Pharmacy stocks are surging on a report that Amazon isn’t getting into the prescription drug business

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  • CNBC reported Monday that Amazon has put a pause on its plan to sell prescription drugs to hospitals through Amazon Business.
  • Amazon Business sells supplies to business customers, including doctor’s offices and dentists. CNBC reports the company still hasn’t ruled getting into the pharmaceutical space at a later time. 
  • Pharmacy stocks, which have been having a tumultuous time since rumors of Amazon’s ambitions in healthcare first appeared, rose on the news.
  • Walgreens was up 5%, CVS Health was up 6.7%. Drug wholesalers moved after the news as well, with Cardinal Health up 5%, Amerisource Bergen up 2%, and McKesson up 4.7%.
  • Amazon shares saw little reaction, and are trading up 0.96%.

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