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September 01, 2020 1:37pm
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CVS may acquire Aetna

The markets extended its gains during the midday with the Dow rising 31 points to 23,432. Nasdaq rocketed 145 points to 6,701.


CVS Health is reportedly engaged in discussions to acquire health insurer Aetna for a premium of more than $66 billion. The vertical integration of the nation's third largest insurer with a pharmacy chain and pharmacy benefits manager could save the companies millions while offering streamlined service to customers. The deal may also be a preemptive move ahead of Amazon's possible entry into the wholesale pharmacy distribution business.


The National Highway Traffic Safety Administration is investigating reports that Ford Fusion steering wheels may detach while the vehicle is in motion. The regulatory agency has received several complaints of loose steering wheels and bolts that attach wheels to the steering column coming loose. The investigation involves approximately 841,000 midsize sedans from model years 2014 through 2016.


McDonald's has issued new animal welfare guidelines for its chicken suppliers. The new standards will improve the living conditions as well as the slaughter process for chickens that will be served at the world's largest restaurant chain by revenue. Tyson and Cargill both support the guidelines.


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 soared 20 points to 2,581. Bitcoin crashed $134 to $5,695.


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