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September 21, 2006

CVS stock dives after Wal-Mart announcement

The prospect of heightened competition from Wal-Mart sent shares of CVS Corp. into a dive today.

The drugstore chain's stock is down more than 8 percent in midday training after Wal-Mart Stores Inc. this morning announced a plan to sell generic prescription drugs at deep discounts.

The Arkansas-based retail giant said it will cut prices on 291 generics to as low as $4 per prescription in a pilot program beginning in Florida.

Shortly before 1:30 p.m., shares of Woonsocket-based CVS stood at $32.43, down $3 from yesterday's close.

Stock in Walgreen Co. and Rite-Aid Corp. also took a hit on the Wal-Mart news, each falling more than 6 percent.

Posted by   at 1:32 PM | Permalink

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