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Drugstores skid as House votes against bailout



By AP
29 September 2008 @ 02:12 pm EST

NEW YORK - Drugstore stocks dropped with the market Monday after a majority of the U.S. House of Representatives voted against a financial sector bailout, although voting remained open.

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Quotes
RAD 0.31 0.01
WAG 23.16 0.31
LDG 71.51 0
CVS 26.39 -0.41

SYMBOL LOOKUP

Stocks were already trading lower on concerns the $700 billion aid package would fail, and as the votes rolled in, the Dow Jones industrial average plunged as much as 702 points. The Standard & Poor's 500 and Nasdaq composite index suffered comparable declines, although each index bounced back from their lows.

Rite Aid Corp. fell 6 cents, or 6.6 percent, to 85 cents.

CVS Caremark Corp. lost $2, or 5.7 percent, to $32.98.

Longs Drugs Stores Corp. shed $1.10 to $75.

Walgreen Co., which reported disappointing fiscal fourth-quarter results before the start of the session, fell $1.63, or 5 percent, to $31.10. Earlier, the stock reached a five-year low of $30.52.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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