|Day's Range||1.4100 - 1.4100|
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Leading drug distributor stocks remain sensitive to ongoing opioid settlement negotiations. Here are crucial technical levels to watch.
The 21 U.S. state attorneys general who sued opioid makers rejected a settlement offer of $18 billion from three drugmakers that were looking to end the litigation against them, a media report says.
Twenty one states reject an $18 billion settlement offer from three major drug distributors to resolve litigation over their alleged role in the opioid crisis, the Wall Street Journal reported on Friday, citing a letter sent to the companies' law firms earlier this week. The dissenting states want the companies - AmeriSourceBergen Corp, McKesson Corp and Cardinal Health Inc - to pay between $22 billion and $32 billion, WSJ reported https://on.wsj.com/37kSRkA, citing a person familiar with a matter. McKesson is focused on finalizing a global settlement structure that would provide billions of dollars in immediate funding and relief to states and local communities, a company spokesman said in an emailed statement.
Shares of drug wholesalers, who have held talks to settle opioid litigation, sank in morning trading Friday, after The Wall Street Journal reported that 21 states had rejected an $18 billion settlement offer. Shares of AmerisourceBergen Corp. dropped 2.4%, Cardinal Health Inc. shed 2.5%, McKesson Corp. lost 1.4% and Johnson & Johnson fell 0.4%. In comparsion, the S&P 500 inched up less than 0.1%. The WSJ report, which cited a person familiar with the matter, said the dissenting states want the wholesalers to pay between $22 billion and $32 billion, for their alleged roles in contributing to the opioid crisis.
All three major U.S. stock indexes were in positive territory, marking a recovery from losses early in the day.
Coronavirus is ravaging China and several other countries. With no cure yet, health officials are struggling to stop its spread. Demand for medical supplies like masks is up manifold.
McKesson Corporation (NYSE:MCK) today announced the commencement of an exchange offer for the split-off of its wholly-owned subsidiary, PF2 SpinCo, Inc. ("SpinCo"), which will hold all of McKesson’s interest in Change Healthcare LLC ("Change Healthcare"), as part of McKesson’s previously announced agreement with Change Healthcare Inc. (Nasdaq:CHNG) ("Change") to merge SpinCo with and into Change.
CoverMyMeds has started work on the second building for its Franklinton headquarters two years ahead of schedule. Here's the peek at the design changes from its fraternal twin.
As part of the deal, McKesson as an entity will cease to own any part of Change and the company will give up its three seats on Change’s board of directors.
McKesson's (MCK) fiscal third-quarter results gain from higher revenues and solid show by U.S. Pharmaceutical and Specialty Solutions, Medical-Surgical Solutions and Other segments.
McKesson (MCK) delivered earnings and revenue surprises of 7.63% and -0.42%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
Shares of McKesson Corp. were up 0.69% in premarket trading on Tuesday after the drug distributor said its adjusted earnings beat expectations for the quarter. Earnings tumbled to $191 million, or $1.03 per share, in the third quarter of 2020, compared with $470 million, or $2.40 per share, in the same quarter a year ago. Adjusted earnings came in at $685 million, or $3.81 per share for the third quarter of 2020, compared to $664 million, or $3.40 per share, in the same quarter a year ago. The FactSet consensus was $636 million, or $3.50 per share. The distributor reported a 5% increase in revenue, to $59.1 billion in the third quarter of 2020, up from $56.2 billion in the third quarter of 2019. The company attributed the increase to growth in the U.S. pharmaceutical and specialty solutions business. The FactSet consensus was $59.4 billion. The company affirmed its EPS guidance for 2020, saying it expects EPS between $14.60 and $14.80. It had updated the guidance range of $14.00 and $14.60 in January. McKesson's stock has gained about 9% over the past year, compared with the S&P 500 , which is up 20%.
NEW YORK, NY / ACCESSWIRE / February 4, 2020 / McKesson Corp. (NYSE:MCK) will be discussing their earnings results in their 2020 Third Quarter Earnings to be held on February 4, 2020 at 8:00 AM Eastern ...