Why CVS Health Stock Crashed 11 Percent Today

Shares of drugstore chain and pharmacy benefits manager CVS Health (NYSE: CVS) got hammered Thursday morning, falling 11% through 10:35 a.m. ET after Reuters reported a big client loss for the company.

Blue Shield of California, it seems, is diversifying away from CVS Health.

Blue Shield of California counts 4.8 million souls as members of its various health plans. And previously, Blue Shield favored routing drug prescriptions for these members through CVS Health for fulfillment. Now, however, Blue Shield will expand the list of pharmacy benefit managers (PBMs) it does business with to five companies.

Source Fool.com