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William Charles
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Rite Aid plans to shutter 154 stores, many of them in Pennsylvania and California, as part of its bankruptcy plans, according to an initial list of those closures published in court documents filed on Tuesday.
That list was released Wednesday after the drugstore chain filed for chapter 11 bankruptcy protection in New Jersey over the weekend, amid billions in debt related to opioid lawsuits. The company at that time said it would “continue assessing its footprint and close additional underperforming stores” and announced the appointment of Jeffrey Stein as chief executive.
Here are the store locations slated to close:
California
4044 Eagle Rock Boulevard, Los Angeles
4046 South Centiela Avenue, Los Angeles
7859 Firestone Boulevard, Downey
4402 Atlantic Avenue, Long Beach
935 North Hollywood Way, Burbank
139 North Grand Avenue, Covina
13905 Amar Road, La Puente
920 East Valley Boulevard, Alhambra
3813 Plaza Drive, Oceanside
1670 Main Street, Ramona
6505 Mission Gorge Road, San Diego
8985 Mira Mesa Boulevard, San Diego
25906 Newport Road, Menifee
24829 Del Prado, Dana Point
30222 Crown Valley Parkway, Laguna Niguel
19701 Yorba Linda Boulevard, Yorba Linda
1406 West Edinger Avenue, Santa Ana
2738 East Thompson Boulevard, Ventura
720 North Ventura Road, Oxnard
20572 Homestead Road, Cupertino
2620 El Camino Real, Santa Clara
901 Soquel Avenue, Santa Cruz
571 Bellevue Road, Atwater
5409 Sunrise Boulevard, Citrus Heights
1309 Fulton Avenue, Sacramento
3029 Harbor Boulevard, Costa Mesa
959 Crenshaw Boulevard, Los Angeles
3000 South Archibald Avenue, Ontario
15800 Imperial Highway, La Mirada
8509 Irvine Center Drive, Irvine
499 Alvarado Street, Monterey
Connecticut
289 Greenwood Avenue, Bethel
Delaware
25 Chestnut Hill Plaza, Newark
3209 Kirkwood Highway, Wilmington
Idaho
1600 North Main Street, Meridian
5005 West Overland Road, Boise
Maryland
5 Bel Air South Parkway, Suite 1347, Bel Air
728 East Pulaski Highway, Elkton
5624 Baltimore National Pike, Baltimore
5804 Ritchie Highway, Baltimore
7501 Ritchie Highway, Glen Burnie
7967 Baltimore Annapolis Boulevard, Glen Burnie
Massachusetts
80 East Main Street, Webster
Michigan
924 West Main Street, Fremont
507 North Lafayette Street, Greenville
715 South Clinton Street, Grand Ledge
15250 24 Mile Road, Macomb
102 North Centerville Road, Sturgis
47300 Pontiac Trail, Wixom
35250 South Gratiot Avenue, Clinton Township
51037 Van Dyke Avenue, Shelby Township
3100 East Michigan Avenue, Jackson
9155 Telegraph Road, Taylor
1243 U.S. 31 South, Manistee
29447 Ford Road, Garden City
2838 East Court Street, Flint
1900 East 8 Mile Road, Detroit
36485 Garfield Road, Clinton Township
25922 Middlebelt Road, Farmington Hills
109 North Whittemore Street, St. Johns
1124 North Ballenger Highway, Flint
2701 South Cedar Street, Lansing
New Hampshire
420 Daniel Webster Highway, Merrimack
New Jersey
4057 Asbury Avenue Suite 8, Tinton Falls
431 Haledon Avenue, Haledon
35 Mill Road, Irvington
1636 Route 38 Suite 49, Lumberton
773 Hamilton Street, Somerset
1434 South Black Horse Pike, Williamstown
3 Marshall Hill Road West, Milford
210 Bridgeton Pike, Mantua
108 Swedesboro Road Suite 20, Mullica Hill
2370 Route 33, Robbinsville
1726 Route 37, East Toms River
86 B Lacey Road, Whiting
New York
2887 Harlem Road, Cheektowaga
2002 Avenue U, Brooklyn
2 Whitney Avenue, Floral Park
71-18 Kissena Boulevard, Flushing
3131 Hempstead Turnpike, Levittown
2981 Ocean Avenue, Brooklyn
3199 Long Beach Road, Oceanside
