Shares of Express Scripts Inc (ESRX.O) jumped 10.5 percent as the U.S. pharmacy benefit manager's profit outlook for 2011 was less dire than some investors had feared and the company offered positive financial forecasts through 2014. Wall Street had been bracing for a lower profit outlook from the company, so the forecast removed some uncertainty hanging over the stock. The long-term projections helped reassure investors about growth prospects. Express Scripts cut its projected 2011 profit range by about 6 percent, citing higher spending and fewer prescriptions being filled because of consumer worry about the weak economy. It said spending would be higher due to a contract dispute with drugstore chain Walgreen Co (WAG.N) and in anticipation of integrating its $29 billion purchase of rival Medco Health Solutions Inc (MHS.N).
Express Scripts, Inc. is a pharmacy benefit management (PBM) operating in North America, offering a range of services to its clients, which include health maintenance organizations (HMOs), health insurers, third-party administrators, employers, union-sponsored benefit plans, workers? compensation plans and Government health programs. Shares of ESRX traded higher by 11.16% or $4.0101/share to $39.95. In the past year, the shares have traded as low as $34.47 and as high as $60.89. On average, 10485200 shares of ESRX exchange hands on a given day and today's volume is recorded at 21286278.
Walgreen Co. (Walgreen) together with its subsidiaries, operates a drugstore chain in the United States. Shares of WAG traded higher by 0.51% or $0.17/share to $33.20. In the past year, the shares have traded as low as $31.60 and as high as $47.11. On average, 8771990 shares of WAG exchange hands on a given day and today's volume is recorded at 4635032.
Medco Health Solutions, Inc. (Medco) is a healthcare company. Shares of MHS traded higher by 7.28% or $3.3225/share to $48.97. In the past year, the shares have traded as low as $44.60 and as high as $66.38. On average, 5700540 shares of MHS exchange hands on a given day and today's volume is recorded at 4617429.
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