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Thanks for providing the link.
I still don't see how Walgreens and Alliance Boots will grow to 135 Billion by 2016..
I understand the projected saving synergies of reducing Exec management operational costs, operational locations, lowering drug purchasing cost, etc.
But revenue Growth projections are not defined with any trackable metric.
I understand Mr. Pessina wants to expand the #7 line of cosmetic's in the U.S. market, but this growth has not occurred even though these products are in the U.S. market with other retailers.(Target).
What I had read is Alliance Boots 2013 income statement.. total sales Declined Last year, but profits grew.
Walgreens sales grew but that was the result of 3 or 4 additional M&A's and Rx file buy-outs also accounting for Alliance Boots as a 45% equity investment.
Growth rates can not go on forever!!!
Even China is seeing this.
Again I'm looking at a reduction in free Cash Flow at Walgreens as well as a increasing accounts receivable book.
Put this up against a decrease in easy US money borrowing costs..
And I am thinking interest rate borrowing costs will increase.
reducing available capital for growth expansion.
I also believe Wade stated that estimated sales growth projections where below target.
I will look for this comment.
GLTA!
$135 billion???
Do you plan on Wassin using the space shuttle boasters to get there?
Walgreens current revenue is $52+ billion, add-in Alliance Boots
revenue 22.4 B = $74+ Billion.
You are projecting $135 Billion in Sales after the 2 step completes...and in What year are you planning to see this
"2020".
I know.. Walgreens next step is to build Walgreens Temples/Churches/Mosques and a Buddhist Shrine for all of its Worshipers.. LOL..
Folks, Walgreens is a retail Drug store, who's Rx & food Deserts pricing is higher than its Competitors in the general merchandise sector.. Walgreens growth reasoning is based on its convenience factor.
I congratulate you folks who rode this to a doubling in selling price. Something I would have never thought would happen.
Walgreens P/E is now 24% and today RAD P/E is even lower..
ABC P/E is 52 compared to Mck P/E 36.
When the Hedge funds are moving into buying this stock, don't be surprised when they turn on you to short this.
Anyone...Please explain how they will get to 135B..
GLTA!!
Not familiar with "co-op".. LOL
This ties into Alliance boots recent purchase of the Spa Aroma business.
As you know A/B does sell much more than Rx's and their revenue is less dependent on retail Scripts.
A/B is more of a Wholesale distributor that does not reside in the U.S. that is why IMO ABC or another Wholesaler was needed.. In dealing with the Walgreens Rx Distribution Screw ups.
A/B Nottingham manufacturing plant comes in play in providing the upscale beauty lines into High street and A/B upscale partners stores.
CVS who has built its stores across from Walgreens sold its Beauty business..
Walgreens is now trying to capture this sector, however Walgreens Financial spending plate is pretty full..
Walgreens Cash is tied up with the ABC warrants as well as the AB 2 step..
So Cash flow is something to keep an eye on in the next earning report.
I think certain sectors in the Healthcare sector is being over valued by these investment bankers who add noise into a stock pricing.
What is your view?
Robbay
True, except in Single payer systems.
This is the result in London as Rx reimbursement rates set by the Government have been lowered.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10662496/Co-op-hoists-for-sale-sign-over-farms-and-pharmacies.html
Therefore the other 2 UK major Rx retail stores are also being affected to a lessor degree with reimbursement.
Other European countries are facing similar cuts in Healthcare services/ Rx reimbursement, as the US is still the highest reimbursement payer for Drugs and medical services.
My point is that projections on AB earnings change, with factors outside of their control in the Global market, inflation just being one.
Will CVS or Wal-Mart make a bid on these pharmacies?
It will be interesting to follow this sale and who steps in to buy them, I would have thought Walgreens or Alliance Boots Would have stepped in, However this public disclosure with no buyers show a different story about retail Rx in the UK.
Regards.
True, However Walgreens under the Alliance Boots merger will be using exchange rates to book retail revenue from foreign owned/partnership Drug stores.
And these exchange rates w/ inflation may not be favorable as you noted.
These foreign risks, Turkey, Dubi, Russia, China, London, etc. has not been undertaken by the other 2 large Rx suppliers and could effect Walgreens Cash flow, Positive or negative.
What started out as unique, A large Rx Wholesaler building its purchasing muscle for lower costs, is no longer unique.
