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Rite Aid gains after Walgreens opts for assets; energy rises as oil gains; Valeant lower
By Colin Hanner
Chicago, June 29 – Activity swirled around Rite Aid Corp. bonds on Thursday in the distressed debt and high-yield markets, a market source said, with activity trading “like it was a new issue.”
“It was the toast of the town,” the market source said.
Speculation around the Federal Trade Commission’s decision on a proposed merger between Rite Aid and Walgreens Boots Alliance Inc. was not needed on Thursday, as Walgreens and Rite Aid broke off talks of the merger. Walgreens instead decided to buy half of Rite Aid’s stores for more than $5 billion, pending regulatory hurdles.
As bonds drove higher, Rite Aid’s stock plummeted.
In the energy sphere, oil continued its rebound on the week with another session of gains, as California Resources Corp. saw a slight uptick at day’s end compared to intraday levels.
“It was higher, but as oil went down, so did [California Resources],” a market source said.
Valeant Pharmaceuticals International, Inc., which had seen three-consecutive days of fractional gains, was lower on the session, and with limited volume at the tail-end of the week, Neiman Marcus Group, Inc. and Hertz Global Holdings Inc., among others, saw limited activity.
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