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☆ Amazon's Vin Gupta on expanded 'RxPass' access
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmazon's Vin Gupta on expanded 'RxPass' accessDr. Vin Gupta, Amazon Pharmacy chief medical officer, joins 'Money Movers' to discuss how big of a deal with the company's expanded access to 'RxPass' is, if the whole industry is moving to a model similar to Amazon, and much more.

Persons: Vin Gupta Organizations: Amazon Pharmacy

☆ CVS posts big earnings miss, cuts profit outlook on higher medical costs
▼ + stars: | 2024-05-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

CVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry. The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share. The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.

Persons: LSEG, Karen Lynch, Caremark, Tyson Foods, CVS's Caremark, Cuban's Organizations: CVS Health, CVS, Aetna, UnitedHealth, Medicare, LSEG, Blue, Amazon Pharmacy, Oak Street Health Locations: California

☆ Amazon CEO Andy Jassy says he's committed to cost cutting while investing in AI in shareholder letter
▼ + stars: | 2024-04-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +41 min

This work diminished short-term revenue, but was best for customers, much appreciated, and should bode well for customers and AWS longer-term. We're also making progress on many of our newer business investments that have the potential to be important to customers and Amazon long-term. Being intentional about building primitives requires patience. Customers building their own FM must tackle several challenges in getting a model into production. Customers' AI models contain some of their most sensitive data.

Persons: Andy Jassy, Jassy, Jeff Bezos, he's, we've, Martha Stewart, Clinique, we're, We've, bode, We're, I've, iterating, We'd, we'd, Fox, affordably, you've, They're, Anthropic, that's, Claude, Dana, debugs, Slack Organizations: Amazon, Services, AWS, Deal, Prime, MGM, Savings, Regions, Citadel, Target, Storage Service, Netflix, Disney, Max, Paramount, CIA, . Intelligence, Amazon Freight, Carrier, Amazon Shipping, Foods, Drones, Amazon Pharmacy, Amazon Clinic, Robotics, Nvidia, Ricoh, NatWest, FMs, Meta, Bridgewater Associates, Farber Cancer Institute, Delta Air Lines, Intuit, KT, Lonely, LexisNexis, Netsmart, Pfizer, PGA, Rocket Companies, Siemens, Media, Inc Locations: North America, U.S, Europe, India, Brazil, Australia, Mexico, Middle East, Africa, Malaysia, New Zealand, Kingdom of Saudi Arabia, Thailand, Berlin, Hulu, Amdocs, Genomics England, GoDaddy, GenAI

☆ Eli Lilly climbs on win for rival weight-loss drug, and we still feel good about Abbott Labs
▼ + stars: | 2024-03-28 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Abbott update : Shares of Abbott Laboratories were slightly higher Thursday, on pace for their third straight day of gains. The embattled cosmetics company was the top-performing Club stock in Thursday's session, boosted by an upgrade at Bank of America . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Eli Lilly, Wegovy, Abbott, Louis, Jim, Reckitt's Mead Johnson, Mead, Johnson, Stanley Black, Decker, Estee Lauder, Lauder, there's, Jim Cramer's, AJ Mast Organizations: CNBC, Stocks, Bloomberg, Amazon Pharmacy, Rite, Abbott Laboratories, Abbott, NEC, Home, U.S, Bank of America, Jim Cramer's Charitable, Getty Locations: U.S, St, Illinois, China, Indianapolis , Indiana

☆ Ford falls, Amazon advances pharmacy pursuits and Disney board member speaks – our takes the news
▼ + stars: | 2024-03-26 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

Meanwhile, Amazon 's pharmacy efforts added another wrinkle and Disney 's newest board member weighed in on the proxy fight underway at the entertainment giant. F YTD mountain F stock performance year-to-date. The divergence in stock performance was not great to see. AMZN YTD mountain AMZN stock performance year-to-date. To help offer the swift delivery, Amazon said it is leveraging artificial intelligence "to help pharmacists fill prescriptions quickly and accurately."