The only difference is the risks of inflation impacting profits from the different countries that Walgreens will soon own or become partners with.
These risks W/inflation have been leveraged with equity/stock and financial loans, that CVS and Rad have not undertaken.
Glta!
Currency Risks in Foreign exchange rates.
As the 3 biggest Rx Wholesale Companies are taking revenue generating positions abroad there is the risk of the exchange rates becoming unfavorable to forward projected assumptions.
Effecting Borrowing rates. lines of credit ..Ect.
As RAD and CVS have no ownership position in there Wholesale Agreements, the level in uncertainty in free cash flow from Foreign exchange rates is reduced, as a level in uncertainty is increased with more foreign investment exposure.
Free cash flow for the Retail Drug stores has become the issue as we have seen CVS, WAG and RAD sell real-estate or change it wholesale distribution models.
This is where we are: a NY banker said today that the history of corporate and Government earning are misleading
And believing in a stocks P/E should be discarded, and investors should focus on free cash flow.
A Rx Wholesaler truce discussion.
Big.Yank I think we can have a non conflict discussion on Rx Wholesalers.. see if you agree.
Walgreens was the first to seek Wholesale buying leverage with AB, CVS followed with CAH, and McKesson is the latest entry.
ABC was brought in because of the problems in the US with Walgreens Warehouses also Alliance Boots did not have any Distribution Warehouses in the US or the licenses.
So a Warehousing partner was needed.
CVS was facing higher Rx costs than Walgreen would receive based on Volume so they combined the purchasing power of CAH and CVS.
McKesson understood that Volume would reduce costs for the retail and medical centers outlets they service and had no choice but to seek a partner to stay competitive and not lose market share.
Would you agree and add to this view?
Regard.
The sweet smell of Money.
A financial Move from over the pond is bringing fresh air to Walgreens stores, now if Walgreens only can get rid of its Corporate failures and cig's you investors may have a healthcare spa winner..HeHe
With this announcement I believe the 2nd step of funding Walgreens for The AB full buy-out was agreed to.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10622852/Alliance-Boots-fund-makes-first-acquisition.html
$70.00+ Wednesday
GLTA!
$66.95 at Close
As I said the more I post Walgreens news its stock price goes higher..
Wednesday $70.+
You are welcome.
Glta!
"Walgreens Senior Financial Analyst - Global Finance"
"25 year old kid" that says a lot when placing trust in Walgreens Analytics in Global financial growth.
The story reported $700,000 dollars of damage being done and that is not news worthy on accountability to you.
But the CFO's DWI was.
I will not bring this up again.
The more I research this Companies accountability issues.. the more the selling price goes up.
So, the Black Box era of wall-street accounting and guidance is alive and well..
How about last weeks continuing but-out of small chain pharmacy's files, CVS buys pharmacy files also, but my view is Walgreens paid more.
As Walgreens Rx reports growth, I ask you, can these file buys go on for-ever? Or just until the market makers unload this stock into pensions/401K with a nice profit.
GLTA!
Walgreens World Class Executives too.
Seeing as Wall-streets dear old friend Wade in not in the news lately I see his staff member is following in his foot steps.
http://www.suntimes.com/news/25677596-418/bar-patrons-refused-drinks-charged-in-700000-trump-tower-flood.html
Koenemann, who Chicago Police say works in the corporate offices of Walgreens, is a "Senior Financial Analyst - Global Finance at Walgreens, according to one commenter.
Also his linkedin account is now down or swept under the rug.
It seems the apples are not falling far from this Tree.
GLTA!!
Walgreens World Class Metrics:
http://www.wsoctv.com/news/news/girl-receives-flu-shot-meant-adults/ndZ72/
"Multiple Walgreens store contacted the Rx manufacture" for more information that was clearly labeled...FDA usage approved for over 18yr olds..
Yep..3 world metrics.
GLTA!!!
Correction Noted
My bad, Jana is the hedge fund not Janus,
Did you read Drug Channels today?
Walgreens and ABC were discussed also Rad and McKesson.
I read a article about the London meeting that brought up the concept of Re-domiciling.. this was mentioned by an attendee.
As for Walgreens world Class Executive metrics... is that Candy bars they push when you are purchasing a OTC cold med. HeHe
Regards,
.
