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Walgreen stock plummets Wednesday. Here's why.

Walgreen stock plummets Wednesday. Here's why.

Before closing Wednesday's trading down 14 percent at $59.21, shares of Walgreen plummeted as much as 16 percent after the Deerfield-based retailer revised its 2016 profit targets lower by $2 billion and said it would retain its corporate headquarters in the United States. While the company's decision not to shift its headquarters to Europe to take advantage of a lower corporate tax rate weighed on investors, analysts said the major driver behind the sharp drop were new profit projections that were far short of Wall Street estimates. In a morning conference call to discuss its decision to buy the remaining 55 percent of European pharmacy retailer and wholesaler Alliance Boots...

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