The shares of CVS Health Corp (NYSE:CVS) are plummeting today, down 18% at $55.55 at last glance and earlier as low as $54.04. The company announced first-quarter earnings and revenue that missed estimates, and slashed its 2024 forecast due to higher medical costs. Gapping to four-year lows, CVS is on track for its worst daily percentage drop since 2009.
CVS Stock was already on a downtrend headed into today, below all moving averages between the 20- and 320-day trendlines. Since the start of the year, the equity is down roughly 30%.
Over in the options pits, options volume has already hit double the average daily amount. Many traders appear to be buying in on the dip, as 44,000 calls have been exchanged so far in comparison to 27,000 puts. The June 60 call is the most popular, with new positions opening there.
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