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A Jacksonville Doctor Charges $135 a Month, Makes House Calls and Answers His Phone. More Patients Want That Deal.
Stocks Rose in the Year After 18 of the Last 19 Midterms, by Our Count. Congress Has 38 Days After Tuesday's Vote to Fund the Government.
Washington's Millionaires' Tax Would Raise $11.4 Billion by 2031 From About 30,000 Payers. Voters Decide Tuesday Whether It Ever Starts.
Florida Votes on Cutting Local Property Taxes by $11.8 Billion a Year. Five Counties Account for 45 Per Cent of It.
Ryanair Flew 6 Per Cent More Passengers and Earned 15 Per Cent Less. Next Year's Extra €2 Billion of Fuel Works Out to About €9 a Passenger.
Westpac's Operating Profit Rose $379 Million Last Year. It Set Aside $440 Million More for Bad Loans, Though Fewer of Its Borrowers Are in Trouble.
Inflation Is 3.7 Per Cent, Less Than Half Its Rate Before the 2022 Midterms. Gasoline and Mortgages Cost More Than They Did Then.
OPEC+ Left Its December Oil Targets Unchanged. Brent Ended the Week at $117.64, $12.64 Above Washington's Forecast for the Quarter.
China's Factory Index Fell to 49.3 in October. Construction New Orders Fell 5.7 Points, to 40.
South Korea Exported $115.3 Billion in October, 93.7 Per Cent More Than a Year Ago. Chips Supplied Almost Three-Quarters of the Increase.
The Bank of Canada Raised Rates Expecting About 2 Per Cent Growth. Two Days Later, the Data Put the Quarter Nearer 1.2 Per Cent.
National Express's Owner Agreed to a 46p-a-Share Takeover Worth £308 Million. The Buyer Is Taking On a Company Valued at £2.3 Billion, and Most of That Is Debt.
The Big Read
The NumbersCVS Will Split Its 9,000 Drugstores From Aetna and Caremark. A Third of the Stores' Revenue Last Year Came From the Rest of CVS.
We pulled five years of segment figures from CVS's own SEC filings. The stores fill 14 per cent more prescriptions than in 2021 on 10 per cent fewer locations, earn 27 per cent less on each, and took about a third of their revenue from their own parent.
A CVS Pharmacy store in Solomons, Maryland, in May 2024. File photograph.
CVS Health plans to split into two public companies, separating its roughly 9,000 drugstores from the Aetna insurer and the Caremark pharmacy benefit manager, the company said on Wednesday. It expects to complete the split in the first half of 2028.
The retail company will be called CVS Pharmacy. It gets the stores, the mail pharmacy, the MinuteClinic walk-in clinics and a technology unit called Health100. The other company, called CVS Health for now, keeps Aetna, Caremark, CVS Specialty and the Oak Street Health and Signify Health care businesses. Shareholders will own shares in both. None of it is final. The board still has to give final approval, a Form 10 registration statement has to become effective at the Securities and Exchange Commission, and CVS wants confirmation that the split will be tax-free, according to its announcement.
What the release does not give is a set of accounts for CVS Pharmacy. The company's filings come close. Since 2022, CVS has reported a segment called Pharmacy & Consumer Wellness, which holds most of what the new company will own. We pulled five years of its numbers from CVS's annual reports and set them side by side. They show a business that has grown larger and busier while earning less, and one that gets about a third of its revenue from the company it is about to leave.
The Numbers
Florida Passed Its Property Tax Cut With 157,000 Votes to Spare. Wyoming and Oklahoma Said No, and Washington Kept Its Millionaires' Tax.
We tracked 13 statewide tax measures through seven sets of results.
World
The Bank of England Raised Rates to 4 Per Cent, Its First Increase in 1,190 Days. Its Staff Expect Inflation Near 5 Per Cent by the Middle of Next Year.
The rise reverses one of the six cuts the Bank made between August 2024 and December 2025.
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Infrastructure Everybody Depends On Should Not Be Owned by a Competitor
Coverage Should Follow the Approval, Not the Advice
You Cannot Delegate the Thing You Have Never Done
Small Business
Free AI Isn't What It Used to Be: ISACC Institute's Founder, SerVanes Wilson Sr., on the Real Cost to Solopreneurs
Most U.S. businesses have no employees, which often leaves the owner as the only person checking an AI tool's work.
Carilyn Marrero of CM Freedom Finance Earned More for Five Years and Stayed in Debt. Her Holiday Advice Starts With Habits, Not the Paycheck.
Carilyn Marrero spent five years earning more without getting ahead.
Dasia Bobbs Built a Credit Repair Business. Her Biggest Lesson Is That a Cleaner Report Is Not a Safety Net.
Dasia Bobbs, who runs a credit education and restoration company, says fixing a report and achieving financial stability are two different jobs.
Democrats Win Control of the House and Senate, Ending Unified Republican Government. For Business, the First Test Is the 11 December Funding Deadline.
The result swaps the question of which laws pass for the question of which bills must.
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UPS Raised Its Revenue Forecast by $1.4 Billion and Its Profit Forecast by $100 Million. The Fourth Quarter Now Has to Earn 37 Per Cent of the Year's Profit.
