NEW YORK, NY / ACCESSWIRE / December 14, 2018 / Aflac was sailing higher on news that Japan Post is planning to invest $2.6 billion in the company. Shares of Rite Aid were dragging as Wall Street prepares for the big drug store chain’s third quarter financial results next week.
The Market Edge Initiates Coverage on:
Rite Aid Corporation
Rite Aid Corporation shares closed down 7.40% on about 19.4 million shares traded yesterday. The drug store chain announced on Thursday that it will be releasing financial results for its Fiscal 2019 Third Quarter on Wednesday, Dec. 19, 2018, after the market closes. Earlier this month the company said it is bringing the Prescription Drug Safety program, an innovative digital course about prescription drug abuse prevention, to Scranton-area high schools. “Prescription drug abuse is a serious and growing problem across the United States. Every day 116 people die from opioid-related drug overdoses,” said Tracy Henderson, director of The Rite Aid Foundation. “Our nation is in the midst of an unprecedented epidemic that threatens the health, safety and wellbeing of our young people. The Rite Aid Foundation is proud to introduce this important prevention education to Scranton-area students. We hope it arms them with the skills and knowledge to make smart decisions and prevent abuse before it occurs.”
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Aflac Incorporated shares closed up 6.64% on about 7.6 million shares traded. The largest provider of supplemental insurance in the United States saw its shares rise after Japan Post said that it was planning to invest approximately $2.6 billion for a 7% to 8% stake in the company, which will make it the largest Aflac shareholder in the country. The deal would allow Japan Post to increase its stake to a maximum of about 20% in four years. Aflac said in a statement it was engaged in discussions with Japan Post regarding a potential minority investment but "the discussions do not involve Aflac Incorporated or any of its subsidiaries becoming a member of the Japan Post Group." The company also said that, "No assurance can be given that any transaction will occur or agreement will be reached. Aflac Incorporated is not otherwise in a position to comment on the terms, timing or form of any transaction."
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SOURCE: The Market Edge