Walgreens gave investors a better-than-expected third quarter, raised its dividend and detailed a big share buyback Thursday, but shares of the nation’s largest drugstore chain and its competitors tanked.
Walgreens gave investors a better-than-expected third quarter, raised its dividend and detailed a big share buyback Thursday, but shares of the nation’s largest drugstore chain and its competitors tanked.Charles Krupa/Associated Press file

Shares of the nation’s largest drugstore chain and its competitors tanked after Amazon.com took another step into their territory by announcing the purchase of PillPack, a relatively new online pharmacy that offers pre-sorted prescription dose packaging and home delivery.

Walgreens, which joined the Dow Jones industrial average this week, saw its shares slide 10 percent. Shares of CVS Health Corp. fell 6 percent, while shares of Rite Aid Corp., which is being purchased by the grocer Albertsons Cos., tumbled more than 11 percent.