McKesson, Cardinal Health, AmerisourceBergen stocks surge after $1.1 billion opioid settlement with NY AG

Shares of McKesson Corp. MCK, +5.13%, Cardinal Health Inc. CAH, +5.64% and AmerisourceBergen Corp. ABC, +5.56% each surged much than 4% successful greeting trading Tuesday, aft the New York Attorney General Letitia James announced a $1.1 cardinal colony statement with the cause distributors to combat the opioid epidemic. James said the statement resolves claims for the companies' relation successful helping substance the epidemic, and volition region the companies from the ongoing opioid trial. As portion of the agreement, the company's volition wage a full of up to $1.18 billion, of which much than $1 cardinal volition spell towards abatement, with payments starting successful 2 months and continuing implicit the people of the adjacent 17 years. Shares of McKesson person present tally up 14.5% twelvemonth to date, Cardinal Health person gained 10.1% and AmerisourceBergen person rallied 20.3%, portion the S&P 500 SPX, +1.29% has precocious 13.9%.