CVS Health Corp (NYSE:CVS) shares are trading lower Thursday following reports that Blue Shield of California plans to drop CVS's Caremark as its pharmacy benefit manager.
What To Know: Blue Shield will drop CVS and begin working with Amazon.com Inc (NASDAQ:AMZN) and billionaire entrepreneur Mark Cuban's Cost Plus Drug Company, according to a Wall Street Journal report.
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What To Know: Blue Shield will drop CVS and begin working with Amazon.com Inc (NASDAQ:AMZN) and billionaire entrepreneur Mark Cuban's Cost Plus Drug Company, according to a Wall Street Journal report.
#1 Morning Stock Show To Get You Ready For The Stock Market Open, PreMarket Gainers, Earnings This Week, Economic Data & More!
Benzinga PreMarket Prep 8:00AM ET- 9:00AM ET BenzingaTV on YouTube.
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NewsTranscript
00:00 The disaster stock of the day was not on the schedule, but it is the disaster stock of
00:04 the day and it's a lower beta stock that is down 8%.
00:07 CVS giving back its entire June and July run in one day.
00:12 Gone.
00:13 See you.
00:14 Give us the headline here.
00:15 Money Mitch.
00:16 All right.
00:17 California's Blue Shield Health Insurance has parted ways with CVS Health Care, Mark,
00:22 as its pharmacy benefit manager, per Wall Street Journal reporting.
00:27 The insurer aims to collaborate with specific companies for defined tasks, Amazon for home
00:33 drug delivery, Barca for handling drug claims.
00:38 So this is going to affect and shake up all those health care plan names today.
00:43 They're already showing some weakness.
00:45 Could this be something that actually affects even a turnaround on like a UNH that was just
00:51 above 500?
00:52 Man, look at that move.
00:55 We're getting crushed here and these things get like tape bombed where they come and you
01:01 know, and there's nothing scheduled.
01:03 And then it's like Medicare news and they get hammered.