CVS shares dip after Walgreens Boots Alliance cuts its full-year earnings outlook on decreased COVID demand. Yahoo Finance Live breaks down the company's stock movement.
Video Transcript
- I'm watching shares of CVS, the pharmacy giant, dipping today down almost 2%, falling after its competitor Walgreens slashed its full year outlook on decreased COVID demand. Now CVS didn't report as a large part of a hit to its profits from fewer COVID tests and vaccines when it released earnings last month but it did lower its guidance as well due to increased costs after acquiring Signify Health and Oak Street Health as well. Like other retailers, CVS has been hit hard this year as inflation causes consumers to pull back. The stock is down over 26% year to date.
