CVS Health Raises Earnings Outlook, but the Stock Is Falling

CVS Health stock was falling Wednesday morning after the healthcare giant raised its full-year guidance on the back of second-quarter earnings that handily beat analysts’ projections. The 6% decline in share price reversed a 3.9% rise during premarket trading. While analysts reacted positively to the earnings announcement, company executives spoke in more detail on an investor call about sources of pressure during the quarter—including from a federal drug pricing program called 340B.