198 West Merrick Road, Valley Stream
836 Sunrise Highway, Bay Shore
2784 Sunrise Highway, Bellmore
901 Merrick Road, Copiague
577 Larkfield Road, East Northport
695 East Jericho Turnpike, Huntington Station
700-43 Patchogue-Yaphank Road, Medford
273 Pine Hollow Road, Oyster Bay
397 Sunrise Highway, West Patchogue
593 Old Town Road, Port Jeff Station
65 Route 111, Smithtown
2453 Elmwood Avenue, Kenmore
1567 Penfield Road, Rochester
Ohio
3129 Lincoln Way East, Massillon
120 South Main Street, New Carlisle
146 Woodman Drive, Dayton
2701 Market Street, Youngstown
401 West North Street, Springfield
230 South Main Street, Bellefontaine
Oregon
2440 Southeast Cesar Chavez Boulevard, Portland
Pennsylvania
2715 Parade Street, Erie
5612 North Fifth Street, Philadelphia
350 Main Street, Pennsburg
4011 Cottman Avenue, Philadelphia
1441 Old York Road, Abington
300 Market Street, Johnstown
8716 New Falls Road, Levittown
1750 Bustleton Avenue, Philadelphia
169 West Lancaster Avenue, Ardmore
1315 East Washington Lane, Philadelphia
801 Wyoming Avenue Suite 9, West Pittston
657 Heacock Road, Yardley
2801 West Dauphin Street, Philadelphia
1709 Liberty Street, Erie
674 Route 196, Suite 14, Tobyhanna
2722 West 9th Street, Chester
950 East Baltimore Pike, Yeadon
8235 Stenton Avenue, Philadelphia
7941 Oxford Avenue, Philadelphia
5440 Lansdowne Avenue, Philadelphia
700 Stevenson Boulevard, New Kensington
208 East Central Avenue, Titusville
1080 South West End Boulevard, Quakertown
136 North 63rd Street, Philadelphia
351 Brighton Avenue, Rochester
5235 Library Road, Bethel Park
5990 University Boulevard Suite 30, Moon Township
2501 Saw Mill Run Boulevard, Pittsburgh
5410 Keeport Drive, Pittsburgh
6090 Route 30, Greensburg
4830 William Penn Highway, Export
1730 Wilmington Road, New Castle
2178 West Union Boulevard, Bethlehem
1628 South Fourth Street, Allentown
2401 East Venango Street, Philadelphia
6327-43 Torresdale Avenue, Philadelphia
200 West Ridge Avenue Suite 112, Conshohocken
301 Eisenhower Drive, Hanover
7036 Wertzville Road, Mechanicsburg
Virginia
833 North Battlefield Blvd, Chesapeake
1458 Mount Pleasant Road, Chesapeake
Washington
601 South Grady Way Suite P, Renton
3202 132nd Street Southeast, Mill Creek
110 Southwest 148th Street, Burien
10103 Evergreen Way, Everett
8230 Martin Way East, Lacey
22201 Meridian Avenue East, Graham
9600 15th Avenue Southwest, Seattle
2518 196th Street Southwest, Lynnwood
3620 Factory Blvd Southeast, Bellevue
11919 Northeast 8th Street, Bellevue
7370 170th Avenue Northeast, Redmond
— Mike Murphy contributed to this report.
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Drugstore chain Rite Aid Corp. filed for bankruptcy Sunday, as it faces billions of dollars of debt related to opioid lawsuits.
In a statement Sunday night, Rite Aid
RAD,
said it will close some “underperforming” stores and announced Jeffrey Stein as its new chief executive and chief restructuring officer. Interim CEO Elizabeth Burr will remain on the company’s board.
The bankruptcy filing had been expected for months, and the Wall Street Journal reported in August that Rite Aid was more than $3.3 billion in debt, due largely to hundreds of lawsuits related to its distribution of opioid painkillers. The bankruptcy filing stays pending litigation against the company.
Earlier this month, the New York Stock Exchange warned Rite Aid that it was “no longer in compliance” with the exchange’s minimum pricing and valuation standards, and gave it six months for the stock to regain compliance. Rite Aid shares have plunged about 80% year to date.
