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☆ Store closings have hit their highest level in years. Competition and higher prices crushed them
▼ + stars: | 2024-10-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

“It kept these players alive that couldn’t survive in normal situations.”Competition from juggernauts like Amazon, Walmart, Costco, Home Depot and other big-box retailers has also squeezed smaller chains. In 2017 and 2018, retailers closed a combined 13,400 stores, according to Coresight. Retailers closed a record 9,800 stores in 2019. Around 9,700 stores closed in 2020, according to Coresight. Drug store chains are also shrinking.

Persons: —, ”, Michael Brown, Kearney, ” Brown, Barbara Kahn, Charlotte Russe, Shopko, Ted Decker, Joann Fabric, Denny’s, Kelli Valade, Justin Sullivan, Amazon’s, It’s, ” Kahn, TJ Maxx, TJX Organizations: New, New York CNN, Walgreens, Research, Companies, Consumers, “, Walmart, Costco, Home, ” Retailers, United, University of Pennsylvania’s Wharton School, Coresight, Retailers, Sears, P Global Market Intelligence, CVS, Aid, Marshalls, Aldi Locations: New York, “, Amazon, United States, Gymboree, JCPenney, Tijuana, HomeGoods

☆ Convenient No More: Why CVS, Walgreens, 7-11 Are in Trouble
▼ + stars: | 2024-10-21 | by ( Emily Stewart | ) www.businessinsider.com time to read: +14 min

What's more, many pharmacies serve as a convenient destination for all sorts of essentials, from aspirin to mascara. Big chains like Walgreens and CVS make their money in two main ways: selling prescriptions in the back of their stores and selling everyday goods out front. As Walgreens and CVS stores have proliferated over the past decade or so, many of their locations are basically right on top of each other. On the other end of the business, pharmacies are expensive to run. In the current landscape of commoditized pharmacies, there's no such thing as personalized service.

Persons: What's, Elizabeth Anderson, Neil Saunders, nilly, they've, Douglas Hoey, Jason Goldberg, Waits, Duane Reade, Brian Tanquilut, I've, Goldberg, Saunders, I'm, Nick Fabrizio, Steven Anderson, Fabrizio, Emily Stewart Organizations: Walgreens, CVS, Rite, Evercore ISI, Walmart, National Community Pharmacists Association, Express, Groupe, Jefferies, MTV, Cornell University, National Association of Chain Drug, Business Locations: mascara

☆ Why your drug store is closing
▼ + stars: | 2024-10-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

What is going on with America’s drug stores? Meanwhile, increased competition and failed growth strategies, like acquiring primary care providers, continue to have reverberating impacts on drug stores. Shifting trendsDrug store chains are struggling because of lower reimbursement rates for prescription drugs, according to analysts who cover the industry. A customer walks to a Walgreens store in Wheeling, Ill., Tuesday, Oct. 15, 2024. Dollar General’s growth has also hurt drug store chains in rural areas.

Persons: Tim Wentworth, “, ” Wentworth, Elizabeth Anderson, PBMs, ” Anderson, Nam, VIllageMD, Brendan Smialowski Organizations: New, New York CNN, CVS, Walgreens, Wall Street, IRI, CNN, Amazon, Walmart, Costco, American Medical Association Locations: New York, Wheeling , Ill, VillageMD, Washington ,, AFP

Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior. Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street's expectations. In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Both Walgreens and rival CVS are facing a difficult operating environment, fighting to be profitable as consumers shift their habits. In 2021, CVS said it would close about 900 stores, or about 10% of its U.S. locations, from 2022 to 2024.

