Advocate to operate clinics at Walgreens stores
The largest health system in Illinois is preparing to take over operations of more than 50 health clinics located in Walgreens stores across the Chicago area. Downers Grove-based Advocate Health Care and Walgreens announced the ownership change in January. A series of kickoff events to mark the new Advocate Clinics at Walgreens are planned for Wednesday. The 56 clinics cover eight counties: Cook, DeKalb, DuPage, Kane, Kendall, Lake, McHenry and Will. Patients at the walk-in clinics can receive physicals, vaccinations and travel immunizations, as well as treatment for common injuries and illnesses. Care is provided by nurse practitioners and medical assistants.
Southwest pilots’ union says no to adding more planes
DALLAS — The Southwest Airlines pilots’ union is seeking to block the company from adding new jets until both sides agree on a new contract. The Southwest Airlines Pilots Association says its current contract doesn’t cover pay and other terms for pilots who will fly the new Boeing 737 Max once Southwest starts receiving the planes next year. The union filed a complaint Monday in federal district court in Dallas. Southwest Airlines Co. spokeswoman Brandy King said that anything related to the 737 Max could be negotiated before the new planes arrive and so the union’s lawsuit is “unnecessary and premature.” Chicago-based Boeing says the new planes will use less fuel than current models, and Southwest is due to be the first airline to get them. The lawsuit is the latest sign of increasing tension between Dallas-based Southwest and its pilots. The two sides have been negotiating a new contract for four years — pilots rejected a company offer last year. Last week, the union went to court to get the right to post billboard advertisements critical of the company at Midway Airport. Southwest shares rose 67 cents to close Monday at $42.23.
Viking hedge fund bets big on Facebook, Amazon
Viking Global Investors bet big on Internet-related stocks in the first quarter. The hedge fund run by Andreas Halvorsentook a $2.3 billion stake in Facebook Inc., a new position that became its largest holding, according to a regulatory filing Monday. It acquired 870,000 Amazon.com Inc. shares, bringing its stake in the company to $2.04 billion as of March 31. Viking started a nearly $400 million position in JD.com., China’s second-biggest online retailer. Viking, which manages $29.3 billion, joined firms including Lee Ainslie’s Maverick Capital that are investing in Facebook. The social media giant rose 9 percent in the first quarter and reported sales and profits that blew past analysts’ estimates. In contrast, Viking’s purchases of Amazon and JD came in a quarter that saw the shares slump 12 percent and 18 percent, respectively. Viking acquired 20.1 million Facebook shares and 15.1 million shares of JD. It held 3.44 million shares of Amazon as of March 31, the filings show. Viking also started an $847.1 million holding in Eli Lilly & Co., purchasing 11.8 million shares. Like many funds reporting first-quarter holdings, Viking exited its entire stake in Valeant Pharmaceuticals International Inc. That was valued at $792 million as of Dec. 31. Viking’s long-short global equity fund fell 8.1 percent this year through April 22, Bloomberg reported.
