Walgreen Co. (WAG) declared that it will shed nearly 9% of its workforce during fiscal 2009 in an effort to curb costs.

These job cuts will come from corporate and field management. The drugstore chain also said that it is offering early retirement as well as severance incentives to the targeted employees.

As part of its "Rewiring for Growth" initiative, the company plans save about $1 billion per year by fiscal 2011. Walgreen Co has also cut back on its store openings.

Walgreen is a Zacks #4 Rank ("Sell") company.

"WAG" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research

Kenya Growth Stalls Quickly; Caterpillar Cuts Pay and Jobs; Wal-Mart Offers $2.66 Billion for Chile’s Biggest Grocer; Walgreen Falls Short, Cuts Opening Plans; Palm Gets $100 Million Injection; JPMorgan Buys UBS Assets; Oil Falls 6%

Kenya’s economy grew 2.1% in the third quarter, down significantly from the 6.3% gross domestic product growth it posted a year earlier. On top of the global financial crisis, Kenya suffered from post-election violence and a severe drought, Bloomberg reported. Caterpillar Inc. (CAT) said it will offer buyouts to some employees and cut white-collar pay by up to 50%. Last week, the heavy equipment maker announced plans to lay off 814 works at its engine assembly plant, Reuters reported. Wal-Mart ...

Buy/Sell/Hold ETF Zooms 42%; Magna Reports 3Q Loss, Slashes Dividend; U.S. Factory Orders Down 2.5%; Walgreen Same-store Sales Rise 2%, Yahoo Shares Upgraded; Oil Rises 12% on Production Cuts; Archer Daniels Midland Doubles Profit; UBS Turns Profit; Verizon Cleared to Take Over Alltel.

The iShares MSCI Brazil Index (EWZ), an exchange-traded fund (ETF) that was the topic of the popular “Buy, Sell or Hold” feature a week ago Monday (Oct. 27), surged another 9.82% yesterday (Tuesday) and is now up 42% in the six days since Contributing Editor Horacio Marquez rated the ETF as a “Buy” in his column. The shares, which were recommended at $29.94, zoomed $3.81 each, or 9.82%, to close at $42.60, and have now gained $12.66 a share, or 42% since they were recommended by Marquez. They traded as high as $43.35 yesterday – an increase of 45% from their recommendation ...

Buy/Sell/Hold ETF Zooms 42%; Magna Reports 3Q Loss, Slashes Dividend; U.S. Factory Orders Down 2.5%; Walgreen Same-store Sales Rise 2%, Yahoo Shares Upgraded; Oil Rises 12% on Production Cuts; Archer Daniels Midland Doubles Profit; UBS Turns Profit; Verizon Cleared to Take Over Alltel.

The iShares MSCI Brazil Index (EWZ), an exchange-traded fund (ETF) that was the topic of the popular “Buy, Sell or Hold” feature a week ago Monday (Oct. 27), surged another 9.82% yesterday (Tuesday) and is now up 42% in the six days since Contributing Editor Horacio Marquez rated the ETF as a “Buy” in his column. The shares, which were recommended at $29.94, zoomed $3.81 each, or 9.82%, to close at $42.60, and have now gained $12.66 a share, or 42% since they were recommended by Marquez. They traded as high as $43.35 yesterday – an increase of 45% from their recommendation ...

Chicago the most populous city of Illinois is also home to the world’s second busiest airport, Chicago O’Hare. But this state’s economy does not depend on any particular city or industry. Read on to find out more:1. Illinois is the top producer of nuclear power in the country.2. The state offers several tax incentive programs for companies relocating to Illinois.3. Almost 12,000 manufacturing firms are headquartered in the state, and together they operate 19,000 plants within the state.4. The most important industries in Illinois are: food, chemicals machinery, and fabricated metals.5. Over 2,000 banks and 1,000 savings institutions are headquartered in Illinois.6. The agricultural industry produces more than $8 billion in income.7. Illinois is the number one producer of soybeans and a top producer of corn.8. More than 6,000 trucking companies call Illinois home.9. ...

As I write this on Friday morning, we are continuing to await a final decision on the proposed bailout of financial firms. The final outcome will impact market direction.

I would expect a short-term relief rally if the proposal is passed and signed. Failure to reach an agreement, however, could result in stocks setting new lows for the year.

Third-quarter earnings season will not "officially" start until Oct 7, when Alcoa (AA) reports. Nonetheless, 21 companies are confirmed to report during the week of Sep 29 - Oct 3. Among these are S&P 500 members Constellation Brands (STZ), Family Dollar (FDO), Marriott International (MAR), Micron Technology (MU), Pepsi Bottling Group (PBG) and Walgreen (WAG).

September employment data will be released on Friday, capping a busy week for economic data. Monday: August personal income and spending Tuesday: Conference Board September consumer confidence survey, September Chicago PMI Wednesday:

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HealthSport, Inc. is a company that focuses on the development, manufacturing, distribution, and marketing of nutritional supplements in an edible filmstrip format. Trading on the OTCBB, they market proprietary branded and private label offerings of their edible filmstrip nutritional supplements and over-the-counter drugs. HealthSport has their corporate headquarters in Tulsa, Oklahoma.

HealthSport owns three subsidiaries, which they created as distribution entities for their varied products. These three subsidiaries are Enlyten, Inc., InnoZen, Inc., and Cooley Nutraceuticals, Inc. Enlyten Inc. markets and distributes the HealthSport product portfolio. InnoZen, Inc. formulates, develops, and manufactures edible filmstrips that deliver active ingredients through a process involving “between the cheek and gum” absorption. InnoZen has five patents pending and several trade secrets, which they incorporate in the development and manufacturing process of their edible filmstrips. Cooley Nutraceuticals, Inc. markets FIX Hangover Strips and enters into distribution agreements with enterprises to market their products.

Healthsport’s Enlyten SportStrips replenish

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Maintaining a pristine balance sheet, the management of the largest national retail pharmacy chain, in terms of revenue and profitability, Walgreen Co. (WAG) continues with its new store expansion strategy. However, the management is also implementing a more aggressive strategy that includes acquisitions.

In addition, pharmacy profits are being pressured due to lower reimbursements on some generic drugs and additional pricing pressure from Wal-Mart (WMT), which has entered the retail generic marketplace. In response, the management is trying to better utilize the existing store space and drive increased customer traffic through its stores by offering new services like convenient care clinics. The Hold rating on Walgreen is maintained.

The current store expansion plan entails opening approximately 550 stores in fiscal year 2008, for a net increase of about 475 stores after closings and relocations. The management remains on track to achieve the target of operating over 7000 stores by

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