CVS Health Corp (NYSE:CVS) shares jumped 10.5% pre-market in what may have been a reaction to the US presidential election results, as the drugstore and healthcare services provider reported mixed third-quarter results and failed to provide forward guidance.
In the first set of numbers under new CEO David Joyner, who is thought to be leading a review of the group's options, revenues were shown to have increased 6.3% to $95.4 billion for the third quarter, better than Wall Street analysts expected.
Adjusted earnings per share of $1.09, however, were well shy of the $1.51 consensus forecast.
CVS hailed year-to-date cash flow from operations of $7.2 billion, though net debt seems to have crept above $65 billion.
Joyner said the quarterly results "reflect strong performance in the health services and pharmacy & consumer wellness segments, and also highlight the continued need to work across our enterprise and address macro challenges to the health care benefits segment".
The company did not provide an outlook, with a spokesperson telling media that CVS expects elevated medical costs to continue weighing on performance this year, "and as a result we are not providing a formal outlook at this time".
CVA also announced some senior appointments, promoting pharmacies chief Prem Shah to group president, responsible for "operational performance and integrated value creation" across its services and pharmacies divisions, and the hiring Steve Nelson from UnitedHealth to head up its Aetna insurance wing.
The stock seemed to be boosted by the election win for Donald Trump, along with some other sector peers, including Humana (NYSE:HUM) Inc, up 11% pre-market, and UnitedHealth Group Inc (NYSE:UNH, ETR:UNH), up 6.4%.