Boston, MA 02/13/2014 (wallstreetpr) – Pressure is mounting up from all quarters for Walgreen Company (NYSE:WAG), one of America’s largest drug store chain to drop tobacco from its stores. Walgreen Chief executive Officer has pointed out that he has received a letter from a trio of organizations to completely halt the sale of Tobacco in nearly its 8,700 outlets. There has been concerns raised by American Pharmacists Association and the American Medical on the legality of pharmacies to sell tobacco in their stores.
The letter sent was signed by Sally Greenberg an executive director at National consumer league, Michael Jacobson who is an executive director at the Center for science in the public interest and Nell Geiser an Associative director at Change to Win Retail Initiatives. In a combined press release the groups pointed out “removing tobacco products from your stores would be consistent with Walgreen’s mission statement to help consumers ‘get, stay and live well”.
The pressure could mount even further for Walgreen Company (NYSE:WAG) considering CVS last week admitted it would remove Tobacco from its shelves as it strives to build its other healthy businesses. The move was well received by many organizations and individuals including the US president Mr. Obama.
Soaring of Walgreens shares in the market still a mystery
Tuesday trading session in the market was a bit confusing considering Walgreen stock rose by 6% at the back of no interesting news from the company. The only cited reason behind the upsurge is the revelations that Walgreen management might have spoken in bullish tones at an investor conference held in London. During Tuesday trading session Walgreen shares soared and finished the day at a high of $64.20 up by $3.55
Walgreen Company (NYSE:WAG) seems to be doing well in the market despite the mounting pressure on its sale of Tobacco, Wednesday was another promising day considering the company stock moved up by 1.90% to close the day at a high of $65.42