Persons: John Lawler, Ford, Jim Cramer, —, Doug Herrington, we're, Jim, Morgan Stanley, James Gorman, Gorman, Trian Partner's Nelson Peltz, Jay Rasulo, We've, Peltz, Wendy's, Heinz, Jim Cramer's, Jim Farley, Bill Pugliano Organizations: Ford Motor, Ford, Bank of America Securities Auto Summit, Motors, Amazon Pharmacy, Worldwide Amazon Stores, Nvidia, CNBC, Disney, FactSet, Procter, Gamble, Unilever, Ford Motor Company, Technology, Getty Locations: —, Monday's Homestretch, New York City, Los Angeles, Seattle , Miami, Indianapolis, Phoenix, Austin , Texas, China, Marshall , Michigan, Romulus , Michigan

☆ Amazon launches same-day prescription delivery in New York and Los Angeles
▼ + stars: | 2024-03-26 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

The Amazon Pharmacy home screen is displayed on a laptop in Brooklyn, New York, on Nov. 17, 2020. The e-commerce giant said on Tuesday that it's rolling out same-day delivery of prescription medications in New York City and the greater Los Angeles area. To speed up deliveries, Amazon said it's using new, smaller facilities, stocked with the most common prescription medications for acute conditions. San Bernardino, Riverside and Anaheim, which are all in the LA area, are eligible for same-day prescription deliveries starting Tuesday. In October, Amazon began offering same-day prescription medication delivery in Seattle, Miami, Indianapolis, Phoenix and Austin, Texas.

Persons: Doug Herrington Organizations: Amazon Pharmacy, Amazon, Worldwide Amazon Stores, Station , Locations: Brooklyn , New York, New York City, Los Angeles, Bernardino, Riverside, Anaheim, LA, Seattle , Miami, Indianapolis, Phoenix, Austin , Texas, Station, Station , Texas, New York

☆ Eli Lilly taps Amazon Pharmacy to help deliver weight loss drug Zepbound, other medicines to patients
▼ + stars: | 2024-03-13 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Eli Lilly on Wednesday said Amazon Pharmacy will help send certain prescription drugs, including the red-hot weight loss treatment Zepbound, to patients' homes through the drugmaker's new direct-to-consumer program. The website, LillyDirect, connects people with an independent telehealth company that can prescribe certain drugs if they are eligible. LillyDirect plans to expand the medicines it offers and the companies it partners with in the future, Eli Lilly said. Amazon Pharmacy offers free two-day deliveries to patients with an Amazon Prime membership, which will also apply if they use LillyDirect. But he told CNBC that Eli Lilly expects Amazon Pharmacy and Truepill to have similar processing and shipping times.

Persons: Eli Lilly, Eli Lilly's, Frank Cunningham, Cunningham, Truepill, John Love, We're, Lilly Organizations: Amazon Pharmacy, Amazon, CNBC Locations: U.S

☆ Stocks making the biggest moves premarket: Dollar Tree, Petco, Tesla and more
▼ + stars: | 2024-03-13 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell: Dollar Tree — Shares dropped 7% after the discount retailer posted disappointing quarterly results and announced the closure of several stores. Dollar Tree also said it plans to close nearly 1,000 stores. Texas Roadhouse — Shares gained 1.5% after Baird upgraded the restaurant chain to outperform, citing the strength of its relatively strong traffic. Eli Lilly , Amazon — Eli Lilly on Wednesday said it's partnering with Amazon Pharmacy to help deliver certain prescription drugs, including weight loss treatment Zepbound . Shares of Eli Lilly gained nearly 1%, while Amazon shares were slightly lower.

Persons: LSEG, Wells, Goldman Sachs, Bitdeer, Baird, Eli Lilly, — CNBC's Michelle Fox, Fred Imbert, Tanaya Macheel Organizations: Petco, Wellness, Royal, Marathon, Iris Energy, GE Healthcare Technologies, GE HealthCare Technologies, Texas, Amazon Pharmacy Locations: Royal Caribbean

☆ In a leaked email, Amazon's healthcare boss tells employees not to believe 'speculation' about its business one day after announcing layoffs
▼ + stars: | 2024-02-07 | by ( Eugene Kim | ) www.businessinsider.com time to read: +3 min

The head of Amazon's healthcare business wants employees to know Tuesday's layoffs are part of a normal business cycle, not a sign of underperformance. He noted that other companies have also made similar job cuts lately, urging employees not to believe the "pundits" who may say negative things about Amazon's healthcare business. "As often happens with changes like this, some pundits may speculate that we're eliminating roles because our health care business is underperforming — don't believe this speculation. In a separate email on Tuesday , Lindsay highlighted the growth of Amazon's healthcare business, saying the layoffs were intended to "reposition resources" so the company can better invest in other growth areas. He also said Amazon integrated One Medical's finance, legal, and tech teams into Amazon's healthcare business as it looks to "realign resources."