Persons: Tim Wentworth, ” Wentworth, ” Neil Saunders Organizations: Walgreens, CVS, Rite Aid, Pharmacy, CNBC Locations: U.S

☆ Pharmacy deserts are appearing across U.S. as drug stores closures spread
▼ + stars: | 2024-10-11 | by ( Kevin Williams | ) www.cnbc.com time to read: +12 min

"As long as the big three PBMs go unchecked, more pharmacy deserts will appear," Rochol said. Between 2023 and 2024, independent pharmacies in the CVS Caremark pharmacy network were reimbursed 67.5% higher on average than CVS Pharmacy locations, and 51.9% higher than other chain pharmacies in the state. The CVS spokesman also said that CVS pharmacies are not all serviced by Caremark, working with over 70 different PBMs. "There are unfortunately many factors for pharmacy closures in rural areas, including population declines and the growing use of online pharmacies." But Banas believes the pharmacy deserts will only grow, and lead to an increase the number of apps and digitization.

Persons: Rochol, Miranda Rochol, Health —, —, Joyce Dingman, wasn't, Nickerson, David Nickerson, Tim Wentworth, Greg Lopes, Steven C, Anderson, Colin Banas, Banas, it's, Tamera Hughes, Hughes, Rob Anderson Organizations: FTC, Health, Federal Trade Commission, Aids, Rite Aid, CVS, Walgreens, Cigna, Walgreens Boots, CVS Pharmacy, Caremark, Pharmaceutical Care Management Association, National Community Pharmacists, National Association of Chain Drug, U.S, Congress, Amazon, University's, of Pharmacy, Pharmacists, Aid Locations: United States, PBMs, New Lebanon, Ohio, Dayton, New Lebanon's, Rust, New Lebanon , Ohio, Georgia, NACDS

☆ Amazon is selling a ton of toilet paper and everyday items. Here’s why that’s a problem for investors
▼ + stars: | 2024-09-16 | by ( Paulina Likos | ) www.cnbc.com time to read: +9 min

Faster delivery is prompting more and more people to turn to Amazon to buy paper towels and other everyday items. The growing prevalence of one- and same-day delivery has made Amazon a much more convenient to place to shop for everyday essentials. "If people buy everyday essentials on Amazon, they're more likely to buy other products too," said Jeff Marks, the Club's director of portfolio analysis. This added convenience in ordering everyday essentials from Amazon comes at a challenging time for physical retailers known for selling those same products. The company likes "to be in the consideration set for consumers" in the everyday essentials since it helps drive market share gains, Olsavsky said.

Persons: –, it's, Jeff Marks, Andy Jassy, Jassy, Gil Luria, Davidson, We've, Jim Cramer, Amazon's, Brian Olsavsky, Olsavsky, Wells, Ken Gawrelski, Gawrelski, Morgan Stanley, we're, Davidson's Luria, Luria, Jim, Jim Cramer's, Angus Mordant Organizations: Walgreens, CVS, Aid, D.A, Amazon, CNBC, Bloomberg, Getty Locations: Target, North America, New York

☆ Locked-up merchandise is turning off shoppers at CVS, Walgreens, and other big drugstores
▼ + stars: | 2024-08-11 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Read previewDrugstores like CVS, Walgreens, and Rite Aid have long been the spots where you can pick up essentials like a can of soup or some Tylenol in addition to your prescriptions. Another appears to show a Rite Aid store with an even wider selection of locked-up merchandise, including tortilla chips and microwavable ramen. Rite Aid did not immediately respond to a request for comment. She said she even avoids taking orders that involve shopping at one particular Walgreens store due to all the locked-up goods there. Do you work at CVS, Walgreens, Rite Aid, or another drugstore chain and have a story idea to share?

Persons: —, that's, Neil Saunders, Saunders, Duane Reade, Walgreens execs, Tim Wentworth, GlobalData's Saunders, dreuter@businessinsider.com Organizations: Service, Walgreens, Rite, Business, Global, CVS, Rite Aid, Companies, Walmart, Target Locations: Brooklyn , New York, Nevada

☆ The Zombie Pharmacies That Are Holding Back New York City Retail
▼ + stars: | 2024-08-06 | by ( Stefanos Chen | Lucía Vázquez | ) www.nytimes.com time to read: +1 min

Over a million square feet of retail space is empty in vacant chain-drugstore locations across New York City. Aug. 6, 2024An empty Duane Reade, steps from Wall Street, darkens a landmark office building. Scores of chain drugstores that once anchored shopping hubs across New York City remain shuttered even as much of the city’s storefront real estate has bounced back from the Covid-19 pandemic. The result is over a million square feet of prime real estate collecting dust in some of the busiest commercial districts, according to a new analysis of the city’s pharmacy market. And critics say the stores have become neighborhood eyesores that attract illegal activity and detract from nearby businesses.

