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Stocks slip....CVS Health tops forecasts...Congressman indicted on insider trading charges

August 8, 2018

NEW YORK (AP) — Stocks are slipping in early trading on Wall Street, the morning after a four-day winning streak brought the S&P 500 index to a six-month high. Energy companies are dropping along with oil prices. Wall Street is mainly focused on company earnings even after the U.S. said it will put new tariffs on $16 billion in imports from China.

UNDATED (AP) — CVS Health has beaten Wall Street expectations for the second-quarter, helped by rising prescription sales, though a nearly $4 billion charge from one of the company’s businesses led to a loss. The drugstore chain and pharmacy benefits manager says it has struggled to grow its long-term care business as much as it had expected after acquiring Omnicare in 2015. Omnicare provides pharmacy services to nursing homes and other clients.

NEW YORK (AP) — A New York congressman has been indicted on charges that he used inside information about a biotechnology company to make illicit stock trades. An indictment unsealed in New York City today charges Republican Christopher Collins and two others, including the congressman’s son, with conspiracy, wire fraud and other counts. Prosecutors say the charges relate to a scheme to gain insider information about a biotechnology company headquartered in Sydney, Australia. Collins has denied any wrongdoing.

LAWRENCEVILLE, Ga. (AP) — A mysterious economic development project code-named “Project Rocket” is advancing in Atlanta’s suburbs. Plans for “Project Rocket” include more than 1,800 employee parking spaces outside a 2.5-million-square-foot facility with an 80-foot-tall building, 65 loading docks and 200 truck parking spaces. The Atlanta Journal-Constitution reports that the identity of the company seeking the massive distribution facility remains shrouded in secrecy. The story notes that e-commerce giant Amazon has reportedly been seeking an Atlanta-area site for a new fulfillment center.

NEW YORK (AP) — Bill Clinton is a now a million-selling novelist. “The President is Missing,” a thriller co-written with James Patterson, has more than 1 million sales in North America alone. The book’s co-publishers, Alfred A. Knopf and Little Brown and Co., announced the sales figures today. The novel was released June 4. Clinton, whose previous books include the memoir “My Life,” is now the rare author to have million sellers in fiction and nonfiction.

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