Business News - part 5

CVS Grows 10% in Third Quarter

CVS Grows 10% in Third Quarter

BUSINESS

  • High pharmacy sales offset loss of tobacco revenue
  • Front of store sales dropped 4.8%
  • Fourth quarter first without tobacco

U.S. drug store chain CVS Health Corp., the nation's second-largest drugstore chain, reported a 9.7% third-quarter revenue increase, boosted by strong pharmacy sales.

Last month, the company changed its name from CVS Caremark after it fulfilled its February promise to phase out sales of tobacco by October. It also has increased its specialty-pharmacy services, its walk-in medical clinics and its administer-benefits business.

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Online Tech Magazine CNET Debuts Print Version

Online Tech Magazine CNET Debuts Print Version

BUSINESS

  • Available at retailers throughout U.S. and Canada
  • Editors say market is underserved
  • Future beyond spring issue uncertain

Online technology magazine CNET is entering the publishing world with a print, quarterly edition premiering this month in the U.S. and Canada.

Debuting nearly 20 years ago, CNET is one of the oldest tech magazines.

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Time Warner Loses 184,000 Households in Third Quarter

Time Warner Loses 184,000 Households in Third Quarter

BUSINESS

  • Customers turning to services like Netflix
  • Broadband services still strong
  • Comcast deal to purchase Time Warner still under regulatory review

Time Warner Cable Inc., the second largest U.S. cable TV company, lost 184,000 household video customers during the third quarter, higher than analysts expected.

Market research firm StreetAccount had forecast a loss of 136,000 households. During the second quarter, 152,000 customers were lost.

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Google Fit Launches, Competes with Apple

Google Fit Launches, Competes with Apple

BUSINESS

  • Free app uses sensors to track activity
  • Works with third-party apps
  • Google Fit to compete against Apple HealthKit

Technology giant Google Inc. has released its free fitness app Google Fit, competing against Apple Inc. and other tech companies.

The app is available for download on the Google Play Store for smartphones operating on Android 4.0 and up, and on Android Wear devices.

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Twitter Sees Slowdown of New Users in Third Quarter

Twitter Sees Slowdown of New Users in Third Quarter

BUSINESS

  • Social network adds less users than in previous quarters
  • Ad revenue slowing
  • Twitter is compared to Facebook in size, reach

Social network Twitter Inc.’s third-quarter results reveal the network needs to improve user attraction and ad revenue.

In the U.S., monthly active users increased 3.4 million to 63 million, but timeline views fell for the fifth quarters. Internationally, monthly active users grew 10 million to 221 million, but timeline views fell 8% from a year ago.

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Retailers Reject Apple Pay

Retailers Reject Apple Pay

BUSINESS

  • CVS, Rite Aid the latest retailers to reject Apple Pay
  • Retailers favoring the development of rival program
  • Retailers tiring of credit-card processing fees

Apple Pay debuted October 20 but it’s already encountering problems. Numerous retailers are opting not to enable Apple Pay in their stores.

Among the retailers reject the mobile wallet are CVS, Rite Aid, 7-Eleven, Target, Best Buy, Kmart, Gap and Wal-Mart. Prior to October 26, Apple Pay was enabled in CVS and Rite-Aid stores.

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Amazon Cloud Services Opens German Data Center

Amazon Cloud Services Opens German Data Center

BUSINESS

  • Center the second in Europe, 11th in world
  • Company is responding to customer demand
  • Customers concerned about storing data in foreign countries

Amazon Web Services opened a data center in Frankfort, Germany, in the hopes of attracting more German business and accommodating European growth.

The new data center is AWS’s second in Europe and the 11th globally. The company did not reveal the cost of the center, but it is estimated at $1.1 billion.

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GlaxoSmithKline Considering IPO of HIV Drug Business

GlaxoSmithKline Considering IPO of HIV Drug Business

BUSINESS

  • IPO probably won’t be available until 2016
  • HIV business is GSK’s fastest-growing unit
  • Company had disappointing third quarter

British pharmaceutical company GlaxoSmithKline PLC is considering an IPO of its HIV drug business, ViiV Healthcare, as it implements cost-cutting measures.

GSK owns 78% of ViiV. Pfizer Inc. and Shionogi & Co. hold the remaining 22%.

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Kimberly-Clark to Restructure, Cut 1,300 Jobs

Kimberly-Clark to Restructure, Cut 1,300 Jobs

BUSINESS

  • Restructuring plan to cut costs
  • Healthcare business to be spun off
  • Third-quarter revenue rose 3.4%

Personal-care products maker Kimberly-Clark has begun a restructuring plan aimed at cutting overhead costs from spinning off its healthcare unit by eliminating 1,100-1,300 jobs.

The majority of the job cuts will be salaried employees and will be completed in 2016. The cuts are expected to save the company $120 million- $140 million, but $130-$160 million in pretax charges are expected this quarter.

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Canadian Pacific Railroad, CSX Call off Talks

Canadian Pacific Railroad, CSX Call off Talks

BUSINESS

  • Merger would have faced regulatory scrutiny
  • There are few major railroads left
  • Railroads struggle to keep up with demand

Canadian Pacific Railway Ltd., the second largest Canadian railroad operator, has ended exploratory merger talks with CSX Corp., the third largest U.S. railroad operator. No additional negotiations are planned.

Canadian Pacific had proposed a transcontinental railroad which, the company said, would have alleviated congestion, promoted competition, generated significant shareholder value and improved customer service.

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