Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Kudlow pointed to strong retail sales and low unemployment as signs that the U.S. economy remained strong.Marketsread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
Coinbase security chief Philip Martin explains, "Possession of a key is possession of your currency. What that means is that you can't revoke a cryptocurrency key, if that key...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
The Supreme Court could strike down the constitutionality of the Consumer Financial Protection Bureau, an agency Elizabeth Warren has likened to her child and which Justice...2020 Electionsread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
estimates@ (Adds details on segments, analyst comment and background; updates shares)
Aug 7 (Reuters) - CVS Health Corp raised its full-year profit forecast and posted better-than-expected quarterly results on Wednesday, as higher U.S. prescription drug prices fueled rebates to its core pharmacy benefits business.
Shares of the company, which closed a $69 billion purchase of health insurer Aetna Inc in November and also runs drugstores, rose 5.5% to $57.05 before the opening bell.
The pharmacy benefits unit brought in revenue of $34.84 billion in the second quarter, a 4.2% rise, helped by higher prices of branded drugs but the company said it continued to face pressure from high dispensing rates of generic drugs. Analysts on average had expected $34.2 billion, according to estimates compiled by Evercore ISI.
"We think shares will see some relief today," Evercore analyst Ross Muken said, pointing to the higher forecast which comes amid a nationwide crackdown on the dispensing of opioid drugs and investor concerns over potential changes to healthcare policy.
CVS plans to bring more health services to its stores to tackle chronic conditions, one of the goals of combining the country's largest drugstore operator with one of the oldest health insurers.
The unit which houses CVS's health insurance business brought in revenue of $17.4 billion in the quarter, slightly higher than the $17.3 billion analysts had expected.
Same-store sales at the company's front-end stores that sell over-the-counter drugs rose 2.9%, beating estimates of a 1.2% rise, according to three analysts polled by Refinitiv IBES.
Excluding items, CVS earned $1.89 per share, above the average analyst estimate of $1.69, according to IBES data from Refinitiv.
Operating costs rose 24.4% to $60.10 billion, as the company integrated Aetna into its operations.
CVS now expects full-year adjusted earnings per share of $6.89 to $7.00, compared with its previous forecast of $6.75 to $6.90.
The company reported net income of $1.94 billion, or $1.49 per share, for the second quarter ended June 30, compared with a loss of $2.56 billion, or $2.52 per share, a year earlier.
CVS had taken a $3.9 billion goodwill impairment charge related to its Omnicare business in the second quarter of 2018.
Total revenue rose 35.2% to $63.43 billion, ahead of estimates of $62.65 billion. (Reporting by Manas Mishra and Tamara Mathias in Bengaluru; Michael Erman in New York; Editing by Maju Samuel)