Shares of CVS dropped by 10% on Friday morning after the company replaced its CEO and cut its earnings projections below analyst expectations. The stock fell below $58, marking the worst loss since March 2020. David Joyner replaced CEO Karen Lynch following an unspecified agreement with the board. CVS projected third-quarter adjusted earnings between $1.05 and $1.10 per share, below analyst estimates of at least $1.69 per share, and included a $1.1 billion charge from its Medicare business due to higher-than-expected medical cost trends.