CANO Stock Jumps Despite Rumors CVS Is Walking Away From Cano Health Acquisition

  • Cano (CANO) stock is jumping even as reports claim a deal with CVS Health (CVS) is no more.
  • Reports initially claimed CVS was planning to acquire the healthcare provider.
  • However, insiders say the pharmacy company is no longer interested in CANO.
CVS sign representing CANO stock news.

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Cano (NYSE:CANO) stock is on the move on Tuesday after reports spread claiming the acquisition deal with CVS Health (NYSE:CVS) is off.

According to reports, CVS is no longer moving forward with plans to acquire the Florida-based primary care provider. However, CVS is refusing to comment on the recent reports about it walking away from the deal. Instead, these reports come from insiders close to the matter.

The latest reports are worth noting as CANO stock got a boost just a couple of weeks ago from speculation that CVS would acquire the company. Bloomberg reported that CVS was in exclusive discussions to bring Cano under its control.

What This Means for CANO Stock

Investors in Cano will want to keep an eye on the news cycle as this story continues. The company’s shares dropped yesterday on the reports but have been recovering somewhat today. If further reports shed light on a failed deal, investors can expect shares of CANO stock to see further losses.

As for stock movement, shares are already off to a strong start today with some 4 million shares traded. That’s quickly approaching the daily average trading volume of 6.3 million shares.

CANO stock is up 5.8% as of Tuesday morning but down 46.2% since the start of the year.

Investors seeking out all of the hottest stock market news today are in luck!

InvestorPlace is ready to go with all of the latest stock stories for Tuesday! Among them are what has shares of Johnson & Johnson (NYSE:JNJ) stock falling, this morning’s biggest pre-market stock movers and more. You can catch up on all of that at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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