Rite Aid said Sunday that lenders will provide $3.45 billion in financing for the chain to continue operating through the chapter 11 bankruptcy process.
“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy,” Stein said in a statement. “In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on — now and into the future.”
Rite Aid said it would work to minimize the effect of store closures on its customers so there is no disruption of services, and will transfer affected workers to different locations when possible.
Rite Aid has about 2,100 stores and employs around 47,000 people. It has closed more than 200 stores in the past couple of years.
Rite Aid also said it had reached a deal for pharmacy benefit-solutions company MedImpact Healthcare Systems Inc. to acquire its Elixer Solutions business. A price for the transaction was not disclosed.
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Drugstore chain Rite Aid Corp. filed for bankruptcy Sunday, as it faces billions of dollars of debt related to opioid lawsuits.
In a statement Sunday night, Rite Aid
RAD,
said it will close some “underperforming” stores and announced Jeffrey Stein as its new chief executive and chief restructuring officer. Interim CEO Elizabeth Burr will remain on the company’s board.
The bankruptcy filing had been expected for months, and the Wall Street Journal reported in August that Rite Aid was more than $3.3 billion in debt, due largely to hundreds of lawsuits related to its distribution of opioid painkillers. The bankruptcy filing stays pending litigation against the company.
Earlier this month, the New York Stock Exchange warned Rite Aid that it was “no longer in compliance” with the exchange’s minimum pricing and valuation standards, and gave it six months for the stock to regain compliance. Rite Aid shares have plunged about 80% year to date.
Rite Aid said Sunday that lenders will provide $3.45 billion in financing for the chain to continue operating through the chapter 11 bankruptcy process.
“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy,” Stein said in a statement. “In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on — now and into the future.”
Rite Aid said it would work to minimize the effect of store closures on its customers so there is no disruption of services, and will transfer affected workers to different locations when possible.
Rite Aid has about 2,100 stores and employs around 47,000 people. It has closed more than 200 stores in the past couple of years.
Rite Aid also said it had reached a deal for pharmacy benefit-solutions company MedImpact Healthcare Systems Inc. to acquire its Elixer Solutions business. A price for the transaction was not disclosed.
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Stock futures posted modest gains Thursday ahead of a report likely to show that U.S. inflation fell in September as gasoline price growth slowed and used-car costs declined.
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Two things investors can be sure about: Nothing lasts forever and the stock market always overreacts. The spiking of yields on long-term U.S. Treasury securities has been breathtaking, and it has led to remarkable declines for some sectors and possible bargains for contrarian investors who can commit for the long term.
First we will show how the sectors of the S&P 500
have performed. Then we will look at price-to-earnings valuations for the sectors and compare them to long-term averages. Then we will screen the entire index for companies trading below their long-term forward P/E valuation averages and narrow the list to companies most favored by analysts.
Here are total returns, with dividends reinvested, for the 11 sectors of the S&P 500, with broad indexes below. The sectors are sorted by ascending total returns this year through Monday.
| Sector or index | 2023 return | 2022 return | Return since end of 2021 | 1 week return | 1 month return |
| Utilities | -18.4% | 1.6% | -17.2% | -11.1% | -9.6% |
| Real Estate | -7.1% | -26.1% | -31.4% | -3.0% | -8.8% |
| Consumer Staples | -5.4% | -0.6% | -6.0% | -2.2% | -4.4% |
| Healthcare | -4.2% | -2.0% | -6.1% | -1.7% | -3.3% |
| Financials | -2.5% | -10.5% | -12.7% | -2.5% | -4.7% |
| Materials | 1.3% | -12.3% | -11.2% | -1.9% | -7.0% |
| Industrials | 3.5% | -5.5% | -2.1% | -1.8% | -7.3% |
| Energy | 4.0% | 65.7% | 72.4% | -1.9% | -1.4% |
| Consumer Discretionary | 27.0% | -37.0% | -20.0% | -0.6% | -5.2% |
| Information Technology | 36.5% | -28.2% | -2.0% | 0.8% | -5.9% |
| Communication Services | 42.5% | -39.9% | -14.3% | 1.1% | -1.3% |
|
S&P 500 |
13.1% | -18.1% | -7.4% | -1.1% | -4.9% |
|
DJ Industrial Average |
2.5% | -6.9% | -4.5% | -1.7% | -4.0% |
|
Nasdaq Composite Index COMP |
28.0% | -32.5% | -13.7% | 0.3% | -5.1% |
|
Nasdaq-100 Index |
36.5% | -32.4% | -7.7% | 0.5% | -4.2% |
| Source: FactSet | |||||
Returns for 2022 are also included, along with those since the end of 2021. Last year’s weakest sector, communications services, has been this year’s strongest performer. This sector includes Alphabet Inc.
