- CVS stock rises 2.4% after Rite Aid files for bankruptcy
- Rite Aid faces lawsuits related to the opioid epidemic
- CVS may benefit from reduced competition
- UnitedHealth Group’s blowout earnings may also be boosting CVS shares
CVS stock rose 2.4% on Monday after Rite Aid filed for bankruptcy. Rite Aid is facing lawsuits related to the opioid epidemic and is expected to close more stores as part of its restructuring. The prospect of reduced competition from Rite Aid is one factor contributing to the rise in CVS shares. Additionally, CVS may be benefiting from UnitedHealth Group’s strong earnings report, which exceeded Wall Street’s expectations and caused shares in managed care companies to soar.
