THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING
MARKET MOVERS

CVS plunges on news of lost contracts

November 8, 2009

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

Your article has been sent.

  • E-mail|
  • Print|
  • Reprints|
  • |
Text size +

CVS Caremark Corp. shares plunged after it disclosed $3.7 billion in contract losses and a probe by antitrust regulators. CEO Tom Ryan said the pharmacy-benefits management division lost more business than anticipated, and operating profit may shrink 10 to 12 percent in 2010. Shares fell more than they should have, said one Victory Capital Management analyst. The retail portion alone is worth in the “low to mid $20s a share.’’