Here is your long term hedge fund Investor.
https://ww3.janus.com/advisor/campaign/HealthCareSector2
I do not see a retail pharmacy with general merchandise referenced in this investor outlook for long term market share growth.
.
Regards
Trust me.
Grocery items, house hold goods, seasonal products, as seen on tv, beauty products, and medial products all in a 15000 sq foot space.
Add in beer wine and a nursing office with a pharmacy and you have arrived at the corner of Happy and Healthy selling cigs.
There is no Executive accountability for profitability in this limited space that receives 60% of revenue from drug sales.
GLTA.
Kudos, to your Investment profits in Walgreens.
I just not do see Walgreens plans as a game changer.
And by 2016 no one knows what will occur in Rx Drug store profits.
Yes, the Alliance Boots merger was a good move to offset the loss from the Esrx cluster F****.. your word.
As that issue is behind Walgreens today, the resulting financial loss of ESRX has not been recaptured and may never be.
Healthcare companies for the next 3 years are the holly grail for Wall-streets trading book, so don't brand me with calling anyone Stupid investing in this sector.
I'm looking at the underlying fixed cost structure of these older corporations, yes Boots, Walgreens, CVS and RAD are faced with the lower fixed cost structures from there competitors WMT, and others.
Alliance wholesale bought-out Boots the London Chemist not the other way around.
Walgreens modeled it's Alliance Boots Buyout giving the majority ownership of this Company to Alliance Boots Chairman.
In Dealing with the increasing Debt Walgreens keeps undertaking, this is the expertise and Tools of AB/KKR not Walgreens.
So a Franchise system is a possibility and not off the table based on Alliance's structure in growth planning!
So, Backing-up this information into the Hedge funds question, Hedge Funds do not take long term positions in equities, that is not what they do to make money..
I don't know the answer, but IMHO it involves the 2 step M&A process.. bond trading, debt borrowing, option pricing, and issuing new stock, even without a stock split.
CVS is getting Cash from its JV with CAH
And RAD is getting a more competitive portfolio of services with better pricing from McKesson.
And Walgreens is recieving a Larger Bill from its Lenders/creditors with a larger market with no profit growth results yet.
So whatever was presented by Alliance Boots and Walgreens in London to these Large investors is not the story retail investors are trading on, IMHO.
AB/KKR
Walgreens corner location strategy??
Walgreens Co bought it.. now they will own it.
Walgreens street corner strategy is a idea 10 years from the past, when drug prices and those profits margins went unchecked.
We are now in the commoditization phase in paying for Prescription Drugs, including their dispensing models, Locations Included for Walgreens 25 year NNN leases..
Even Walgreens P/R is moving into a Multichannel dispensing direction, with its out in front Pharmacists who leave a customers drug history unattended and out in the open, written hard copy prescriptions and Rx drugs within the reach of a Q/A observer, This been documented while these enslaved Pharmacists are ringing up Soda pop and chips along with a patients Blood pressure medication and a pack of Cigs..
Chain Pharmacists are now giving Vaccinations based on a Corporate profit matrix with a stooge M.D. order.. this or these M.D's never looked at any of these patients medical history who will receive a direct blood steam injection, and Walgreens Executive folks call this practicing at the top of their license..
LOL.
Also the Rx Drug store customer loyalty is going the way of Blockbuster stores vs Netflix.
Food stores 17% of the Rx market/\. and Walgreens foot traffic is month over month down.....
25 year NNN leases for New Brick and Mortor sushi locations with limited Grab and Go food.. and a pleasing Zombie friend offering.
Folks need to go to the gas station but they don't no longer need to go to the drug store for a long term medication.
90 day Rx scripts, is that impacting Walgreens foot traffic., or is that naïve also..
Glta!
3 years of Sushi Sales.
Wow, and Walgreens does not include this in the earning report.
My point is that Grocery Sales/profits are insignificant to the Square Footage leasing costs for Walgreens locations.
There is a cost of convenience, because we are on some of the best corners in America,” said Mr. Pugh of Walgreens.
This was the same "group think" Walgreens used in the ESRX dispute,
Like I said.. more Press Released studies than proof.
What is relevant is the facts that SuperMarkets/Food stores now have a 17% market share in the Rx Business.
And the dissatisfaction rates of Drug Store patients are increasing.
