Easy Peasy Lemon Squeezy, as planned. Well not so much but details of a post merger CVS-Aetna (CVS - Get Report) (AET) began to take shape Wednesday. The two companies -- which are set to combine in a $77 billion merger once clearing regulatory reviews -- announced a slew of executive positions at the new, combined entity on Wednesday. Among the announcements was that Shawn Guertin, CFO of Aetna, would take over as CFO of CVS Health while Karen Lynch, currently president of Aetna, will take the executive vice president role at CVS Health while remaining president of the insurer. Fran Soistman will continue on as EVP and Head of Government Services for Aetna. At the same time Mark Bertolini, CEO of Aetna, will join the CVS board. "These are all very strong executives, and the selection decisions point to Aetna ... as likely to remain front and center in the strategy and financial focus in the merged company," wrote Leerink's Ana Gupte in a note Wednesday. While many CVS and Aetna executives will stay on at the new company, many have decided to leave following the close. Most notable is David Denton, who currently serves as CVS Health's chief financial officer. He has elected to depart the company at the close, CVS said in a statement. Gupte doesn't come right out and say it, but it does seem that the investor community is excited for the continued shift away from retail and into healthcare.
We asked 'what's a name worth' yesterday in regards to Newell's (NWL - Get Report) sale of Rawlings to the MLB, and today, I'll ask that same question about a different company with about as much name recognition: iHop. Dine Brands (DIN - Get Report) , the parent company of iHop and Applebee's, announced Wednesday that it would change the 'P' in iHop to a 'B' on June 11 ... The meaning of the 'B' remains a mystery (breakfast is my best guess) but some were joking on Twitter that it could stand for 'Blockchain.' Bravo, social media... I'll have a short stack of Pancake-coins and a coffee, black.
Markets today: Stocks soared on Wednesday, June 6, with the Nasdaq posting more gains after closing at a record high the last two trading sessions. The Dow Jones Industrial Average finished up 346 points, or 1.4%, to 25,146. The S&P 500 was up 0.86% and the Nasdaq rose 0.67% to 7,689.24.
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