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Lower Volatility Bet on CVS
CHICAGO (TheStreet) -- CVS Caremark(CVS Quote) is seeing investors bet on decreased volatility a day after the pharmaceutical retailer announced earnings.
The company said third-quarter earnings on Thursday came in at 65 cents per share, a penny better than estimates. Revenue was in line with analysts' expectations as well.
In other news, CVS announced that its board approved a new share repurchase program for up to $2 billion of its outstanding common stock. But news that the company was lowering its guidance for the PBM (pharmacy benefit) business sent the bears into action and before the closing bell mercifully sounded. CVS was off 20%. ...
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