Shares of Walgreen Co. surged more than 7 percent in midday trade after the company reported record quarterly earnings and sales for the first quarter of fiscal year 2011.
Walgreen Co. reported Wednesday morning that earnings per share rose 62 cents for the quarter ended Nov. 30 — blowing past analyst expectations of 54 cents. The pharmacy’s profits jumped 18.8 percent to $580 million, up from $489 million in the same quarter a year ago.
December has been a strong month for stocks — the blue-chip Dow index is up about 3% this month, while the S&P and Nasdaq have gained nearly 5%. All three major indexes are positioned for double-digit gains for the year.
