CVS Health stock rises as judge completes review
Shares of CVS Health started climbing early Thursday, a day after a federal judge finally completed his review of the company’s roughly $69 billion acquisition of the health insurer Aetna.
U.S. District Judge Richard J. Leon said Wednesday in federal court filings that a plan requiring CVS to unload Aetna’s Medicare prescription drug coverage business to ease concerns about competition was within the public’s interest.The companies announced their combination at the end of 2017. CVS representatives have said for months that the two businesses were operating “as one company” while waiting to hear whether Leon would back the proposal to sell the Medicare business to another insurer, WellCare Health Plans.
CVS Health Corp. stock was up nearly 2%, or $1.18, to $62.85 shortly before markets opened Thursday.
Amazon.com apologizes for shipping novel early
NEW YORK — Amazon.com is apologizing for a “technical error” which led to some copies of Margaret Atwood’s “The Testaments,” the year’s most anticipated novel, being “inadvertently” sent early.
The online giant issued a statement Thursday saying that a “small number” of customers received Atwood’s sequel to “The Handmaid’s Tale” before its Sept. 10 release date. Some readers have posted photos of “The Testaments” on social media.
Atwood’s new novel was tightly embargoed, a common publishing tactic for topical non-fiction such as political memoirs, but rare for fiction. Harper Lee’s “Go Set a Watchman” and J.K. Rowling’s final Harry Potter novel are among the few fictional books released under similar conditions.
“The Testaments” was No. 2 on Amazon as of midday Thursday, trailing “Call Sign Chaos,” by former Secretary of Defense Jim Mattis.
New York City sues T-Mobile
NEW YORK — New York City is suing T-Mobile for what it calls “abusive sales tactics” at Metro by T-Mobile stores, the wireless carrier’s prepaid phone brand.
The city’s lawsuit says dozens of stores sold used phones to customers as new, charged fake taxes and unexpected fees and offered financing for phones that resulted in higher-than-expected prices. The city also says a 30-day return policy is deceptive and comes with restrictions.
The city filed its lawsuit in a New York state court on Wednesday. New York’s attorney general is separately leading a coalition of states in suing to block T-Mobile’s $26.5 billion deal for rival carrier Sprint.
T-Mobile says it’s investigating, as the allegations are “at odds with the integrity of our team.”
Sears laying off 250 at headquarters
HOFFMAN ESTATES, Ill. — Sears has told the state of Illinois it’s laying off 250 employees at its corporate headquarters in the Chicago suburb of Hoffman Estates.
Sears said in a notice last week to the Illinois Department of Commerce and Economic Opportunity that the employees have been placed on paid leave and their jobs will be terminated over a 14-day period starting about Oct. 28.
Company spokesman Larry Costello says the affected employees were placed on paid leave last week.
Sears was once the largest retailer in the country but filed for Chapter 11 bankruptcy last October. In February, Transform Holdco, controlled by former Sears chairman Edward Lampert , bought the retailer and 425 stores in a bankruptcy auction.
Boston hotel workers go on strike
BOSTON — About 75 workers at a Boston hotel have walked off the job to protest what a union calls an unfair contract proposal.
Housekeepers, cooks, bellmen, banquet servers, and front desk agents at the Battery Wharf Hotel went on strike Thursday morning.
Unite Here Local 26 says hotel management wants to freeze wages, do away with pensions and union health insurance, get rid of provisions protecting job security, and eliminate the right to a fair schedule.The union tells The Boston Globe the hotel also intends to end its participation in an African-American hiring initiative.The hotel in a statement said it appreciates its employees and is grateful for their patience during the bargaining process. The hotel says it’s “striving to reach a fair agreement for all involved.”