From Dow Jones & Company, Inc.:

Walgreens Boots Alliance Inc. saw a surge in its stock after reporting better-than-expected fiscal first-quarter earnings and nearly halving its dividend to improve its financial position. The company lowered its quarterly dividend from 48 cents to 25 cents per share. As a result, the stock’s new annual dividend rate implies a yield of 3.91%, still double the S&P 500’s implied yield. The company also reported narrowed losses for the quarter and sales grew 10% to $36.71 billion. Walgreens is focusing on right-sizing costs and increasing cash flow to drive sustainable long-term shareholder value.



Read more: Walgreens’ stock jumps after earnings beat, dividend cut to boost cash flow