Business
Trian Has Offered $7.35 a Share to Take Wendy's Private, About $1.4 Billion. That Is Roughly Half the $2.7 Billion of Debt the Bidders Would Keep.
Markets
Ares Capital Will Pay a 30 Per Cent Premium for an Apollo-Managed Lender. The $10.88 Price Is Still 15 Per Cent Below What the Lender Says Its Loans Are Worth.
Health
A Catholic Hospital System's Affiliate Will Pay $23.50 a Share for Surgery Partners, a 49 Per Cent Premium. Bain Capital Offered $25.75 Last Year and Is Keeping Its Stake.
Business
Boeing Delivered 161 Airliners Last Quarter and Lost About $4.3 Million on Each. Its 6,300-Jet Backlog Would Take About a Decade to Build at This Year's Pace.
Editor's Choice
Ovintiv Will Pay About $890 Million for Logan Energy, or $44,500 for Each Barrel a Day It Produces. By Its Own Benchmark, $340 Million of That Is for Wells Not Yet Drilled.
The price per flowing barrel is well above the $27,500 Ovintiv uses to value producing wells.
Latest News
Everything we have published, newest firstDoorDash Will Pay $65 a Share, About $17 Billion, for Instacart. If Antitrust Law Blocks the Deal, DoorDash Owes Instacart $1.25 Billion.
DoorDash agreed on Thursday 29 October to buy Instacart for $65 a share, about $17 billion in equity value, mostly in cash. The companies expect to close at the end of 2027 or in the first half of 2028, after U.S., Canadian and Israeli competition reviews. Instacart's shareholders have not yet voted.
Caterpillar's Backlog Hit a Record $78 Billion, Up 96 Per Cent in a Year. Its Dealers Plan to Cut $1.6 Billion of Inventory This Quarter.
Caterpillar's sales rose 17 per cent to $20.7 billion in the third quarter and adjusted profit was $7.20 a share, the company said on Thursday. Its order backlog reached a record $78 billion, up about $38 billion from a year earlier. It expects construction equipment volume to fall modestly in the fourth quarter as dealers shrink their stocks.
Business
McKesson Is Paying $1.4 Billion for Half of Option Care. The Deal Sets Up a Framework for It to Buy the Rest.
Clayton Dubilier & Rice and McKesson agreed on Monday to take Option Care Health, the largest independent home infusion company in the United States, private for $32.05 a share. McKesson is putting in about $1.4 billion for 49 per cent, and the agreement sets out a framework for it to buy the private equity firm's majority later. Lenders have committed more money to the deal than the two buyers have.
The Cheesecake Factory Served 9.5 Per Cent More Guests Last Quarter. At Chipotle, Transactions Rose 0.8 Per Cent.
A sit-down chain whose restaurants average $13.9 million of annual sales is outgrowing the fast-casual leader on the measure that matters most: how many people come through the door. Its own executives are the ones urging caution.
Ford's Electric Unit Lost $1.06 Billion Last Quarter, a Quarter Less Than a Year Ago. Per Vehicle Shipped, the Loss Rose to About $31,000.
The smaller total loss came with a larger loss on each vehicle. Ford's case is that the next electric platform, a $28,350 car due late next year, changes that arithmetic.
The Numbers
The Fed Held Rates at 3.75 to 4 Per Cent, and Two Officials Voted for a Hike. The Next Morning, Core Inflation Came In at 3.1 Per Cent.
The Federal Reserve kept its target range at 3.75 to 4 per cent on Wednesday by a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack voting for a quarter-point increase. On Thursday the government reported growth of 3.4 per cent in the third quarter and core PCE inflation of 3.1 per cent in September. The next decision is due on 9 December.
Weil Gotshal Brought In About $2.1 Billion Last Year. Its Leaders Now Recommend Closing the 95-Year-Old Firm.
The management committee of Weil, Gotshal & Manges, the New York law firm with about 1,200 lawyers, has recommended an orderly wind-down, the firm said on Wednesday. It follows a run of partner departures and merger talks with Willkie Farr & Gallagher that ended without a deal. The firm says it will keep serving clients while the plan goes to its partners.
The company sold cabins for life at sea from $119,999.
Explainer
The Pentagon Wants Its Major Bases Able to Run 90 Days on Their Own. Britain Is Asking Households to Manage for Three.
Internal Pentagon documents reviewed by Fox News Digital would require every major U.S. military installation to run essential operations on its own for at least 90 days, backed by reserves of munitions, fuel, minerals, spare parts and medical supplies. The plan, called FORTRESS, has no published cost or timeline. Nothing in the reporting mentions artificial intelligence or a specific nuclear threat.
What We’re Following
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Brazil's Stock Index Fell as Much as 17 Per Cent After Lula Won by 4.4 Million Votes. Measured in Dollars, It Closed About a Fifth Lower.
Verizon Added 406,000 Phone Subscribers in the Third Quarter, Up From 44,000 a Year Ago. It Says It Spent 41 Per Cent Less on Promotions to Win Them.
