Walgreen Company(NYSE:WAG) shares rebounded quite smartly this morning as the company reached a pact with Express Scripts network after breaching the agreement late 2011. Now, The Walgreen pharmacy chain will begin filling prescriptions from customers in the Express Scripts network again starting on Sept. 15. Earlier breach of contract had effected Walgreen’s earnings significantly and the stock took a hard knock earlier this year. Nevertheless, investors should notice that wining bacl lost business would not be an easy task for Walgreen and earnings ExpressScripts free would start reflecting from the third quarter results. Shares of WAG are now up 10.49% to $34.22 on hefty volume.
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New Oriental Education & Tech Grp (ADR)(NYSE:EDU) shares are showing solid rebound after a hefty loss earlier in the week as the company completely denied claims made by short seller Muddy Waters that the firm’s accounts were fraudulent in claiming full ownership of its centers. Shares of the company had lost 57% earlier this week after Muddy Waters blamed that New Oriental had misled about its entire store network ownership and that the company had numerous franchisees. It said franchise fees were used to balloon its cash balances. The company said the Muddy Waters report contained numerous factual errors and misleading speculation.
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eBay Inc(NASDAQ:EBAY) shares are extending its gains in after-hours after the largest online marketplace reported strong set of second quarterly earnings, that easily topped analysts’ views.
On an adjusted basis, the company earned $730 million, or 56 cents a share in the latest quarter, up 16% year over year and topped analysts’ target by a penny. Revenue during the quarter grew 23% year over year, again ahead of analysts’ forecast of $3.36 billion.
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Shares of the company had been under pressure recently on back of increase concern that the company’s business could be hurt due to weak economic development in the European region. But, the company confirmed that its Marketplaces business witnessed its strongest organic growth since 2006 - and highlighted "strong growth" in Europe and the Asia-Pacific region.
The company continues to expect to earn 53 cents to 55 cents on revenue range of $3.3 billion to $3.4 billion for the current quarter, although below analysts’ target of 55 cents a share on revenue of $3.42 billion.