Changes in US stocks | CEO removed, Q3 initial results fell short of expectations, and CVS.US (CVS.US) fell more than 7%

Zhitongcaijing · 10/18 14:33

The Zhitong Finance App learned that on Friday, CIVS.US (CVS.US) fluctuated underwater after opening low. As of press release, it had fallen by more than 7% to $58.80. According to the news, according to preliminary performance data released by Seavis Health, the earnings per share after initial adjustments for the third quarter were 1.05 to 1.10 US dollars, falling short of market expectations of 1.7 US dollars, canceling the 2024 profit guidelines, and warned that “given the continued rise in medical cost pressure in its healthcare and welfare department,” investors should not rely on the company's previous guidance. The company notes that the medical benefits business expects a medical loss rate of 95.2% in the third quarter, far higher than Wall Street's expectations. The data also reflects $1.1 billion in underpremium reserve expenses to cover excess medical expenses.

Additionally, Seavis Health announced management changes on Friday. According to the statement, the company appointed David Joyner as the new CEO, ending the tumultuous tenure of former CEO Karen Lynch at the pharmaceutical retail giant. Joyner, 60, a long-time executive at Sylvis Health officially took over on Thursday.