Market Overview

7 Stocks To Watch Ahead Of The 60 Minutes DEA-Opioid Exposé

Share:
7 Stocks To Watch Ahead Of The 60 Minutes DEA-Opioid Exposé
Related ABC
75 Biggest Movers From Yesterday
60 Stocks Moving In Tuesday's Mid-Day Session
Tracking Seth Klarman's Baupost Group Holdings - Q3 2018 Update (Seeking Alpha)
Related CAH
Benzinga's Top Upgrades, Downgrades For November 16, 2018
Mid-Afternoon Market Update: Crude Oil Down 1.5%; Crocs Shares Jump After Q3 Results
Stocks Showing Rising Market Leadership: Cardinal Health Earns 81 RS Rating (Investor's Business Daily)

Drug distributors were in freefall Friday when CBS Corporation (NYSE: CBS) teased an expository “60 Minutes” episode linking these distributors to failures in the opioid crackdown.

The Oct. 15 segment will highlight a joint investigation with The Washington Post revealing hindrances to the Drug Enforcement Agency’s efforts to curb the opioid epidemic.

In the special, former DEA Deputy Assistant Administrator Joe Rannazzisi goes after distributors for fueling the issue by overlooking a diversion of products to the illicit drug scene.

He specifically accuses McKesson Corporation (NYSE: MCK), Cardinal Health Inc (NYSE: CAH) and AmerisourceBergen Corp. (NYSE: ABC), which he said control 85 to 90 percent of drugs “ending up downstream,” of capitalizing on the rampant addiction.

The preview, alone, prompted a plunge in the pharmaceutical stocks and seemed to have dragged the following opioid-based treatment developers in sympathy:

  • Insys Therapeutics Inc (NASDAQ: INSY), down 2.3 percent;
  • Cara Therapeutics Inc (NASDAQ: CARA), down 3 percent;
  • Collegium Pharmaceutical Inc (NASDAQ: COLL), down 3 percent; and
  • Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA), down 2 percent.

Sunday’s complete report may inspire additional sell-offs Monday.

At time of publication, McKesson was down 2.3 percent, Cardinal Health 2.4 percent and AmerisourceBergen 2.7 percent.

Related Links:

Every Generation Has Its Drug: How People Are Dealing With Opioids, The New (Old) Thing

No Pain, No Gain: How The American Military Wants Big Pharma To Cure The Opioid Crisis

Posted-In: 60 minutes DEANews Health Care Previews Media Trading Ideas General Best of Benzinga

 

Related Articles (ABC + CAH)

View Comments and Join the Discussion!

Make Bank Of America Great Again; Analyst Prefers This Stock Into Year End

Mid-Morning Market Update: Markets Open Higher; Bank of America Profit Beats Expectations