EQT Is Paying a 21 Per Cent Premium for Range Resources, in Stock. By Our Arithmetic, the Premium Equals Almost Seven Years of the Promised Savings.
Lazard's Adjusted Revenue Rose 11 Per Cent in the Third Quarter. Its Adjusted Profit Fell 35 Per Cent, as Pay Held at 69.9 Per Cent of Revenue.
Partner ContentBusiness
Two Taps & Friends Puts Three Defense Lawyers on the Week's Biggest Cases. In Legal Media, Expertise Is the Product.
Two Taps & Friends, a weekly podcast and YouTube show, takes the week's biggest legal stories, from the Ilhan Omar investigation to the Luigi Mangione case, to a panel of three criminal defense lawyers who explain what the charges, filings and rulings mean.
Opponents Have Spent $304 Million to Defeat California's One-Time Billionaire Tax. That Is About 0.3 Per Cent of What Its Backers Say It Would Raise.
The state's own analyst says the tax would raise "tens of billions of dollars" and calls the amount very hard to predict. Two rival measures on the same ballot could cancel it even if it wins a majority.
Opinion Voices
Argument and analysis from our columnists
Featured Voices
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Cory Chamberlain
Senior Writer
AI Researchers Moved Their Date for Human-Level Machines 13 Years in One Survey. Nova Reach Founder Rishabh Singh Has Stopped Picking a Year.
JPMorgan Reports Tuesday After a Quarter With $5.6 Billion of One-Off Gains. Analysts Expect Revenue of About $51 Billion.
Devon Is Selling 4 Per Cent of Its Production for $4.2 Billion. The Buyer Has Now Made 10 Eagle Ford Deals Since 2023.
Alison Acosta
Technology desk (house byline)
South Korea Exported $115.3 Billion in October, 93.7 Per Cent More Than a Year Ago. Chips Supplied Almost Three-Quarters of the Increase.
DoorDash Will Pay $65 a Share, About $17 Billion, for Instacart. If Antitrust Law Blocks the Deal, DoorDash Owes Instacart $1.25 Billion.
Ford's Electric Unit Lost $1.06 Billion Last Quarter, a Quarter Less Than a Year Ago. Per Vehicle Shipped, the Loss Rose to About $31,000.
Daniel Okafor
Markets desk (house byline)
Florida Passed Its Property Tax Cut With 157,000 Votes to Spare. Wyoming and Oklahoma Said No, and Washington Kept Its Millionaires' Tax.
The Bank of England Raised Rates to 4 Per Cent, Its First Increase in 1,190 Days. Its Staff Expect Inflation Near 5 Per Cent by the Middle of Next Year.
Democrats Win Control of the House and Senate, Ending Unified Republican Government. For Business, the First Test Is the 11 December Funding Deadline.
Margaret Holloway
Leadership desk (house byline)
CVS Will Split Its 9,000 Drugstores From Aetna and Caremark. A Third of the Stores' Revenue Last Year Came From the Rest of CVS.
National Express's Owner Agreed to a 46p-a-Share Takeover Worth £308 Million. The Buyer Is Taking On a Company Valued at £2.3 Billion, and Most of That Is Debt.
Lagarde Will Leave the ECB on 7 February, Almost Nine Months Early. Three of the Six Seats on Its Executive Board Will Change Hands by the End of May.
Thomas Gutierrez
Media and Culture desk (house byline)
Ryanair Flew 6 Per Cent More Passengers and Earned 15 Per Cent Less. Next Year's Extra €2 Billion of Fuel Works Out to About €9 a Passenger.
The "Endless" Cruise Ship Paid $700 a Ton for Fuel Before the Iran War. It Stopped Sailing After Paying $2,000 to $3,000.
Two Taps & Friends Puts Three Defense Lawyers on the Week's Biggest Cases. In Legal Media, Expertise Is the Product.
The Story So Far
The Hormuz Closure29 stories
- 1 Nov OPEC+ Left Its December Oil Targets Unchanged. Brent Ended the Week at $117.64, $12.64 Above Washington's Forecast for the Quarter.
- 10 Oct Oil Fell on Trump's Pledge of No Iran Strike, Then Closed Higher on a Hurricane. Tanker Attacks Are Running at a Wartime High.
- 3 Oct Oil Is Up 61 Per Cent Since February. American Natural Gas Costs What It Did a Year Ago.
- 3 Oct The Trucking Companies Going Bankrupt Are Small. Diesel Is Paid in Days, Freight in Months.
- 3 Oct The G-7 Will Release 100 Million Barrels. Some May Already Have Been Promised in March.
- 29 Sept LNG Canada Will Double to 28 Million Tonnes. The Announcement Has a Date in the 2030s and No Price.
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Editors’ Picks
America Imported a Record $421 Billion in August. Without Computers, Chips and Telecom Gear, Imports Are Down This Year.
Schneider Is Paying a 42% Premium for PTC. The Price Is Still Below Where PTC Traded a Year Ago.
Customs Took In $333 Billion in Fiscal 2026. Refunds Sent About $147 Billion Back Out.
The Cranberry Brief