Walgreens, CVS stocks tumble after Amazon launches rival pharmacy

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Shares of drug store chains tumbled Tuesday, after Amazon.com Inc. launched a rival online pharmacy, that provides discounts and free two-day delivery for Prime members. Walgreens Boots Alliance Inc.’s stock plunged 9.8% to pace the Dow Jones Industrial Average’s premarket losers. The implied price decline would shave about 28 points off the Dow’s price, while Dow futures fell 166 points, or 0.6%. Shares of CVS Health Corp. dropped 6.8% and Rite Aid Corp. slumped 9.1%.
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