Rite Aid cuts fiscal 2009 outlook

Sometimes, my timing really sucks ...

Drugstore operator Rite Aid Corp. on Wednesday reduced its guidance for fiscal 2009 because of refinancing costs. The Camp Hill, Pa.-based company said it now expects net loss between 39 cents and 52 cents per share, compared with previous guidance for a loss of 34 cents to 48 cents per share.

While I still expect that the firm will eventually dig its way out of debt, its shares are sure to plummet in the short run, and since the price is getting close to the $1 mark, they may either have to reverse-split (which is never a good thing) or face the prospect of being delisted (ditto).