Everyone stay calm, the large players are sitting back collectively pulling it down, all with buy orders waiting for it to sink to a new low. I think it is horrible that they released the info the day of earnings, and the reason I think it is bad is how f*cking long could they have discussed a merger? They claim it is due to Wal Mart's growing Rx abilities, but that they just announced this ridiculous $4 plan a very short time ago. Makes me wonder how long the two sides even discussed the merger. Almost as if they didn't analyze costs involved or the overall short and long term impact. CVS is still trying to finish acquiring Sav-on, I am wondering if the CEO isn't trying to mirror himself after Google, and buy everything up for sale! The difference is Google and CVS are not the same! I wish they would rescind this agreement. I bet it goes to $27, and then very slowly starts to climb back up...now we add Caremark's "potential" option/s issues with CVS who is already realing from all the negative surrounding it. I have lost this year only on CVS, and I am not very happy with their management. Just when you think it couldn't get any worse, BOOM, the management f*cks up again. Now I think as a long term investor I will have to sit on this damn stock for two years to even recoup what I have lost.
Actually the selling has been relentless. The street hates the deal and the way it was leaked and came about.Shareholders of CVS and CMX are getting reamed while the hedgies,arbit and big boys are having a ball. I don't blame the crooks but management for this fiasco. Although it may be a good deal in the long run in the short run it is ugly. I do not see how CMX shareholders approve this deal unless the worth of the deal goes up from the current levels though.