Healthy boost: Shares of CVS Health and Aetna are rising with the companies now saying they expect to close their $69 billion merger later this week. The companies say in regulatory filings that they have the final regulatory approval needed and expect to close on or around Wednesday. CVS Health Corp. had told investors earlier this month that it expected to close the deal for the nation’s third-largest health insurer before Thanksgiving. But its shares slipped last week after the drugstore chain and pharmacy benefits manager said it still lacked approval from two states. Read the full story.
Tapping the brakes: General Motors announced this morning that it plans to idle three car plants and two transmission plants in a bid to trim costs as the North American auto sector slows, The New York Times reports. The plants include a factory in Lordstown, Ohio, that makes the Chevrolet Cruze compact; the Detroit-Hamtramck plant, where the Chevrolet Volt, Buick LaCrosse and Cadillac CT6 are produced; and its plant in Oshawa, Ontario, which makes the Chevrolet Impala. The two transmission plants are in Baltimore and in Warren, Michigan. All five plants will halt production next year. Read the full story.
Bit by bit: With its plunge below $4,000 over the weekend, Bitcoin has now lost nearly a third of its value in just seven days. As The Wall Street Journal reports, it marks one of its worst weekly selloffs on record. The digital currency has now fallen by about 80% since peaking near $20,000 late last year. Many speculators have fled the market, as shown by falling trading volumes. And a split this month in a smaller currency called Bitcoin Cash has created tensions. Read the full story.
