CVS Earnings Fall 11% on Price Cuts
Bloomberg News
CVS Corp.’s second-quarter earnings dropped 11%, hurt by price cutting and increased advertising spending.
Net income fell to $176.4 million, or 43 cents a share. Sales gained 9% to $5.99 billion.
Shares of Woonsocket, R.I.-based CVS rose $2.37, or 9%, to $28.60 on the New York Stock Exchange.
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