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Stock Market & Financial Investment News

News Breaks
February 5, 2014
12:00 EDTCVS, PM, LO, MO, RAICVS plans to stop selling cigarettes and other tobacco products
CVS Caremark (CVS) earlier today announced its decision to cease selling tobacco at all locations starting October 1. WHAT'S NOTABLE: CVS Caremark said its choice to exit the tobacco category does not affect the company's 2014 segment operating profit guidance, 2014 earnings per share guidance, or the company's five-year financial projections. The company estimates that it will lose approximately $2B in revenues on an annual basis from the tobacco shopper, equating to approximately 17c per share. Given the anticipated timing for implementation of this change, the impact to 2014 earnings per share is expected to be in the range of 6c-9c per share. The company has identified incremental opportunities that are expected to offset the profitability impact, CVS added. WHAT'S NOTABLE: Deutsche Bank believes CVS Caremark's decision to stop selling tobacco products is in-line with its strategy to become more of a healthcare services company. Deutsche thinks the move could improve CVS' competitive positioning and it keeps a Hold rating on the stock. PRICE ACTION: During late morning trading, shares of CVS Caremark were down 1.5% to trade near $65. Like the broader S&P 500, shares of a number of tobacco product makers were generally lower. Philip Morris (PM) fell 0.88% to $76.20, Reynolds American (RAI) fell 0.7% to $47.17, Lorillard (LO) fell 2.5% to $47.64 and Altria Group (MO) fell 1.2% to $34.02.
News For CVS;PM;LO;MO;RAI From The Last 14 Days
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October 21, 2014
06:30 EDTPMPhilip Morris implied volatility of 15 at lower end of index mean range
October 20, 2014
15:36 EDTRAINotable companies reporting before tomorrow's open
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October 16, 2014
07:07 EDTPMPhilip Morris narrows 2014 adjusted EPS growth outlook to 6.5%-7.5%
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07:04 EDTPMPhilip Morris reports adjusted Q3 EPS $1.39, consensus $1.33
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October 15, 2014
15:28 EDTPMNotable companies reporting before tomorrow's open
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October 14, 2014
14:01 EDTPMPhilip Morris October volatility elevated into Q3 and guidance
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October 13, 2014
07:39 EDTCVSPharmaceutical Care Management Association to hold annual meeting
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October 10, 2014
06:48 EDTPM, MO, LO, RAISenators call on FDA to adopt strict e-cigarette warning
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October 9, 2014
08:32 EDTCVSCVS Health price target raised to $95 from $87 at Leerink
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06:33 EDTCVSCourt considers whether to pay Amazon workers for security checks, WSJ says
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