I sincerely feel for Rite Aid (RAD) shareholders. Two and a half years ago, Walgreens (WBA) offered $9 per share for all of Rite Aid. RAD traded at $8 or above for most of 2016, but concerns about whether the FTC would block the deal led the deal price to be reduced - and then the deal itself to be revised. All the while, RAD stock kept dropping, declining 76% just in 2017 alone.

So I can imagine the frustration on Tuesday, when the announcement of a merger with privately held Albertsons hit the wires. RAD stock gained just 3.3%, to $2.20, after rising in early-morning trading. And adding to the snakebit nature of RAD stock over the past few years, the deal was announced on the same day Walmart (WMT) tanked earnings. That sent grocery stocks tumbling - and no doubt colored the market's reaction to Albertsons' backdoor IPO.

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