Why Cano Health (CANO) Shares Are Plunging Today

Cano Health Inc CANO shares plunged after reports that CVS Health Corp CVS has decided not to pursue an acquisition of Cano.
Dealreporter was the first to report that CVS had decided against pursuing a deal with Cano Health, the report cited people familiar with the matter.
The news comes just a few days after Humana Inc HUM and CVS Health showed interest in U.S. primary care provider.
Hedge fund Third Point LLC, which owns 6.4% of Cano, has been pushing the company to put itself up for sale as its stock price has tumbled since it went public last year via the SPAC transaction.
Price Action: CANO health shares are down 41.9% at $4.78 on the last check Monday.