Is CVS A Value Trap Or A Fallen Angel Ready To Rise Again?
It’s hard to believe now, but in 2002 Wall Street had practically given up on McDonald’s. The company’s quest for revenue growth without regard to existing-store performance had resulted in declining same-store sales, unhappy franchisees and a slumping stock price.
Shares had dipped from a high of nearly $50 in 1999 to less than $20 in late 2002. Its share price eventually hit bottom at $12.12 in…