Persons: Duane Reade, Murray Hill Organizations: Walgreens Locations: New York City, darkens, Murray, Astoria

☆ Why pharmacy chains like Walgreens and CVS are shuttering locations
▼ + stars: | 2024-08-04 | by ( Devan Burris | ) www.cnbc.com time to read: +2 min

In its fiscal third-quarter earnings report to investors in late June, pharmacy chain Walgreens announced plans to close a "significant" number of its 8,600 U.S. stores. "Pharmacy chains used to really be the heart of communities," said GlobalData retail managing director Neil Saunders. Walgreens leans heavily on its back-of-store pharmacy revenue to make up for weakness in retail, an arena which itself has struggled with shrinking margins. "CVS has sized this at about a billion dollars a year, and CVS and Walgreens have kind of similar-sized pharmacies." Watch the video above to learn more about what is leading U.S. pharmacy chains to close thousands of stores.

Persons: Tim Wentworth, Neil Saunders, they're, Saunders, Raymond James, John Ransom Organizations: Walgreens, Pharmacy, CVS Locations: U.S

☆ We visited a Rite Aid store. The empty shelves made us wonder about the chain's future.
▼ + stars: | 2024-07-29 | by ( Jordan Hart | Alex Bitter | ) www.businessinsider.com time to read: +4 min

Business Insider visited a Rite Aid store in the Crown Heights neighborhood of Brooklyn, New York, over nearly three months. It was difficult to find hair care and hygiene products at this Brooklyn Rite Aid location. The empty shelves at Rite Aid look like they've remained that way weeks after our first visits. Rite Aid is one of several store chains closing locations this year, alongside Family Dollar and Conn's. Do you work at Rite Aid and have a story idea or details on your store to share?

Persons: —, Jordan Hart, Coke, they've, There's, Walgreen, abitter@businessinsider.com Organizations: Service, Business, Rite Aid, Brooklyn Rite, Brooklyn Rite Aid, BI Locations: Crown, Brooklyn , New York, Brooklyn

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Persons: Cardholders, There's, That's, Sherwin, Williams, You'll Organizations: Business Insider, U.S . Bank, Citi, Bank of America, EV, of America, U.S . Bank Cash, Wells, Bank, American Express, CVS, Walgreens, IKEA, Lowe's, Bank of America Online Banking, Merill, Merrill, Card U.S, Citi Entertainment, Cash, Rewards Locations: Bath, Williams, Sonoma

☆ Work is getting really weird
▼ + stars: | 2024-07-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The big storyBizarro workplaceLorenzo Matteucci for BILet's be honest: Work has gotten really weird. Workers hiring shadow stand-ins can be unqualified for their jobs, overwhelmed, greedy, or just lazy. Shadow stand-ins are typically paid a fraction of the salary earned by the actual employee. One employee also described to Rob struggling to deal with a shadow stand-in's sub-par work and eventually "firing" them. Getty Images; Alyssa Powell/BIMeanwhile, the people who are doing all the work themselves are having a tough time getting any recognition.

