By TOM MURPHY

AP Health Writer (AP) — CVS Health didn’t turn a profit in the third quarter but reported strong sales and the health care giant reshuffled its leadership under new CEO David Joyner. after a difficult year this sent shares plunging.

Stocks jumped Wednesday and markets as a whole surged following an election that will send Donald Trump returns to the White House.

Joyner named UnitedHealth executive Steve Nelson to head the company’s troubled health insurance arm, Aetna. This appointment takes effect immediately.

Prem Shah, who joined the company in 2013, will lead CVS Caremark, CVS Pharmacy and the company’s healthcare delivery businesses.

CVS Health operates one of the nation’s largest pharmacy chains and a massive pharmacy benefits management business that manages prescription drug coverage for employers, insurers and other large clients. It also covers nearly 27 million people through its Aetna insurance arm.

CVS’ insurance business has weighed on the company’s performance, and many see Nelson as an industry veteran who can provide a needed boost.

“The announcement of new leadership gives us hope that CVS will act quickly to improve its business execution,” said John Boylan at Edward Jones. “However, we also believe these are the first steps for CVS to improve its operations, which may take time. That said, we will closely monitor what changes management makes and how those changes can translate into sustainable sales and earnings growth rates.

The company earned $87 million in the quarter ended September, down 96% from a year ago. Results were weighed down by significant restructuring charges. On an adjusted basis, earnings per share totaled $1.09, below the Street’s average forecast of $1.44 per share. Revenue rose 6.3% to $95.43 billion, beating analysts’ estimates of $92.72 billion, according to a FactSet survey.

The company said on October 18, when he announced the resignation of CEO Karen Lynchthat adjusted earnings for the quarter would fall between $1.05 and $1.10 per share. Analysts at the time expected $1.69 per share.

CVS Health reduced its forecast three times this year. The company is cutting costs but, like some competitors, faces rising claims related to its Medicare Advantage coverage.

This involves private versions of the federal government’s coverage program, primarily aimed at people ages 65 and older.

CVS Health also said it was hit by a decline in the quality of those plans and by pressure from the Medicaid coverage it administers in several states.

That performance drew criticism from shareholders like hedge fund Glenview Capital Management, which said the company was performing well below its potential.

Glenview said last month that CVS Health’s struggles in Medicare Advantage “reflect the poor decisions and risk management of a privileged few.”

“We believe these issues can be resolved with strong leadership and appropriate (board) oversight and risk management,” Glenview said in a statement.

On the pharmacy side, CVS Health is finalizing a three-year plan to close about 900 stores, and announced last month it would close 271 more.

The company also continues to resolve work problems. Thousands of the company’s Southern California employees staged a brief strike in October to demand better wages, staffing and more affordable health care.

The company also announced earlier this fall that it would reduce its workforce by about 2,900 people, or less than 1% of its total.

In October, CVS Health also said its third-quarter results would include a charge of about $1.2 billion related to upcoming store closures and its cost-cutting plan.

The company’s stock rose more than 10%, or nearly $6, to $61.25 on Wednesday.

Shares of CVS Health Corp., based in Woonsocket, Rhode Island, fell about 28% in the first ten months of the year, while the S&P 500 rose nearly 20%.