Biz Brief: CVS, Walgreens Shares Jump on New Agreement
"We are very pleased with the outcome of this mutual, multi-year agreement that meets our business objectives," said Walgreens Executive VP of Pharmacy, Kermit Crawford. "The agreement makes good business sense," he added.
No doubt, Wall Street agrees with him. Following last week's very public dispute between the two, investors have hammered the shares of both companies, saying each will be hurt by their failing to cooperate. Even without the companies disclosing financial terms, already shares are reacting favorably.
Shares of both companies rose more than 5% in premarket trading.