GOOGL
and Meta Platforms Inc.
META,
which have returned 52% and 155% this year, respectively, but are still down since the end of 2021. To the right are returns for the past week and month through Monday.
On Monday, the S&P 500 Utilities sector had its worst one-day performance since 2020, with a 4.7% decline. Investors were reacting to the jump in long-term interest rates.
Here is a link to the U.S. Treasury Department’s summary of the daily yield curve across maturities for Treasury securities.
The yield on 10-year U.S. Treasury notes
jumped 10 basis points in only one day to 4.69% on Monday. A month earlier the 10-year yield was only 4.27%. Also on Monday, the yield on 20-year Treasury bonds
rose to 5.00% from 4.92% on Friday. It was up from 4.56% a month earlier.
Market Extra: Bond investors feel the heat as popular fixed-income ETF suffers lowest close since 2007
The Treasury yield curve is still inverted, with 3-month T-bills
yielding 5.62% on Monday, but that was up only slightly from a month earlier. An inverted yield curve has traditionally signaled that bond investors expect a recession within a year and a lowering of interest rates by the Federal Reserve. Demand for bonds pushes their prices down. But the reverse has happened over recent days, with the selling of longer-term Treasury securities pushing yields up rapidly.
Another way to illustrate the phenomenon is to look at how the Federal Reserve has shifted the U.S. money supply. Odeon Capital analyst Dick Bove wrote in a note to clients on Friday that “the Federal Reserve has not deviated from its policy to defeat inflation by tightening monetary policy,” as it has shrunk its balance sheet (mostly Treasury securities) to $8.1 trillion from $9 trillion in March 2022. He added: “The M2 money supply was $21.8 trillion in March 2022; today it is $20.8 trillion. You cannot get tighter than these numbers indicate.”
Then on Tuesday, Bove illustrated the Fed’s tightening and the movement of the 10-year yield with two charts:
Bove said he believes the bond market has gotten it wrong, with the inverted yield curve reflecting expectations of rate cuts next year. If he is correct, investors can expect longer-term yields to keep shooting up and a normalization of the yield curve.
This has set up a brutal environment for utility stocks, which are typically desired by investors who are seeking dividend income. In a market in which you can receive a yield of 5.5% with little risk over the short term, and in which you can lock in a long-term yield of about 5%, why take a risk in the stock market? And if you believe that the core inflation rate of 3.7% makes a 5% yield seem paltry, keep in mind that not all investors think the same way. Many worry less about the inflation rate because large components of official inflation calculations, such as home prices and car prices, don’t affect everyone every year.
We cannot know when this current selloff of longer-term bonds will end, or how much of an effect it will have on the stock market. But sharp declines in the stock market can set up attractive price points for investors looking to go in for the long haul.
A combination of rising earnings estimates and price declines could shed light on potential buying opportunities, based on forward price-to-earnings ratios.
Let’s look at the sectors again, in the same order, this time to show their forward P/E ratios, based on weighted rolling 12-month consensus estimates for earnings per share among analysts polled by FactSet:
There is a limit to how many columns we can show in the table. The S&P 500’s forward P/E ratio is now 17.94, compared with 16.79 at the end of 2022 and 21.53 at the end of 2021. The benchmark index’s P/E is above its 10- and 15-year average levels but below the five-year average.
If we compare the current sector P/E numbers to 5-, 10- and 15-year averages, we can see that the current levels are below all three averages for four sectors: utilities, real estate, financials and communications services. The first three face obvious difficulties as they adjust to the rising-rate environment, while the real-estate sector reels from continuing low usage rates for office buildings, from the change in behavior brought about by the COVID-19 pandemic.
Your own opinions, along with the pricing for some sectors, might drive some investment choices.
A broader screen of the S&P 500 might point to companies for you to research further.
We narrowed the S&P 500 as follows:
Here are the 20 companies that passed the screen, for which analysts’ price targets imply the highest upside potential over the next 12 months.
