News That Moves for Rite Aid, Discover and Progessive
It seems the good news keeps rolling for certain companies as Rite Aid shares spiked on merger talks, Discover enhances its share buyback program, and Progressive posts up some serious income last month.
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Shares of Rite Aid Corporation (NYSE:RAD) shot up today making new 52-week high on news of a potential acquisition by Walgreen (NYSE:WAG). RAD shares closed the day at $2.05, up 9.04%. Volume was heavy at 54M shares traded. Rite Aid Corp (RAD) shares have traded between $0.85 and $2.12 in the last 52 weeks. It seems investors are looking for a merger between the two companies and Rite Aid owners are benefitting today. (Article continues below chart)
Discover Financial Services (NYSE:DFS) also notched a new high today as the company closed out the day up 2 cents to $32.04 a share. Volume was strong at 5.9 million shares and moderately above the average daily volume of 4.9 million. It seems the price movement coincide with Discover’s board authorizing the repurchase of up to $2 billion in common shares under a new stock-buyback program. The new program replaces a previous $1 billion program. (Article continues below chart)
Insurance company The Progressive Corporation (NYSE:PGR) is making good use of Flo (the Progressive Commercial woman) as the company likewise eked out a gain today to close at $22.85 per share, up 0.93%. Progressive Corp 's shares have moved up 26.1% from its 52-week low of $16.88. It seems the company had 6 percent higher premiums for February that propelled shares up.