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MARKETS LIVE BLOG:

STOCKS SHED GAINS, TESLA SURGES DAY AFTER EARNINGS

Tesla shares jump after EV maker vows to speed up launch of more affordable models

Today’s Research Reports on Stocks to Watch: Rite Aid and Conagra Brands

ACCESSWIRE

NEW YORK, NY / ACCESSWIRE / September 28, 2018 / Both Conagra Brands and Rite Aid plummeted during Thursday's session after reporting financial results. Rite Aid also announced some executive changes.

RDI Initiates Coverage on:

Rite Aid Corporation
https://www.rdinvesting.com/report/?ticker=RAD

Conagra Brands, Inc.
https://www.rdinvesting.com/report/?ticker=CAG

Rite Aid Corporation shares were down 2.34% on about 24.6 million shares traded on Thursday. The drugstore retailer reported second quarter fiscal 2019 results before the morning's bell yesterday. For the quarter, total sales saw a jump of 1.4% YoY (year-over-year) to $5.4 billion from continuing operations. This was ahead of what analysts had expected. The company reported a loss $7.9 million or 1 cent per share, which was in line with what analysts polled by Thomson Reuters had expected. Shares slumped to a four-year low on the report. CEO and current Chairman John Standley remarked, "During the quarter, we have been hard at work accelerating our standalone strategy to capitalize on key opportunities to grow our business." The company announced that three new independent directors will be nominated to its board and that CEO John Standley will no longer hold the title of chairman. In his place as chairman will be Bruce Bodaken.

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Access RDI's Rite Aid Corporation Research Report at:
https://www.rdinvesting.com/report/?ticker=RAD

Conagra Brands, Inc. shares closed down 8.54% on about 16.5 million shares traded on Thursday. The stock saw trading volume roughly three times higher than usual yesterday. The company's top and bottom lines missed analysts' expectations. Conagra Brands reported Net Sales of $1.83 billion, up 1.7% yoy, however, below the street's expectation of $1.85 billion. Adjusted diluted EPS from continuing operations increased 2.2% from $0.46 to $0.47, but was below street's expectations. CEO Sean Connolly stated, "Fiscal 2019 is off to a good start despite a continued, challenging inflationary environment. Our first quarter results were largely in-line with expectations as we delivered net sales growth in all four operating segments behind a strong innovation slate. We also earned increased distribution, particularly in our frozen business. We continue to stay focused on supporting our brands with robust marketing programs, including increased retailer investments, to drive brand saliency, enhanced distribution, and consumer trial of our products." Earlier in the month the company's board of directors approved a quarterly dividend payment of $0.2125 per share of CAG common stock to be paid on November 30, 2018, to stockholders of record as of the close of business on October 17, 2018.

Access RDI's Conagra Brands, Inc. Research Report at:
https://www.rdinvesting.com/report/?ticker=CAG

Our Actionable Research on Rite Aid Corporation (NYSE: RAD) and Conagra Brands, Inc. (NYSE: CAG) can be downloaded free of charge at Research Driven Investing.

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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SOURCE: RDInvesting.com