Rite Aid to sell 865 stores to Fred's

Fred's shares jumped 73 pct to $19.34 in morning trading on Tuesday, while Rite Aid shares were up 5.6 pct at $8.63. Rite Aid and Walgreens were widely expected to divest stores in states where the combined company would have a particularly strong position. Walgreens has 13,200 stores, nearly 60 percent of which are in the United States, while Rite Aid has 4,570 stores in the United States.