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Company News: GlaxoSmithKline, Banks, Michael Kors, Costco, Coca-Cola, JPMorgan Chase

• Chinese investigators say GlaxoSmithKline (GSK) and other unnamed drugmakers used bribes and sexual favors to win a bigger slice of the world’s fastest-growing pharmaceutical market. In a statement, Glaxo said it is “deeply concerned” by allegations that it worked with Chinese travel agencies to launder nearly half a billion dollars in illegal payments. Its revenue in China climbed 17 percent last year to $1.1 billion.

Bank of America (BAC) posted a better-than-expected $4 billion quarterly profit—a 63 percent jump—extending a streak of bullish earnings reports from U.S. lenders. Net income at Goldman Sachs (GS) almost doubled, while Citigroup (C) logged a 42 percent profit jump. Banks have been buoyed by greater demand for stocks, rising home prices, and big reductions in the amounts they must set aside to cover bad loans.

Michael Kors Holdings (KORS) is suing Costco Wholesale (COST) for a “bait-and-switch” promotion of products that the warehouse retailer allegedly wasn’t authorized to sell. Costco is already in a battle with Tiffany (TIF) over whether the engagement rings it sells can bear the jeweler’s name.

Coca-Cola (KO) blamed a shaky economy in Europe and unseasonably cold, rainy weather for a 4 percent drop in second-quarter profit. Coke saw only a 1 percent increase in volume sales, far less than expected. In the U.S., consumers continued to cool on sugary soft drinks, though they increasingly thirst for Coke’s juices and teas.

JPMorgan Chase (JPM) and U.S. regulators reportedly are near a record settlement to resolve allegations that the bank rigged energy markets in California and the Midwest. Barclays (BCS) faces a $435 million fine for similar charges.

Stock is an associate editor for Twitter: @kylestock

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