There is too much data for one table, so first we will show the P/E information:
| Company | Ticker | Current P/E to 5-year average | Current P/E to 10-year average | Current P/E to 15-year average |
| SolarEdge Technologies Inc. | SEDG | 89% | N/A | N/A |
| AES Corp. | AES | 66% | 75% | 90% |
| Insulet Corp. | PODD | 18% | N/A | N/A |
| United Airlines Holdings Inc. | UAL | 42% | 50% | N/A |
| Alaska Air Group Inc. | ALK | 51% | 57% | N/A |
| Tapestry Inc. | TPR | 39% | 49% | 70% |
| Albemarle Corp. | ALB | 39% | 50% | 73% |
| Delta Air Lines Inc. | DAL | 60% | 63% | 21% |
| Alexandria Real Estate Equities Inc. | ARE | 59% | 68% | N/A |
| Las Vegas Sands Corp. | LVS | 96% | 78% | 53% |
| Paycom Software Inc. | PAYC | 61% | N/A | N/A |
| PayPal Holdings Inc. | PYPL | 33% | N/A | N/A |
| SBA Communications Corp. Class A | SBAC | 27% | N/A | N/A |
| Advanced Micro Devices Inc. | AMD | 58% | 39% | N/A |
| LKQ Corp. | LKQ | 92% | 44% | 78% |
| Charles Schwab Corp. | SCHW | 75% | 54% | 73% |
| PulteGroup Inc. | PHM | 94% | 47% | N/A |
| Lamb Weston Holdings Inc. | LW | 71% | N/A | N/A |
| News Corp Class A | NWSA | 93% | 73% | N/A |
| CVS Health Corp. | CVS | 75% | 61% | 67% |
| Source: FactSet | ||||
Click on the tickers for more about each company or index.
News Corp
NWSA
is on the list. The company owns Dow Jones, which in turn owns MarketWatch.
Here’s the list again, with ratings and consensus price-target information:
| Company | Ticker | Share “buy” ratings | Oct. 2 price | Consensus price target | Implied 12-month upside potential |
| SolarEdge Technologies Inc. | SEDG | 74% | $122.56 | $268.77 | 119% |
| AES Corp. | AES | 79% | $14.16 | $25.60 | 81% |
| Insulet Corp. | PODD | 68% | $165.04 | $279.00 | 69% |
| United Airlines Holdings Inc. | UAL | 71% | $41.62 | $69.52 | 67% |
| Alaska Air Group Inc. | ALK | 87% | $36.83 | $61.31 | 66% |
| Tapestry Inc. | TPR | 75% | $28.58 | $46.21 | 62% |
| Albemarle Corp. | ALB | 81% | $162.41 | $259.95 | 60% |
| Delta Air Lines Inc. | DAL | 95% | $36.45 | $58.11 | 59% |
| Alexandria Real Estate Equities Inc. | ARE | 100% | $98.18 | $149.45 | 52% |
| Las Vegas Sands Corp. | LVS | 72% | $45.70 | $68.15 | 49% |
| Paycom Software Inc. | PAYC | 77% | $260.04 | $384.89 | 48% |
| PayPal Holdings Inc. | PYPL | 69% | $58.56 | $86.38 | 48% |
| SBA Communications Corp. Class A | SBAC | 68% | $198.24 | $276.69 | 40% |
| Advanced Micro Devices Inc. | AMD | 74% | $103.27 | $143.07 | 39% |
| LKQ Corp. | LKQ | 82% | $49.13 | $67.13 | 37% |
| Charles Schwab Corp. | SCHW | 77% | $53.55 | $72.67 | 36% |
| PulteGroup Inc. | PHM | 81% | $73.22 | $98.60 | 35% |
| Lamb Weston Holdings Inc. | LW | 100% | $92.23 | $123.50 | 34% |
| News Corp Class A | NWSA | 78% | $20.00 | $26.42 | 32% |
| CVS Health Corp. | CVS | 77% | $69.69 | $90.88 | 30% |
| Source: FactSet | |||||
A year may actually be a short period for a long-term investor, but 12-month price targets are the norm for analysts working for brokerage companies.
Don’t miss: This fund shows that industry expertise can help you make a lot of money in the stock market
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