UnitedHealth earnings last Friday may also be a factor buoying CVS stock.
CVS stock was rising on Monday after rival drugstore operator Rite Aid filed for bankruptcy—but that’s likely not the only factor buoying the shares.
Shares in CVS Health advanced 2.2% in premarket trading on Monday. The move higher for CVS stock came amid news that Rite Aid filed for Chapter 11 bankruptcy protection late Sunday as it faces lawsuits related to the opioid epidemic, with the group poised to close more stores as it faces a restructuring.
The prospect of reduced competition from Rite Aid may be only one factor lifting CVS shares. The healthcare company may also be benefiting from blowout earnings from UnitedHealth Group on Friday, with the insurer’s quarterly results crushing Wall Street’s expectations and sending shares across companies in managed care skyward.
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