Persons: —, Lorenzo Matteucci, Rob Price, Rob, Alyssa Powell, BI's Aki Ito, Roaring Kitty, Bain, Chris Miller, Greg Peters, Ted Sarandos, Peters, Chelsea Jia Feng, Coach's, David Rosenberg, Donald Trump's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Grace Lett, Annie Smith, Amanda Yen Organizations: Service, Business, BI, Super, Facebook, Workers, Corporations, Getty, GameStop, McKinsey, Taiwan Semiconductor Manufacturing Company, Netflix, Walgreens, CVS, Rite, Wimbledon Locations: Chicago, India, Pakistan, China, Taiwan, New York, London

☆ Drug store chains pushed out independent pharmacies. Here’s why they’re now closing too
▼ + stars: | 2024-06-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

The latest closures are part of a larger downturn, not just for Walgreens, but for other drug store chains, too, after years of expansion. Shifting trendsDrug store chains are struggling because of falling reimbursement rates for prescription drugs, according to analysts who cover the industry. But their profits from that business have dropped in recent years because of lower reimbursement rates for prescription drugs and higher fees. Dollar General’s growth has also hurt drug store chains in rural areas. When pharmacies close, some patients have to travel farther to get the medications they need.

Persons: Walgreens, Tim Wentworth, “, ” Wentworth, Elizabeth Anderson, PBMs, ” Anderson, VIllageMD Organizations: New, New York CNN, Walgreens, Wall Street, CVS, IRI, Amazon, Walmart, Costco, American Medical Association Locations: New York, United States, VillageMD

☆ Why your local pharmacy may be closing
▼ + stars: | 2024-06-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Read previewThursday's news that Walgreens will close a "significant" number of underperforming stores threw a spotlight on struggles facing the retail pharmacy industry. Related storiesIn short, regardless of which national pharmacy brand you pick, there's a fair chance the location in your neighborhood could close, if it hasn't already. For starters, retail pharmacies make money in two key ways: by dispensing prescription medication and ancillary medical services, and by selling an assortment of merchandise in their "front of house" retail stores. But even if things were going well for Walgreens, Wentworth suggested there would likely still be quite a few closures. "I think most of us knew — when I was in the PBM [pharmacy benefit management] business — I knew that retail pharmacy was largely overbuilt for where the future was going to be."

Persons: —, Tim Wentworth, Wentworth, Manmohan Mahajan, execs, Neil Saunders Organizations: Service, Walgreens, Business, CVS

☆ Walgreens will close a ‘significant’ number of its 8,600 US locations
▼ + stars: | 2024-06-27 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business. The company didn’t announce a specific number of store closures, but it said Thursday that it is planning “significant” closures of underperforming stores across America as part of a multiyear optimization program. The closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft, Wentworth told the Journal. Major drugstore chains, including CVS (CVS) and Rite Aid, have struggled in recent years because of declining profits from filling prescriptions. Wentworth told the Journal it’s losing money on filling those prescriptions.

Persons: Tim Wentworth, Wentworth, “, ” Wentworth, ” Neil Saunders, GlobalData, ” Saunders, drugstores, hasn’t, – CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, Walgreens, Wall Street Journal, Journal, Walgreens ’, CVS, Rite, Amazon, Target, Rite Aid Locations: New York, United States, America, drugstores, VillageMD

☆ Two CVS retail stores in Rhode Island join new national pharmacy union
▼ + stars: | 2024-05-24 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

The CVS pharmacy logo is displayed on a sign above a CVS Health Corp. store in Las Vegas, Nevada on Feb. 7, 2024. Pharmacy staff at two CVS retail stores in Rhode Island voted to join a new national pharmacy union on Friday, signaling growing momentum in a movement to help thousands of U.S. pharmacy workers address what they allege are unsafe working conditions. It comes a month after a CVS Omnicare pharmacy in Las Vegas — which is not customer facing — became the first location to join the union, known as The Pharmacy Guild. "These are the first brick-and-mortar classic CVS model" stores to join the union, Shane Jerominski, a community pharmacist and co-founder of The Pharmacy Guild, told CNBC. Many employees said the Covid-19 pandemic only exacerbated those issues, with new duties such as vaccinations and testing stretching pharmacy staff even thinner.

