Your Evening Briefing

(Bloomberg) --

Shares of Walgreens and CVS dropped almost 9 percent as Amazon did just what those companies feared: entered the health-care business. The purchase of PillPack is expected to close by the end of the year. Sign up for Prime and get 30 Lipitor tablets free?

Here are today's top stories

Amazon's deal will immediately give the retail giant a nationwide drug network, threatening to upend the entire industry.

U.S. President Donald Trump and Russian President Vladimir Putin will meet July 16 for their first bilateral summit. Meanwhile, the investigation of potential collusion by Trump's campaign with Russia during the 2016 U.S. presidential election continues.

The FBI “is making unprecedented disclosures” to Congress about that investigation, Deputy Attorney General Rod Rosenstein told lawmakers Thursday. Some Republicans are demanding even more documents.

There's no clear favorite for the U.S. Supreme Court seat being vacated by Anthony Kennedy, but Trump has asked advisers about Utah Senator Mike Lee, a fervent opponent of abortion rights. Here are all the options. A key adviser, Chief of Staff John Kelly, may be headed for the door.

As word spread that an electric scooter rental company called Bird Rides was amassing $300 million from investors, one question has plagued onlookers in and outside Silicon Valley: Why?

Tesla began allowing Model 3 reservation holders to begin configuring their cars—for an extra $2,500. Consumers get to pick paint colors. Musk gets to collect extra cash.

What's Joe Weisenthal thinking? The Bloomberg news director found two things particularly interesting about the Democratic primary victory by Alexandria Ocasio-Cortez against a powerful House incumbent. One is that she calls for a Universal Jobs Guarantee—a legal right to a job. The other is that Ocasio-Cortez may herald a new era of how Democrats talk about spending, emphasizing that the main constraint faced by the government is political, not financial.

What you'll need to know tomorrow

What you'll want to read tonight

Three million batteries from the first generation of electric and hybrid vehicles are hitting retirement age, yet they aren’t bound for landfills. Instead, they’ll spend their golden years chilling beer at 7-Elevens in Japan, powering car-charging stations in California and storing energy for homes in Europe.

Your Evening Briefing

©2018 Bloomberg L.P.