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Amazon on Thursday posted better-than-expected revenue and profits for the second quarter, sending its stock higher in after-hours trading NEW YORK -- Amazon on Thursday posted better-than -expected revenue and profits for the second quarter, sending its stock higher in after-hours trading. The e-commerce giant earned $6.7 billion, or 65 cents per share, for the three-month period ended June 30, much higher the $3.64 billion industry analysts surveyed by FactSet had anticipated. Amazon had reported a loss during the same period last year, driven by a big loss on its investment in electric vehicle start-up Rivian Automotive. Its profits for the second quarter include a pre-tax valuation gain of $0.2 billion in its Rivian investment. The company, which has been on a cost-cutting spree over the past few months, said overall revenue was $134.4 billion, up 11% from the same period last year and beating analyst expectations of 8.5% growth. “It was another strong quarter of progress for...

CVS Health topped second-quarter expectations, but the health care giant’s profit sank as pricing pressure hurt its drugstores and a jump in care use hit the insurance side CVS Health topped second-quarter expectations, but the Health care giant's profit sank as pricing pressure hurt its drugstores and a jump in care use hit the insurance side. The company also booked a $496 million, pretax restructuring charge to cut costs and improve efficiency. CEO Karen Lynch told analysts Wednesday that charge was tied partly to eliminating about 5,000 jobs that don't involve dealing with customers. The Wall Street Journal reported the cuts earlier this week. CVS Health says it employs more than 300,000 people. About 73% are full-time. CVS Health runs prescription drug plans through one of the nation’s largest pharmacy benefits managers. Its Aetna insurance arm covers more than 25 million people, and the company has nearly 10,000 drugstores. The cuts make sense because the business has...