And for that I do have proof!
GLTA!
Drug Stores Statistically Insignificant:
I myself have little confidence is the articles Forbs sells to Corporations marketers P/R firm.
Here is story from the New York times that speaks to the same food issue.
http://www.nytimes.com/2011/01/17/business/17grocery.html?pagewanted=all
Walgreens is devoting up to 40 percent of the space in its redesigned stores to fresh and frozen groceries as a test to see how well food sells.
LOL..
Soda Pop, Chips, Cookies and Candy are considered food under the Food stamp program with a long self life, so where is Walgreens redesign.
Have some fun and blow up the photo in the link.. Candy and nuts and some very over-weitht workers in the background
I guess one should include dog food also, in this 40% idea.. that Drug stores will some time soon replace food stores, this is the poster child for marketing B/S.
I hope you enjoy the Turkey..
GLTA!!
Pessina's outlook on Food stores..
I'll let you all find it.
GLTA!
Safeway is that the Blockbuster Deal!
Walgreens Co. is investing in a Global foot print..He.He.. yet has not moved into Mexico!!!
As we know Walgreens CEO's Global background is limited to Deerfield, and pitching Sushi on TV with Multi millions in DEA Settlements. He was also was Told to invest in AB across the pond after the ESRX Cluster F***K.
Yet, Mexico's Rx was across the Texas Boarded an he and his Management team didn't see it and Mexico has no problems dispensing Controlled drugs.
Walgreens biggest Revenue driver.
Now, Alliance Boots Chairman and the single largest owner of Walgreens stock.
Mr. Pessina, who is Know as a global player in the Rx space and understands thats Supermarkets are rapidly growing sales in the Rx/sales business in England and Globally, perhaps is stepping in to run the Waggie show.
Alliance Boots recently broke off a Mexico Rx deal.. and is most likely looking at SafeWays holdings.
http://drugstorenews.com/article/safeway-confirms-grocer-exploring-possible-sale
The Walgreens CEO.. who is in the "Box seat" may soon find out who is paying for it... before being Evicted.
GLTA!
Thanks:
It was not my intent to single out Walgreens for this important issue in filling medications.
2 large hedge funds took very large position recently as Walgreens selling price is swinging low to high and back down with some large buys after hours.
I'm just looking for a reasonable understanding as to this volatility after Jana and the Kings Hedge funds took a position.
GLTA!
Surprise...
http://www.fox5vegas.com/story/24748524/surprise-woman-takes-wrong-meds-after-pharmacy-mix-up
Now, I asked about 2 Hedge Funds taking positions in Walgreens.
And to my surprise the Corp P/R news releases vs Real News information coming out soon will meet the social media access of investors.
Walgreens current S/P may make some investors very wealthy.
Or unhappy..
" Most pharmacies do not report errors because State and Federal Laws do not require them to do so". Donald Bucklin M.D.
GLTA!!!
Wow, What is going ON??
16:10 $ 64.7061 High 21,800
16:13 $ 64.54 Low 240
Walgreens Selling Price is not reflecting the bid ask price..
Liquidity is there at the 64.54 lower price!!!
2 Big Hedge funds have now taken large positions in Walgreens,
Jana and Viking LP..
And no News has been released as to the investors meeting in London.
If anyone has an clue or even a speculation as to what is going on... Please share it.
GLTA!
Viking Global Buys In!
667 million shares now holding.
Something is going on.
Call option increased last week on Wag stock .. any thoughts.
Regards.
Jana Fund buys Walgreens stock
It was announced recently a hedge fund has taken apposition in Walgreens
Looking at the size of this buy in and Jana's record of being an active investor
Make's me think a stock spit of Walgreens is not off the table
GLTA!
Big.Yank, Stock split?
Now this will be a interesting conversation, and I know you are up to discuss the pro's and con's.
If you like, I will take the pro's position..HeHe
Regards,
Sorry,
Alliance boots loans due dates start in 2016 should the Walgreens buyout not occur.
As Walgreens stated in their SEC press release, " they have the right but not the obligation to purchase Alliance.
You are Right, I am saying this meeting was for Walgreens to receive lending commitments for the A/B Buy-Out.
As well as reassure the A/B creditors the Buyout is moving forward.
