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Amazon’s move into wholesale pharmaceuticals sent pharmacy stocks plunging

It’s tough being everyone else.

Rani Molla is a senior correspondent at Vox and has been focusing her reporting on the future of work. She has covered business and technology for more than a decade — often in charts — including at Bloomberg and the Wall Street Journal.

Amazon has proven time and again it has the power to move markets.

Following a report yesterday from the St. Louis Post-Dispatch that Amazon obtained wholesale pharmacy licenses in 12 states, stock prices plunged for a number of pharmaceutical distribution companies, including CVS, Cardinal Health, AmerisourceBergen and McKesson.

Later yesterday afternoon, the Wall Street Journal reported CVS wants to buy health insurer Aetna for $66 billion. That announcement helped mitigate CVS’s stock decline.

AmerisourceBergen and Cardinal Health stocks are down about 10 percent and McKesson stock was down 13 percent this morning.


This article originally appeared on Recode.net.