Persons: Neil Lindsay, —, Lindsay, we've Organizations: Service, Business, Amazon Health Services, Amazon, Pharmacy, Amazon Pharmacy, we've, Amazon Clinic Locations: U.S

☆ Amazon cuts hundreds of jobs in Pharmacy, One Medical units: Read the memo
▼ + stars: | 2024-02-06 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +5 min

Amazon has eliminated hundreds of jobs in its Pharmacy and One Medical divisions, the company confirmed to CNBC. "Unfortunately, these changes will result in the elimination of a few hundred roles across One Medical and Amazon Pharmacy." At the start of this year, Amazon announced cuts in its Prime Video, MGM Studios, Buy with Prime, Twitch and Audible units. Here's the full memo from Lindsay:Hi everyone, The past year has been incredibly exciting for all of our health care businesses, and we're seeing tremendous growth for Amazon Pharmacy, One Medical, and Amazon Clinic. Unfortunately, these changes will result in the elimination of a few hundred roles across One Medical and Amazon Pharmacy.

Persons: Neil Lindsay, Lindsay, Andy Jassy, Brian Olsavsky, Amazon, Neil CNBC Organizations: Amazon, CNBC, Amazon Health Services, Amazon Pharmacy, MGM Studios, Amazon Clinic, Pharmacy, CARE Locations: Amazon's, d50nominations.cnbc.com

☆ Amazon is chopping hundreds of jobs at its One Medical and Pharmacy units as part of a new cost-cutting mandate
▼ + stars: | 2024-02-06 | by ( Eugene Kim | ) www.businessinsider.com time to read: +4 min

Amazon's healthcare units, including One Medical and Amazon Pharmacy, are conducting fresh layoffs as part of a broader cost-cutting campaign, Business Insider has learned. The layoffs will impact "few hundred roles," Amazon's spokesperson confirmed in an email to BI. Amazon has started the year with a flurry of job cuts across a number of units including Twitch, Prime Video , Audible , and Amazon Pay. In an email to BI, Amazon's Amazon Health Services Senior Vice President Neil Lindsay confirmed the layoffs. "Unfortunately, these adjustments will result in the elimination of a few hundred roles within Amazon Pharmacy and One Medical.

Persons: Amazon's, Brian Olsavsky, Neil Lindsay, Lindsay, iRobot, Amir Dan Rubin Organizations: Amazon Pharmacy, Business, Amazon, Amazon Health Services, MGM

☆ Amazon healthcare boss emails employees about layoffs: Read the memo
▼ + stars: | 2024-02-06 | by ( Eugene Kim | ) www.businessinsider.com time to read: +2 min

He also said stressed the healthcare business has seen steady growth across its Pharmacy, One Medical, and Clinic segments. Here's the full copy of Lindsay's email:Hi everyone,The past year has been incredibly exciting for all of our health care businesses, and we're seeing tremendous growth for Amazon Pharmacy, One Medical, and Amazon Clinic. We reinvented the Amazon Pharmacy experience throughout 2023 to make it more affordable and convenient for customers to get the prescription medications they need through RxPass, automatic coupons, partnerships, and more. We expanded Amazon Clinic nationwide, and since launch, the marketplace has seen a 96% customer satisfaction rating. Unfortunately, these changes will result in the elimination of a few hundred roles across One Medical and Amazon Pharmacy.

Persons: Neil Organizations: Amazon Pharmacy, Amazon Clinic, Pharmacy, CARE

☆ CVS will change the way it prices drugs
▼ + stars: | 2023-12-05 | by ( Tami Luhby | Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN —CVS is revamping the way it reimburses its pharmacies for prescription medications, a move that could make prescription drug pricing simpler and change how much consumers pay for their medicines. It’s a similar model to the one entrepreneur Mark Cuban is pushing with his Cost Plus Drugs company. This shift in payment models could change the cost of prescription drugs for some patients, although it will not necessarily make all medicine cost less. Some drugs may cost less, while others might rise in price, CVS executives said. Americans spend around $1,200 a year on average for prescription drugs — more than any other country — according to the Organization for Economic Co-operation and Development.

