Stephen Mellinger pleaded guilty to tax and fraud charges relating to a scheme that created $106 million in false deductions.

The health care giant's shares are down more than 50% in the last month. That's hurting the powerful U.S. stock-market index.

New jobless claims, a proxy for layoffs, increased to 6,508 in the week ending May 10, up from 6,426 the week before, the Labor Department said. U.S. unemployment claims remained ...