The S&P 500’s top gainers on October 26 were as follows:
Aetna provides health insurance plans and related services. It offers medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans. Aetna was the S&P 500’s top gainer on Thursday.
On October 26, Aetna started on a stronger note and rose to record high price levels. The stock rose amid reports about Aetna’s acquisition by CVS Health (CVS). CVS is a retail pharmacy and healthcare company. According to reports, CVS has offered more than $66 billion to acquire Aetna, which is more than $200 per share.
CVS stock has been under pressure due to reports that Amazon (AMZN) is entering the pharmacy services space. CVS’s move to acquire Aetna is expected to counter the weak sentiment and support the stock after the acquisition. CVS’s acquisition of the third-highest healthcare insurance provider in the US is expected to increase CVS’s control over drug costs.
On October 26, Aetna rose 11.5% and closed the day at $178.60. CVS fell 2.9% and closed the day at $73.31—the lowest level in ten days.