Persons: Mark Cuban, ”, Prem Shah, Nick Fabrizio, Fabrizio, they’ve Organizations: New, New York CNN, CVS, Plus, CVS Pharmacy, CVS Health, Cornell University, Organization for Economic Co, Kaiser Family Foundation, Amazon Pharmacy, Cuban, Plus Drug, Blue Locations: New York, California

☆ Amazon adds a new reason to get and keep Prime: member discounts on health-care services
▼ + stars: | 2023-11-08 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Amazon (AMZN) said on Wednesday that it's offering Prime members a discount on its new health-care service — another perk that should help bring more people into the online retailer's ecosystem. It provides members unlimited 24/7 access to virtual care as well as in-person, and remote primary care services. Prime members can add up to five people from their family to the One Medical plan for an additional $6 a month. Amazon offering a discounted subscription to One Medical's services is part of the company's efforts to expand the broader Prime flywheel by leveraging its 167 million Prime members. The goal of the Amazon Prime membership is to provide people with "one simple membership, something that provides shopping, savings, streaming and now positive health outcomes, said Jamil Ghani, SVP of Amazon Prime in a CNBC interview Wednesday.

Persons: Jeff Marks, It's, Tom Forte, Forte, Andy Jassy, Davidson, there's, Jamil Ghani, Jim Cramer's, Jim Cramer, Jim, John Love, Jason Redmond Organizations: Amazon, D.A, Amazon Web Services, Amazon Pharmacy, Amazon Prime, CNBC, Robotics Research, AFP, Getty Locations: Davidson, Sumner , Washington

Amazon will soon make prescription drugs fall from the sky when the e-commerce giant becomes the latest company to test drone deliveries for medications. The company's Prime Air division began testing drone deliveries of common household items last December in College Station and Lockeford, California. Amazon founder Jeff Bezos had predicted a decade ago that drones would be making deliveries by 2018. Walmart has also been working to expand its own drone deliveries. Amazon has been growing its presence in health care for a few years now.

Persons: Jessica Bardoulas, John Love, Vin Gupta, Daniel Duersch, Jeff Bezos, Lisa Ellman Organizations: College Station ,, Prime Air, Amazon, Amazon Pharmacy, CVS, UPS, Intermountain Health, Alliance, FAA, Walmart Locations: College Station, College Station , Texas, College, Lockeford , California, North Carolina, Salt Lake City

☆ Amazon begins delivering medications by drone in Texas
▼ + stars: | 2023-10-18 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Amazon Pharmacy customers located in College Station, Texas can now have their prescription medications delivered by drone, the company announced in a blog post Wednesday. Amazon Pharmacy is a full-service pharmacy that patients can access online. In order to be eligible for drone delivery, customers in College Station, Texas will have to sign up for Prime Air and complete a yard survey. Amazon has worked on drone delivery for years, and its efforts have been met with mixed success. But despite internal changes at the company, Amazon said it has successfully delivered "hundreds of household items" to consumers in College Station since late last year.

Persons: Amazon, Andy Jassy Organizations: Amazon Pharmacy, Amazon, Prime Air, Station Locations: College Station, Texas, PillPack

☆ Devon Energy, CVS and more: CNBC's 'Halftime Report' traders answer your questions
▼ + stars: | 2023-08-31 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

On Thursday's "Ask Halftime," traders answered questions from CNBC Pro subscribers about which stocks and commodities to buy, hold or sell right now. Jenny Harrington of Gilman Hill Asset Management discussed why Devon Energy 's stock is better to hold on to for the long term rather than trading it on a seasonal basis. Odyssey Capital Advisors' Jason Snipe reviewed the negative effect the Blue Cross Blue Shield deal with Amazon pharmacy could have on CVS ' shares. Finally, Shannon Saccocia of Neuberger Berman Private Wealth said there are many potential tailwinds for gold in the near future.