Persons: —, Shane Jerominski, Jerominski Organizations: CVS Health Corp, Pharmacy, Westerly, CVS, CNBC, Walgreens, National Labor Relations, IAM Healthcare, Rite Aid Locations: Las Vegas , Nevada, Rhode, Wakefield, Las Vegas, U.S

☆ 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

☆ Rite Aid reaches bankruptcy settlement with lenders, DOJ, McKesson
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +2 min

The Rite Aid logo is displayed above a Ride Aid store on December 21, 2022 in Los Angeles, California. Pharmacy chain Rite Aid has reached a settlement with its lenders, the U.S. Department of Justice, and drug supplier McKesson Corp , clearing a path for Rite Aid to complete its bankruptcy case by late April, a company lawyer said Tuesday. "We have reached an agreement on all key points with all key economic stakeholders," Rite Aid attorney Aparna Yenamandra said at a bankruptcy court hearing in Trenton, New Jersey. Before it filed for bankruptcy, Rite Aid faced over 1,600 lawsuits alleging that pharmacy chain ignored red flags and illegally filled prescriptions for addictive opioid medication. Rite Aid received bankruptcy court approval to sell its pharmacy benefit company, Elixir, in January.

Persons: Aparna Yenamandra, Yenamandra, Andrew Rosenberg, Joshua Sussberg, Michael Kaplan, Kaplan Organizations: Pharmacy, U.S . Department of Justice, McKesson Corp, Aid, Rite Aid, Aid's, Brigade Capital Management, HG Vora Capital Management, Morgan Investment Management, U.S Locations: Los Angeles , California, Trenton , New Jersey

☆ Facial recognition tech is widespread now, but still might not recognize you
▼ + stars: | 2024-03-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +6 min

Facial recognition frequently misidentifies people of colorMIT Media Lab researcher Joy Buolamwini found that facial recognition technology misidentified black women up to 35% of the time, the New York Times reported in 2018. When fewer photos of people from other racial and gender groups are used, facial recognition tech is less accurate at identifying people of those backgrounds, the study said. In some cases, it's possible to opt out of using facial recognition technology — and its high error rate. But sidestepping facial recognition often isn't possible, said Gideon Christian, a law professor at the University of Calgary who has written about the legal and societal aspects of facial recognition technology. AdvertisementThe FTC banned Rite Aid from using facial recognition technology in stores for five years as a result.

Persons: —, Spark, Joy Buolamwini, shoplifters haven't, Gideon Christian, Samuel Levine, Christian Organizations: Service, TSA, Business, MIT Media, New York Times, MIT Technology Review, Walmart, CBP, University of Calgary, FTC, FTC's, Consumer Protection, Rite Aid Locations: India

☆ Jim Cramer: Why a successful Reddit IPO would be bad news for this bull market
▼ + stars: | 2024-03-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +14 min

There's nothing like a moribund IPO market to create a pleasant backdrop for a bull run. Hot on the heels of the Reddit deal is the expiration of the IPO lockup period for Arm Holdings on March 12. I thought it might occur after the successful Arm deal, but like so many nascent attempts to revive the IPO market there was nothing worth following up with until the Reddit deal. This brings me back to the IPO market. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: We've, It's, Reddit, Sam Altman, Conde Nast, Rene Haas, Steve Huffman, Reddit's, —, isn't, Morgan Stanley, Goldman Sachs, Uber, Jim Cramer's, Jim Cramer, Jim, Mateusz Slodkowski Organizations: Advance Magazine Publishers, Arm Holdings, Company, Nvidia, Employees, GameStop, Supply, Amazon, Walmart, Securities and Exchange Commission, Investors, Fidelity, ICE, Costco, Rite Aid, Tech, Microsoft, Meta, Federal Trade Commission, White House, Jim Cramer's Charitable, CNBC, Getty Locations: British, TheStreet.com, Reddit, POLAND

☆ 'Exciting idea': Fund manager loves this pharma stock — and analysts see more upside ahead
▼ + stars: | 2024-02-29 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

But one firm in the wider ecosystem that's perhaps lesser known stands out to fund manager Freddie Lait, which is McKesson Corp — the U.S. pharmaceuticals distribution company. Calling the company an "exciting idea," Lait noted that the 100-year-old business is "very defensive and very diversified." Lait manages over $750 million collectively between two funds — the Latitude Horizon Fund and the Latitude Global Fund . Of the 19 analysts covering the stock, 14 give it a buy or overweight rating, while three have hold ratings and one has a sell rating. The average price target on the stock is $550.25, according to FactSet data, giving it potential upside of 6%.

