CVS Tumbles 12% on Plan to Split Into Two Companies Despite Earnings Beat; Elevance Health Rises 4%, Cigna Climbs 3%
CVS Health shares fell 12% after the company announced a plan to split into two companies, despite a strong quarter. Elevance Health shares rose 4%, while Cigna shares climbed 3%.
Why it matters — The report notes a gain in Elevance shares alongside the market reaction to CVS’s proposed breakup.