Walgreens gave investors a better-than-expected third quarter, raised its dividend and detailed a big share buyback Thursday. None of this seemed to matter once markets opened.
Shares of the nation’s largest drugstore chain and its competitors tanked after Amazon.com took another step into their territory by announcing the purchase of PillPack, a relatively new online pharmacy that offers pre-sorted prescription dose packaging and home delivery.
Walgreens, which joined the Dow Jones industrial average this week, saw its shares slide 10 percent. Shares of CVS Health Corp. fell 6 percent, while shares of Rite Aid Corp., which is being purchased by the grocer Albertsons Cos., tumbled more than 11 percent.