Today's biggest winners and losers in the stock market, a look at the notable movers:
On this episode of Stock Movers:
- CVS Health Corp. (CVS) plans to spin off its retail pharmacy business into a new company called CVS Pharmacy in the first half of 2028. The move will separate the drugstore business from the Aetna insurance unit and Caremark prescription benefits division, with both companies to be publicly traded. CVS shares plunged as much as 15% in New York on Wednesday after the announcement, which marks a shift away from the long-term trend of consolidation among major healthcare companies. CVS shares plunged as much as 15% in New York on Wednesday, erasing much of their gain for the year.
- Duolingo's (DUOL) stock price was trading up 35% on a key metric despite a narrow miss on earnings. The company reported growth in engagement, with daily active users rising 29% from a year ago to 64.9 million. Duolingo's CEO said the company's strategy of prioritizing teaching better and user growth is paying off, with bookings up 12% to $316 million.
- McDonald’s (MCD) US sales fell less than feared in the third quarter as diners spent more per visit, offsetting a traffic decline. Comparable sales slumped 0.2% in the period, a smaller contraction than the average of analyst estimates compiled by Bloomberg. McDonald’s is trying a new approach to value to replace a menu of items under $3 that disappointed, and is moving away from short-term promotions toward programs that customers have responded well to.
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