CVS Caremark (NYSE: CVS) was down more than 2% in premarket trading Thursday, and its was down more than 5%, or less than $46 a share, in early trading. This after the stock reached a new multiyear high of $48.69 in Wednesday’s regular session.
The pharmacy benefit manager and drugstore operator went ex-dividend today. Perhaps investors have decided to take the money and run after rival Walgreen (NYSE: WAG) announced early this morning that it had ended its feud with Express Scripts (NASDAQ: ESRX). Beginning in September, Walgreens stores will again be part of the pharmacy network served by Express Scripts.
Only yesterday, a JMP Securities analyst suggested that CVS Caremark could continue to benefit from the dispute between two of its competitors. He even suggested that the dispute between Walgreen and Express Scripts might add about 8 cents per share to CVS’s profit in 2012.
Walgreen shares are up about 12% in early trading, at $34.70, in a 52-week range of $28.53 to $42.36.
Shares of Express Scripts are up more than 2% to $59.01. The 52-week range was $34.47 to $58.98.
CVS’s response to the news is available here.
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.