As in any investor meeting, information is exchanged and this group, and it was a group, is very sophisticated about financials, I'm sure they did not ask about sushi sales growth.
Would a stock split help these potential lenders.??
Financing for the 2 step.
I read Deutsche Bank is one of the largest lenders, UniCredit and KKR are the others that extended Alliance Boots 5 billion pound loans, before expiry of the Walgreens option to buyout the remaining 55% of AB in 8/2015.(A/B web site)
AB high interest rate maturities were extended by this group and will start in 2016.
I don't think a interest rate adjustment was mentioned either.
The remaining buyout price for the 55% of AB is 9.5 billion in cash or is that pound sterling, and assumption of A/B Debt (5-7 billion).
How much Cash does Wag Have?
So, Its my view Deutsche Bank loses nothing in upgrading Walgreens S/P as reported on the Streets web site.
My understanding also was this meeting was set up by Deutsche Bank and Morgan Stanley with its Institutional & 1% global investors.
And Walgreens being a US public company has not even posted a transcript of these meetings.
Shame-full...
I think the big Deal brewing is finding financing for the second step of the A/B buy-out..
Which would have dove deeper into the financials with these investors than main street investors see.
However, you have been right on your S/P outlook.
As for the searchable Walgreens meeting non-reports I read.. not much was said about Walgreens Executives.. except a Bull..sh outlook... sorry I meant Bullish.
Do you still see more upside or a spilt coming?
GLTA!
Why did Walgreens share price Run Up?
Well Walgreens London meeting had no breaking news expect the up
beat Walgreens/Alliance Boots presentation.
Along with (2) ? upgraded price targets
CVS also announced they will discontinuing it's 2 billion Dollar cig business in their suprise Earnings announcement.
Stefano Pessina was also present in London and held interviews on his Chinese outlook with A/B newly added bolt-on.
And spoke of his love of another deal.
The ABC deal was also discussed as being a asset for Walgreens going forward, and of course the 2nd step for the Alliance Boots merger where M. Pessina would be stepping down as Alliance Boots Chairman.
And perhaps taking a Non-directors role in Walgreens Co, Operations.
So, I believe big.yank nailed it, that Walgreens will not be giving up Tabacco sales and by default capture part of CVS lost Cig sales.
GLTA!
Walgreen record keeping Failures Widespread.
"In addition to the fine", The settlement also closes similar investigations that were being held in Colorado, New York, and Michigan", Ferrer of the DOJ said.
4 additional Distribution centers where being investigated as well as Florida and money settlements went to each state in the settlement.
We started this tread based on the 340B Gov't program, so lets not confuse the subject.
The subject was the financial Accounting for 340B Drug inventory.
as was reported in the OIG report.
There are 2 types of 340B Drug inventory models.....
1) The Pre purchasing of Drugs, model.
2) Replenishment of Drugs, model.
I'm would think that Walgreens a Major direct Drug purchaser from Manufactures was using the Pre purchasing model for its 340B prescriptions, Walgreens Co also was the Warehouse supplier to its retail stores. So the replenishment model does not make sense.
340B drug Diversion, over payment of Manufactures Rebates and patient overcharges were some of the Issues the OIG was looking at in the 340B program...
As you correctly stated, IMHO, turnover of Walgreens retail Pharmacy 340B inventory is perhaps 8 to 10 times slower than in a J.I.T system.
But the question I asked remains, will Walgreens managements record keeping Failures cause a restatement of recorded profits to the SEC, inflate GAAP inventory valuation by co-mingeling Inventory costs, and then allow smoothing of earning as the 340B drug inventory was pre-purchased or over-purchased and in stock for non 340B patients. these 340B drugs & discounts now could be cost adjusted into earnings as needed..
I worked for W.R.Grace Healthcare division and Know earnings smoothing happened, after the DOJ investigation..
So, until a follow up from Walgreens on Senator Grassley letter or inquiry this is a open issue.
Regards,
Inventory Management!!
My point big.yank is that Walgreens owned the Wholesale Rx supply chain/Inventory distributed to its retail outlets(stores) under the 340B program.
This now is owned/controlled by ABC (ABC Walgreens 10 year agreement).
Alliance Boots and Walgreens last year formed WBAD as the purchasing agent for Alliance Boots and Walgreens.
