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Why AmerisourceBergen (ABC) Stock Is Plummeting Today

NEW YORK (TheStreet) -- Shares of AmerisourceBergen (ABC) were plunging 12.54% to $69.54 on heavy trading volume early Friday afternoon after its competitor McKesson (MCK) slashed its fiscal 2017 outlook.

McKesson, which like AmerisourceBergern distributes pharmaceuticals, now expects to report adjusted earnings between $12.35 and $12.85 a share for fiscal 2017. The company had previously anticipated adjusted earnings between $13.43 and $13.93 per share for the year.

McKesson blamed the guidance cut partly on softer pricing trends, exacerbating concerns about drug makers and health care...