Consumer
Walgreens Tumbles After Suspending Steady Dividend to Save Cash
- Pharmacy chain says litigation, debt fueling cash needs
- Freeing up cash will aid turnaround efforts, analysts say
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Walgreens Boots Alliance Inc. tumbled Friday after suspending the quarterly dividend it’s paid for the past 92 years in a bid to conserve cash and revive the business.
Shares dropped 15% at 9:31 a.m. in New York, the biggest intraday drop since June 2024. Shares had gained 23% this year through the Jan. 30 close after sinking 64% in 2024.