Walgreens now is using ABC as it primary Drug Wholesaler and turned over it's Wholesale/supply operations to ABC..
Walgreens is not Warehousing Drugs for its retail supply chain distribution,
and therefor has to change its Inventory/accounting for the 340B drugs purchased including the discount from manufactures for the 340 program.
ABC is now buying these Drugs to supply Walgreens 340B retail distribution, and will be shipping to Walgreens with a "just in time inventory program", also carrying these 340B asset on ABC books.
I'm only guessing.. but I think Walgreens aggregate cost for drug spending will go up not down with its short term borrowing costs included.
WBad the JV with Allince boots will benefit and as walgreens to date is only a 50% partner the remaining 50% will go to alliance boots.
Walgreens Cash flow has been a issues I focused on with the current asset sales..
Now put into that picture Walgreens Inventory assets and borrowing costs for the 2nd step..+(ABC warrants), (the buyout of Alliance Boots) and the Walgreens short term debt financing will increase as pricing under Gov't and 3 party payers are seeking to lower costs.
Walgreens mail order would provide a lower distribution cost...
But, Do they even own this anymore??
Regards,
8 billion dollars 2013:
Walgreens has 39% of the 340B market, In 2010, 6 billion was spent on the 340B program and estimates are that by 2016 this program will be 12 billion.
1.5 billion is chump change?
The question I ask'd is how does Walgreens Value the Inventory under GAAP for these Drugs.. as there are 2 Inventory models under this program.
This was copied from the 340B report
"Contract pharmacy inventory models". "Contract pharmacy arrangements generally use one of two distinct inventory models: the pre-purchased inventory model or the replenishment inventory model".
As drug inventory, dispensing/diversion and record keeping seems to have cost Walgreens 80 million Dollars last year, it stands to reason that there is more to this inquiry.
Regards,
Lol. Police Report.
Now be real, the report outlined several issues that had financial issues that went into inventory accounting and valuations of assets.
Public Corporations and there lenders take this very seriously.
This issue will be explored as the US Govt. is looking to reduce medical spend and this will be the ACA poster child for either party.
As Karl is presenting in LV later this year I would not be surprised if he is moving to Switzerland also.
GLTA!
Prudent:
Take a look at these after hours trades,
http://www.nasdaq.com/symbol/wag/after-hours.
What is your take on the trades?
I''''m not looking for a boogeman, just pointing out
what I.. as a retail investor does not know when buying and selling against the Market Makers..
GLTA!
Big Yank
I think you need to go to the OIG.gov and look into this report,
Before you dismiss this event.
If nothing else.. It will give you a look at the Pharmacy chain players and who signed off on these contracts.
As for the Tabacco(CVS) issue, it is a well researched position that will cause Walgreens to fall in line again, do you recall the Esrx dispute? or the $4.00 co-pay.
Regards,
GLTA!!
340B Report:
It's just Shocking that Walgreens was sent a letter from Congress regarding its 340B US govt. prescription program.
http://www.drugchannels.net/2014/02/new-oig-report-confirms-our-worst-fears.html#more
It's a Good thing Walgreens is moving its management operations to Switzerland and listing its stock on the Euro exchange.
Now.. how does Walgreens plan to respond to Senator Grassley inquire?
Oh yea.. ABC now handles Walgreens Wholesale Drug operations.
GLTA!!!
Walgreens Update
http://www.bizjournals.com/pacific/news/2014/02/12/walgreens-puts-honolulu-property-on.html
Perhaps the acceleration of the A/B buyout requires more cash flow?
GLTA..
Wow..64.20
It looks like you guys will soon be heading to 100.00 a share.
GL.
Instead, I invested in the lowest cost Tulip bulb RAD..
Walgreens investors have Was-sins Secret sauce who's prescriptions are much more effective than Wal-Marts, CVS, Costco's. Independent's and Rite Aids drugs.
And Wags experience moat is so much greater than its competitors.
Walgreens Co. announcement is they will provide what the consumer wants (Tabacco) or access to controls..Wag dismisses its Healthcare P/R marketing spin... and avoids what the Insurance payers would like a supplier to do in lowering costs...
In my view: enjoy the ride of Buy and Hold as the Institutions investors are making money, Buying and Selling at this price level..
What was todays Volume 994,455 vs 5,844,150 average.
GLTA!!!
.