Walgreen and AmerisourceBergen Sign $400 Billion 10 Year Deal
NEW YORK, March 20, 2013
NEW YORK, March 20, 2013 /PRNewswire/ --
Walgreen Co. and its European partner Alliance Boots announced a 10 year deal
with U.S. distributor AmerisourceBergen on Tuesday. The deal includes taking a
minority stake in the pharmaceutical wholesaler and will pool purchasing power
to buy generic and branded prescription drugs around the world. The contract
is said to be worth $400 billion over a decade, and will bring an end in
August to Walgreen's relationship with rival distributor Cardinal Health.
Walgreen shares closed up 5.44% on Tuesday.
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Harvest Natural Resources Inc. (NYSE: HNR) - Harvest Natural Resources was one
of the biggest decliners on the NYSE yesterday. Shares were already down 85%
at the stock's opening price of $2.95. They dropped as low as $2.91, which
became a new 52-week low for the stock. The huge plunge came after the Company
revealed that they found accounting errors that may require it to reinstate
financial statements dating back to 2010. Shares saw a 27% bounce back from
their intra-day low and closed at $3.70. Earlier this year shares of HNR were
trading over $10.00. Trading volume yesterday was higher than average with
over nine million shares traded.
Star Scientific, Inc. (Nasdaq: STSI) - Star Scientific experienced a big drop
on Tuesday after the Company announced that they are being investigated by the
federal government. Shares traded as low as $1.58 in intra-day trading, just
two cents above the stock's 52-week low. The company said it believes the main
focus of the investigation is its securities, including private placements and
related transactions dating to 2006. The stock closed at $1.64, down 17.17%.
The stock has a 52-week trading range of 1.56 - 5.05.
eBay Inc. (Nasdaq: EBAY) - eBay was one of the most active stocks trading on
the Nasdaq composite on Tuesday. In a competitive strategy against Amazon,
the Company announced that it will overhaul fees for sellers on its online
marketplace, lowering them for many sellers. eBay is simplifying their "final
value fees" with the percentage fee levied on each sale determined by product
categories. JMP Securities analyst Ronald Josey on Tuesday rated eBay as an
"outperformer" on Tuesday and made it his "top pick." Shares of eBay closed up
1.97% yesterday at $51.10.
Walgreen Co. (NYSE: WAG) - Walgreen Co. had one of the biggest trading volume
advances on the NYSE yesterday, trading nearly twenty four million shares. The
stock climbed as high as $45.80 in intra-day trading, making it a new 52-week
high for the Company. Walgreen announced revenues revealing that for the
quarter ended Feb. 28 (Q2), the Company missed slightly on revenues but beat
expectations on earnings per share. Walgreen also announced that they are
expanding their supply agreement with AmerisourceBergen Corp. through a
10-year deal that gives it and European health and beauty retailer Alliance
Boots a minority stake in the pharmaceutical wholesaler. The contract is said
to be worth $400 billion over a decade. Shares of WAG closed up 5.44% at
AmerisourceBergen Corporation (NYSE: ABC) - Trading volume for ABC on Tuesday
was roughly eight times higher than average at a little over 17 million shares
traded. Yesterday Walgreen Co. announced a 10-year agreement with distributor
AmerisourceBergen that cements Walgreen status as the world's largest buyer of
drugs. The 10-year agreement with AmerisourceBergen is said to be a contract
worth $400 billion over a decade. Shares of ABC hit a new 52-week high
yesterday at $52.15 in intra-day trading. The stock closed at $50.06 up 3.64%.
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