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Stock Alert: CVS Health Tumbles 8% After Amazon Pharmacy Launch

Shares of CVS Health Corp. (CVS), a provider of health services and plans, are losing almost 8 percent or $5.55 in Tuesday's morning trade at $67.92.

Tuesday, Amazon.com Inc. announced the launch of Amazon Pharmacy, a new online store on Amazon that will allow customers to order prescription medications for home delivery.

Prime members will receive unlimited, free two-day delivery on orders from Amazon Pharmacy included with their membership. In addition, a new "Amazon Prime prescription savings benefit" will give Prime members savings of up to 80 percent on medications when paying without insurance.

CVS Health has traded in a range of $52.04 to $77.03 in the past 52 weeks.

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