crypto efforts, this dispute could give ammunition to its many critics.Financeread more
Workers in the gig economy could get short changed when it comes to their Social Security checks in retirement. That's because the growing ranks of people who earn money on...Personal Financeread more
CNBC analysis using Kensho found that Disney, Verizon and Home Depot were some of the best performing Dow stocks in declining-rate environments.Investingread more
For doubters thinking the rally is just a last gasp of the decadelong bull market, chart analysts are here to prove them wrong.Marketsread more
Notorious "pharma bro" Martin Shkreli has reached a settlement with his former biopharmaceutical company Retrophin to resolve "all outstanding disputes" just week after he...Biotech and Pharmaceuticalsread more
"The slowdown in the global economy is reaching this shore," veteran trader Art Cashin says.Economyread more
Walgreens plans to close about 200 U.S. stores as the nation's largest drugstore chain expands on a $1 billion cost-reduction plan it announced last August.
The Deerfield, Illinois, company said Thursday that it also will reorganize its corporate operations and streamline its information technology and other functions. It expects the moves to add $500 million to its estimate for cost savings from its three-year plan.
The store closings amount to about 2 percent of the 8,232 drugstores it runs in the United States, Puerto Rico and the U.S. Virgin Islands.
Walgreen said its moves will lead to a "faster and more agile company." It expects to book pre-tax charges for the restructuring of between $1.6 billion and $1.8 billion as it implements the program.
Late last year, Walgreens completed a nearly $16 billion deal to purchase the remaining stake of European health and beauty retailer Alliance Boots that it didn't already own. The company was renamed Walgreens Boots Alliance.
Walgreens initially bought a 45 percent stake in Alliance Boots, which runs the United Kingdom's largest pharmacy chain, in 2012 for about $6.7 billion in cash and stock. Analysts expect Walgreens will get added negotiating muscle over supplies like pharmaceuticals from the Alliance Boots deal and another ownership stake it acquired in pharmaceutical wholesaler AmerisourceBergen. But the drugstore chain disappointed investors last August when it also lowered a forecast for earnings it expects after combining with Alliance Boots.
Walgreens also said Thursday that it earned $2.04 billion, or $1.93 per share, in its fiscal second quarter. Earnings, adjusted for one-time gains and costs, were $1.18 per share.
That topped Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
But the drugstore chain's revenue of $26.57 billion fell short of analyst forecasts for $27.73 billion.
Walgreen also announced a forecast for full-year earnings in the range of $3.45 to $3.65 per share.
Analysts expect, on average, earnings of $3.62 per share, according to the data firm FactSet.
Walgreens shares edged up 32 cents to $88 in premarket trading about 90 minutes before the market open. The stock had already climbed about 15 percent so far this year, as of Wednesday.