Business Services Industry
Stock Watch: Drugstore shows symptoms; After a healthy year, Duane Reade takes turn for worse; economy blamed.(Brief Article)(Statistical Data Included)
Crain's New York Business, February, 2001 by fredrickson, tom
Last year, duane reade inc. proved a healthy tonic for investors fed up with failed growth stocks. The company's shares rose 11% to close out the year at $30.56. More impressively, it surged 49% from its low for 2000 of $20.56 in March and spiked this year to $40. But last week, the stock took a decided turn for the worse.
On Tuesday, it fell by more than 17% after the company told analysts that their earnings projections were too high. Chain officials blamed the slowing economy. The ubiquitous Manhattan chain didn't help matters with its simultaneously released fourth-quarter results. They showed a shrinking gross profit margin. The stock closed the week at $32.15. The company told analysts to expect profits this year of $1.48 to $1.52 per share on sales...
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