Walgreens did something right for once

Walgreens Boots Alliance, the worst-performing stock in the S&P 500 in 2024, is the top-performing member of the benchmark US index as of 9:00 a.m. ET.

The company reported its quarterly results on Friday, with revenues and adjusted earnings per share exceeding not just the consensus estimate, but every Wall Street analyst’s projection for the three-month period ending November 30.

“While our turnaround will take time, our early progress reinforces our belief in a sustainable, retail pharmacy-led operating model,” CEO Tim Wentworth said.

Shares of the pharmacy chain fell 64% in 2024, putting it at the bottom of the S&P 500’s annual leaderboard.

The results pushed Walgreens stock up by double digits in the premarket, putting it just above where it was trading when reports surfaced in December that the company was in talks to be taken private by Sycamore Partners, with a deal possible early this year.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

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