Why Rite Aid Stock Plunged Today

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Shares of Rite Aid (NYSE: RAD) fell 20% Thursday after the drugstore chain cut its full-year financial outlook. 

Coronavirus-related social distancing measures have weighed on Rite Aid’s revenue and profits. “During the fourth quarter our industry was impacted by a historically soft cough, cold, and flu season, as well as the continued impacts of COVID on the deferral of elective procedures and related acute prescription volume,” CEO Heyward Donigan said in a press release.

Rite Aid’s stock price fell hard Thursday. Image source: Getty Images.

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