Shares of several healthcare companies are trading lower following reports suggesting Blue Shield of California plans to drop CVS Health's Caremark in favor of Amazon and Mark Cuban's Cost Plus Drug Company.
Portfolio Pulse from Benzinga Newsdesk
Blue Shield of California is reportedly planning to drop CVS Health's Caremark in favor of Amazon and Mark Cuban's Cost Plus Drug Company. This has led to a decrease in the stock prices of several healthcare companies.
August 17, 2023 | 1:57 pm
News sentiment analysis
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NEGATIVE IMPACT
CVS Health's Caremark is expected to be dropped by Blue Shield of California, which could negatively impact CVS's stock price.
Blue Shield of California is a significant client for CVS Health's Caremark. Losing this client to competitors like Amazon and Cost Plus Drug Company could lead to a decrease in revenues and negatively impact the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Amazon is expected to be chosen by Blue Shield of California over CVS Health's Caremark, which could positively impact Amazon's stock price.
Being chosen by Blue Shield of California over CVS Health's Caremark could lead to an increase in revenues for Amazon and positively impact the stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80