* Q3 adjusted EPS $0.65 tops Wall Street view $0.64

* Says Caremark president to step down, names new CFO

* Says FTC investigating certain business practices

* Shares sink 21 percent (Adds FTC investigation, options trading, updates share move)

By Jessica Wohl

CHICAGO, Nov 5 (Reuters) - CVS Caremark Corp (CVS.N: Quote, Profile, Research) said its pharmacy benefits management business lost $4.8 billion in contracts heading into next year and will not meet its targets for 2010, sending shares down 21 percent.

The company also said on Thursday that the U.S. Federal Trade Commission is investigating certain business practices. [ID:nN05129729]

In another announcement likely to throw doubt on its March 2007 acquisition of pharmacy benefits management (PBM) company Caremark, CVS said that Caremark Pharmacy Services President Howard McLure, 52, would step down as of Nov. 27 and a search for a successor would begin.

CVS Chief Executive Tom Ryan will take on the role in the interim. McClure was chief operating officer of Caremark when the acquisition closed.