Market Focus

Walgreen 

Walgreen reported an earnings miss and withdrew its profit goals for 2016. The drugstore operator says it still has to figure out parts of its planned acquisition of European drug retailer Alliance Boots Holdings. It blamed its lower than expected profit on a slowdown in the introduction of high-margin generic drugs and lower reimbursements by insurers. Shares fell almost two percent to $72.48.

Carnival

Carnival cruised to an earnings beat in the company’s second quarter, but a gloomy outlook weighed on shares of the world’s largest cruise operator. Its profit forecast for the current quarter was below expectations, it blamed increased competition in the Caribbean, but Carnival said booking for the remainder of the year are ahead of last year’s pace. Still, the stock was down three percent to $38.23.

Elizabeth Arden 

Shares of Elizabeth Arden fell on news of a restructuring makeover. The cosmetics company is aiming to save as much as $35 million a year by cutting staff, reorganizing its supply chain, discontinuing poorly performing products and closing its Puerto Rico affiliate. Still, the stock dropped three percent to $27.41.

Avon

Investors got a chance to react to news that Avon plans to cut jobs. The world’s largest direct seller of cosmetics will slash another 600 workers in North America in an effort to cut costs and return to profitability. The new strategy could result in annual savings of as much as $55 million. Despite that shares fell about one percent to $14.55.

Citi

And the Federal Reserve is giving up Citigroup six more months to resubmit a revised capital plan. The central bank rejected its original plan back in March. Citi needs the Fed’s okay, without it, the bank will not be able to increase its dividend. Shares fell slightly to $47.81.

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