Persons: Eli Lilly, Freddie Lait, Lait, —, That's, … It's, McKesson, MCK, — CNBC's Michael Bloom Organizations: Novo Nordisk, Latitude Investment Management, CNBC, U.S, Cardinal Health, McKesson Corp, JPMorgan, Rite Aid, receivables, Leerink Partners, pharma

☆ Rite Aid is planning to close 77 stores in 2024. See if yours is on the list.
▼ + stars: | 2024-02-29 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

Rite Aid is planning to close 77 stores in 2024 as part of its Chapter 11 bankruptcy. Rite Aid has been shrinking its store count for years, losing ground to rivals Walgreens and CVS. AdvertisementMore Rite Aid stores are closing around the US as part of the retailer's voluntary bankruptcy. That adds to locations that the company previously said it would shutter, including about 150 Rite Aid stores that closed last fall. Since the drugstore chain filed for Chapter 11 bankruptcy in October, Rite Aid said it would close 431 stores, Masslive.com reported.

Persons: — Organizations: Walgreens, CVS, Service, Aid, Rite Aid, Business

☆ Let's accept it: The Fed's rate hikes did little to slow this roaring economy
▼ + stars: | 2024-02-19 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

OK, you will never confuse me for a rapper, but those are the four words that describe this economy right now. I have not been a fan of this company because of its losses and its inability to pivot to profit. You have to add the DoorDash numbers to the Toast numbers to see the strength of the go-out and go-in parts of the economy. I am just saying that the Federal Reserve does not have a handle on how overheated this economy has become. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Todd Schneider, Kevin Hourican, Ralph Lauren, Ralph, That's, Lam, Barry Sternlicht, Otis, There's, Eaton, Parker, Uber, it's, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Walmart, Home, Philadelphia Eagles, Applied Materials, Federal Reserve, Simon Property Group, Costco, Property, Reuters, Saudi, Mastercard, American Express, Lam Research, Nvidia's, Waste Management, Starwood Capital, U.S, Fed, Jim Cramer's Charitable, CNBC Locations: DraftKings, China, Emerson, Dover, Cummins, —, Wells Fargo, San Francisco

The Woonsocket, Rhode Island-based company also trimmed its full-year adjusted earnings forecast, citing the possibility of higher medical costs. For the three months ended Dec. 31, CVS Health earned $2.05 billion, or $1.58 per share. CVS Health officials said in November that investors should ground their expectations for 2024 adjusted earnings at the low end of a range of $8.50 to $8.70 per share. CVS Health now foresees 2024 adjusted earnings of at least $8.30 per share. Pharmacists and technicians — mostly for Walgreens and other big retailers like CVS Health — were involved.

Persons: That’s, — Organizations: CVS, CVS Health, Zacks Investment Research, Revenue, CVS Health Corp, Company, Medicare, FactSet, Pharmacists, Walgreens, Rite Aid Locations: Woonsocket , Rhode Island

☆ A 61-year-old man sues Macy's, saying he was jailed and assaulted after being falsely identified as a store robber by facial recognition
▼ + stars: | 2024-01-24 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA 61-year-old man is suing Macy's and the parent company of Sunglass Hut over the use of facial recognition tech that mistook him for an armed robber. This story is available exclusively to Business Insider subscribers. AdvertisementThe use of facial recognition technology in retail stores has come under growing scrutiny in recent years and fuelled fears that it may lead to more cases of mistaken arrests . Macy's and EssilorLuxottica did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: —, Macy's, Harvey Murphy Jr, , Murphy, EssilorLuxottica Organizations: Service, Business, Washington Post, Federal Trade Commission Locations: Sunglass, Macy's, Sacramento

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