The bad news worsened for Walgreens Boots (WBA). After hovering near multi-decade lows, the Department of Justice issued it a fine.
Walgreens must pay $106.8 million to settle allegations that it billed the government health care programs for prescriptions that it never dispensed. These violations took place between 2009 and 2020.
The drugstore sector will continue to struggle. Consumers may shop at Costco (COST) or Walmart (WMT) for their prescription needs. Rite Aid will also emerge from bankruptcy, which prevents the market from closing under-performing stores.
On September 13, 2024, Bloomberg News reported that Intel (INTC) qualified for $3.5 billion in grants to make chips for the U.S. military. The binding agreement is a much-needed deal. INTC stock risks falling to around $15.00.
The stock closed below $20, which is at a low not seen since 2013. The stock still trades at a forward P/E of around 17.5 times.
In Canada, the Bank of Montreal (BMO) won a much-needed court case. It persuaded the U.S. appeals court to void a $564 million jury verdict against its subsidiary. That unit was involved in a $3.65 billion Ponzi scheme run by convicted businessman, Tom Petters.
BMO stock is trailing its peers. CIBC (CM) and Royal Bank (RY) are up considerably this year. Scotiabank (BNS) and TD Bank (TD) are also performing well.