Persons: Jenny Harrington, Jason Snipe, Shannon Saccocia, Neuberger Berman, Wealth Organizations: CNBC Pro, Management, Devon Energy, Odyssey Capital, Amazon, CVS Locations: Devon

☆ CVS pushes into making cheaper versions of complex drugs with new discount Humira
▼ + stars: | 2023-08-23 | by ( Bertha Coombs | ) www.cnbc.com time to read: +4 min

CVS Health is partnering with drugmaker Sandoz to produce a near identical version of the blockbuster arthritis treatment Humira that will sell for 80% below the price of the brand-named drug. The move is part of the company's new venture focused on securing, and in some cases co-producing, biosimilar drugs, which are the equivalent of generic versions of complex gene or protein-based therapies known as biologics. CVS is already one of the leading players when it comes to sourcing generic drugs through Red Oak, its joint venture with Cardinal Health . Abbvie reported more than $4 billion in Humira sales in its most recent quarter, which was slightly better than expected. Correction: CVS Health subsidiary Cordavis will partner with Sandoz on biosimilar drugs.

Persons: drugmaker Sandoz, We've, it'll, Prem Shah, drugmaker, Amgen's Amjevita, Murdo Gordon, Abbvie, Cuban's, John Ransom, Raymond James, Ransom, Sandoz Organizations: CVS Health, CVS, Cardinal Health, Novartis Pharmaceuticals, Sandoz, Novartis, FDA, Blue, Drug Company, Amazon Pharmacy Locations: U.S, Red, California

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. The regional health insurance provider will still retain CVS Caremark for managing specialty drugs, which are costly medications used to treat complex conditions like cancer and rheumatoid arthritis. Other analysts highlighted difficulties in shifting to a different model than the one offered by companies like CVS - which provide other services including home drug delivery and reimburse pharmacies for patients' prescriptions. Amazon Pharmacy will provide at-home delivery of prescription drugs as well as upfront pricing, while Mark Cuban Cost Plus Drug Company will provide access to generic drugs, Blue Shield said. Blue Shield of California's other partners include privately held Abarca for processing claims related to prescription drugs, while smaller PBM Prime Therapeutics will work to negotiate savings with drugmakers.

Persons: Dado Ruvic, Cigna, UnitedHealth, Mark, Elizabeth Anderson, J.P, Morgan, Lisa Gill, Gill, Blue, Manas Mishra, Mariam Sunny, Bhanvi, Shweta Agarwal, Pooja Desai, Krishna Chandra Eluri, Frances Kerry Organizations: CVS, REUTERS, Amazon, Cigna, UnitedHealth, Evercore ISI, Mark Cuban, Plus, Thomson Locations: Bengaluru

☆ Jim Cramer's top 10 things to watch in the stock Thursday
▼ + stars: | 2023-08-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Dow stock Walmart (WMT) delivers a big quarterly beat. We increased our Club price target to $100 per share from $88 . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Chuck Robbins, Mark Cuban's CostPlus, Jim Cramer's, Jim Cramer, Jim Organizations: Dow, Nasdaq, Investment, Walmart, Walmart U.S, Target, Wall Street, TJX Companies, Marshalls, Cisco, Disney, ESPN, Apple, Amazon Pharmacy, Bank of America, Adobe, Jim Cramer's Charitable, CNBC Locations: HomeGoods, TJX's, California

☆ Stocks making the biggest moves midday: Walmart, CVS Health, Wolfspeed and more
▼ + stars: | 2023-08-17 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Cisco Systems — Shares of the computer networking giant added 4% after reporting earnings postmarket Wednesday that beat Wall Street's expectations. Adjusted earnings per share for its fiscal fourth quarter came in at $1.14, topping the $1.06 expected from analysts polled by Refinitiv. Revenue was $15.2 billion, compared with the $15.05 billion expected. The company reported adjusted earnings of $1.84 a share, ahead of the $1.71 expected by analysts polled by Refinitiv. Wolfspeed — Shares of the semiconductor developer dropped 16% following the company's earnings report after the bell Wednesday.

