The turmoil in the markets makes it too easy to justify selling any stock these days. Yet, while even warranted, gut-wrenching panic can work against investors, it's still a good idea to play devil's advocate with investments.

Consider drugstore chain operator Rite Aid (NYSE: RAD). Though the stock has shown a strong recovery from a recent trip to penny stock land, you'll find a few of the 924 Motley Fool CAPS members weighing in on the company offering reasons to be bearish.

Here at The Motley Fool, we like to consider both the good and bad sides of an investment, so in this article, I'm highlighting three of the main bearish arguments on Rite Aid today. Be sure to read the bullish side as well, and then weigh in with your own comments below or rate Rite Aid in CAPS.     

1. Negative earnings
A number of reasons influence CAPS members' bearish calls on Rite Aid, but one that comes up repeatedly is the company's lack of earnings. With Rite Aid consistently ending up in the red and more competition from retailers such as Wal-Mart (NYSE: WMT), Target (NYSE: TGT), Costco (Nasdaq: COST), and Kroger (NYSE: KR) putting pressure on margins, many CAPS members aren't convinced that holding a position in Rite Aid is a good idea.

2. Keeping the streak alive
While Walgreen (NYSE: WAG) managed to deliver a slight uptick in same-store sales in February, same-store sales at Rite Aid fell for the ninth consecutive month as weak performance continues for the drug retailer. And its drop in fiscal-fourth-quarter comps extended its streak of falling quarterly comps since its purchase of Brooks Eckerd in 2007. With a trend that consistent, many aren't sure how the company can turn itself around.

3. Mountain of debt
After piling on debt due to its Brooks Eckerd acquisition, Rite Aid's balance sheet has put up many red flags that have caused some CAPS members to steer clear of its shares. While some companies like Medco Health Solutions (NYSE: MHS) have actually thrived in the recession, the downturn has only added to Rite Aid's woes.

To see details of what CAPS members are saying now about Rite Aid, just click on over to Motley Fool CAPS and have a look -- or add your own thoughts directly to this story in the comments box below.

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Fool contributor Dave Mock  votes 3 to be the number of the day. He owns no shares of companies mentioned here. Costco and Wal-Mart are Inside Value picks. Costco and MedcoHealth Solutions are Stock Advisor selections. The Fool owns shares of Costco. The Fool's disclosure policy took fifth place in the cup-stacking contest at the annual fair.