Pharmacy giants CVS (NYSE: CVS) and Walgreens (Nasdaq: WBA) both announced Tuesday that they are limiting the number of at-home Covid-19 tests that customers can buy due to high demand.
Details: CVS will only allow customers to purchase up to six at-home Covid-19 rapid tests at a time. Walgreens is capping it at four at-home tests per customer. A CVS spokesperson told The Washington Post that the company is working around the clock on its inventory of test kits.
Numbers: Despite the news, shares of Walgreens increased 2.31% on Tuesday. CVS ticked up 0.47%.
Background: The demand for testing has been so high these past few weeks, that President Biden announced Tuesday plans to deliver a half-billion free rapid at-home tests to Americans in January.
Final Thoughts: Shares of Walgreens have been up 20% this year. CVS is up 44%. Both stocks have benefited from health-related demands during the pandemic, including Covid-19 vaccines to customers.
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