Persons: Mark Cuban's, Rosenblatt, Ball, Adyen, Wolfspeed, América, MSCI rebalance, —, Jesse Pound, Tanaya Macheel, Alex Harring, Samantha Subin, Michelle Fox Theobald Organizations: Cisco Systems —, Refinitiv, Revenue, Walmart, Refinitiv . Revenue, Street Journal, CVS, Blue, California, CVS Caremark, Amazon Pharmacy, FactSet . Investment, BAE Systems, Nasdaq, VinFast, Citi

Blue Shield of California will no longer use CVS Health’s Caremark as its pharmacy benefit manager and instead will partner with several companies, including Amazon Pharmacy and Mark Cuban Cost Plus Drug Company. They have come under fire from other players in the health care industry and from Congress because of their opaque practices. Most adults take at least one prescription drug annually, while more than a third take at least three, Blue Shield said, citing Centers for Disease Control and Prevention data. CVS Caremark will continue to work with Blue Shield, providing specialty pharmacy services for members with complex conditions. The company bought online pharmacy PillPack in 2018, launched its own Amazon Pharmacy in 2020 and last year created a virtual health care clinic.

Persons: ” Paul Markovich, Mark Organizations: New, New York CNN, CVS, Amazon Pharmacy, Cuban, Plus Drug Company, Pharmacy, Blue, for Disease Control, ”, Mark Cuban, Plus, CVS Health, Amazon Locations: New York, California

☆ Stocks making the biggest premarket moves: Walmart, Adobe, Cisco, Hawaiian Electric and more
▼ + stars: | 2023-08-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading:Walmart — Shares added as much as 1% after the big-box retailer raised its full-year forecast and reported an earnings and revenue beat. Adobe — The software company added about 2% after Bank of America upgraded shares to buy from neutral. Hawaiian Electric — The utility company that oversees Maui Electric sank nearly 18% in premarket trading, continuing its slide over concerns of its potential liability in Maui's wildfires. On Wednesday, the Wall Street Journal reported Hawaiian Electric is in talks with firms that specialize in restructuring. VinFast Auto — Shares of the electric vehicle start-up fell nearly 5% in premarket trading as VinFast's stock searches for its level after debuting earlier this week.

Persons: Adobe, Cuban's, Wolfspeed, —, Alex Harring, Jesse Pound, Michael Bloom Organizations: Walmart, Refinitv . Revenue, Cisco Systems, postmarket, Refinitiv, Revenue, Adobe, Bank of America, Maui Electric, Wall Street Journal, CVS, California, Drug Company, Amazon Pharmacy, BAE Systems Locations: Williston , Vermont, California

☆ CVS stock plunges after Blue Shield of California drops retailer's pharmacy services to save on drug costs
▼ + stars: | 2023-08-17 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Shares of CVS Health plunged 9% on Thursday after Blue Shield of California said it will drop the company's pharmacy benefit management services and instead partner with Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy to save on drug costs for its nearly 5 million members. Blue Shield will now work with five different companies to provide "convenient, transparent access to medications while lowering costs." Blue Shield CEO Paul Markovich said the plan, which is scheduled to fully launch in 2025, could save the company up to $500 million annually. Cuban's Cost Plus Drug Company will provide access to low-cost medications through retail pharmacies. Blue Shield will retain CVS Caremark for its specialty pharmacy services, which provide specialized therapies and counseling to patients suffering from complex disorders.

Persons: Mark Cuban's, Caremark, Paul Markovich, Michael DeAngelis, Centene Organizations: CVS Health, Drug Company, Amazon Pharmacy, UnitedHealth, CVS, Abarca, Blue, CNBC Locations: New York, California

☆ Blue Shield of California taps Amazon, Mark Cuban's Cost Plus Drugs for its pharmacy network
▼ + stars: | 2023-08-17 | by ( Bertha Coombs | ) www.cnbc.com time to read: +2 min

Blue Shield of California is teaming up with Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy — turning away from traditional drug store chains and ditching in part health giant CVS — in a move to save on drug costs for its 4.8 million members. "I expect we're going to — when this ramps up completely — we're going to be saving $500 million a year," said Paul Markovich, CEO of Blue Shield of California. For Cost Plus, which sells drugs at 15% above wholesale prices, California Blue Shield is only the second insurer to sign with the online pharmacy since it launched in January 2022. "I think all payers realize that now that Cost Plus has made the price of medications transparent. The health insurer expects to launch the program for its members in 2025.

Persons: Mark Cuban's, Paul Markovich, Markovich Organizations: Drug Company, Amazon Pharmacy, CVS, Blue, of, Cross Locations: of California, California, Harrisburg , Pennsylvania

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