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Stock Market & Financial Investment News

News Breaks
January 30, 2014
07:39 EDTCAH, CVSCardinal Health sees CVS Caremark venture operational as soon as July 1
In December 2013, Cardinal Health (CAH) and CVS Caremark (CVS) announced the signing of an agreement to form the largest generic sourcing entity in the U.S. Both companies are contributing their sourcing and supply chain expertise to the 50/50 joint venture and are committing to source generic drugs through it. The U.S.-based joint venture is expected to be operational as soon as July 1 and will have an initial term of 10 years, Cardinal said.
News For CAH;CVS From The Last 14 Days
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April 10, 2014
11:23 EDTCVSRite Aid hits 52-week high after results, sales view top estimates
Shares of retail drugstore Rite Aid (RAD) are rallying after the company's fourth quarter results and fiscal 2015 revenue outlook topped analysts' consensus estimates. WHAT'S NEW: This morning, Rite Aid reported fourth quarter adjusted earnings per share of 10c and revenue of $6.6B, compared to expectations of 4c and $6.54B, respectively. Q4 same store sales increased 2.1%. Rite Aid forecast FY15 EPS of 31c-42c, compared to the consensus of 35c. FY15 revenue was seen at $26B-$26.5B, ahead of the consensus $25.75B. FY15 same-store sales are expected by the company to be up 2.5%-4.5%. WHAT'S NOTABLE: Rite Aid also announced it has acquired RediClinic, which currently operates 30 clinics in the greater Houston, Austin and San Antonio areas. Rite Aid CEO John Standley said, “Our recent acquisitions of Health Dialog and RediClinic, our expanded partnership with McKesson and our continued commitment to investing in our store base have positioned us to transition our strategy from turnaround to growth as we more aggressively pursue opportunities to become a growing retail healthcare company.” PRICE ACTION: In late morning trading, Rite Aid rose 71c, or about 11%, to $7.11 on more than twice its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week high of $7.39. Including today's advance, the stock is up approximately 300% over the past twelve months. OTHERS TO WATCH: Other retail drugstore operators include Walgreen Company (WAG) and CVS Caremark (CVS).
April 8, 2014
13:24 EDTCVSCVS confirms final SEC settlement, says will not be required to restate earnings
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13:08 EDTCVSCVS Caremark pays $20M to settle SEC accounting charges
The SEC announced that it charged CVS Caremark "with misleading investors about significant financial setbacks and using improper accounting that artificially boosted its financial performance." CVS has agreed to pay $20M to settle the charges, the agency said. Reference Link
April 7, 2014
07:24 EDTCVSCVS Caremark price target raised to $84-$89 from $75-$80 at Wells Fargo
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