BUZZ-Walgreens falls after suspending quarterly dividend

** Shares of pharmacy chain operator Walgreens Boots Alliance WBA.O fall 10.03% to $10.31 premarket

** Co said on Thursday its board of directors is suspending cash dividend historically paid to stockholders on quarterly basis, as management continues to evaluate and refine its capital allocation policy consistent with its turnaround efforts

** This change in capital allocation is aimed at strengthening WBA's balance sheet by reducing debt over time and improving free cash flow, co said

** Brokerage Leerink Partners sees it as right move for WBA's ability to reboot business

** Evercore ISI says cash can go towards store closure costs, debt repayment and/or other strategic initiatives

** Stock fell ~64% in 2024