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In brief

CVS earnings, sales rise

CVS Caremark Corp.’s third-quarter net income climbed 7 percent as a long-term contract and an acquisition gave it more pharmacy network claims to process.

The company that employs approximately 400 at a mail order fulfillment center in Hanover Township reported net income of $868 million, or 65 cents per share, for the three months that ended Sept. 30.

Adjusted earnings were 70 cents per share, above analyst expectations for 67 cents, according to FactSet.

Revenue grew 12 percent to $26.67 billion.

AMD announces job cuts

Advanced Micro Devices Inc. is cutting about 1,400 workers as a weak computer market and manufacturing delays have hurt the second-biggest maker of microprocessors for PCs.

The layoffs announced Thursday amount to about 12 percent of the company’s 12,000 workers and are the first big move by AMD’s new CEO, Rory Read, who was hired from Lenovo Group in August.

Most of AMD’s business comes from PCs, and it doesn’t have a meaningful presence in smartphones and tablets.

Strong sales at Starbucks

Starbucks Corp.’s fiscal fourth-quarter profit jumped nearly 29 percent on stronger sales of its coffee in its cafes and at other retailers.

The Seattle-based coffee company reported Thursday that it earned $358.5 million, or 47 cents per share. That’s up from $278.9 million last year. After adjusting for one-time items, the company earned 37 cents versus 32 cents last year.

Revenue rose 7 percent to $3 billion.

Stocks rally on news

News that Greece will scrap a referendum on unpopular budget cuts and an unexpected interest rate cut in Europe sent the Dow Jones industrial average up nearly 210 points Thursday, the second day in a row of big gains.

The European Central Bank surprised markets by cutting its benchmark interest rate a quarter of a percentage point, to 1.25 percent. The bank had increased its key rate twice this year, but that was before Mario Draghi took over as head of the bank this week. The announcement sent European stock indexes higher as investors hoped that lowering borrowing costs would help prevent a recession.

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