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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

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HAPPY FLAG DAY

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Wells Fargo found that some of its employees were pretending to work — and sent them packing. More than a dozen employees in the bank’s wealth and investment management divisions were discharged last month “after review of allegations involving simulation of keyboard activity creating impression of active work,” Bloomberg reported citing disclosures filed with the Financial Industry Regulatory Authority (FINRA).

CITE: https://www.r2library.com/Resource

Here’s where the major benchmarks ended:

• The S&P 500 index gained 12.71 points (0.2%) to 5,433.74; the Dow Jones Industrial Average lost 65.11 points (0.2%) to 38,647.10; the NASDAQ Composite rose 59.12 points (0.3%) to 17,66756.
• The 10-year Treasury note yield (TNX) fell about 5 basis points to 4.246%.
• The CBOE Volatility Index^® (VIX) declined 0.10 to 11.94.

What’s up

• Broadcom rose 12.27% to a new all-time high after a great quarterly earnings report and the announcement of a 10-for-1 stock split.
• Super Micro Computer popped 12.44% as it rode AI hype and Broadcom’s coattails higher today.
• GameStop rose 14.18% after Keith Gill, aka Roaring Kitty, seemingly closed out a large chunk of his options position in the stock. Oh, and the company’s servers crashed during its shareholder meeting today due to overwhelming interest.
• John Wiley & Sons rose 12.11% after the publisher of the beloved For Dummies book series announced it’s using its content to train AI models. Is there nothing AI can’t do???

What’s down

• Virgin Galactic fell 14.28% after the company announced a 1-for-20 reverse stock split, a necessary evil in order to remain listed on the NYSE.
• Warner Bros Discovery sank 6.66% after the company announced a deal to sell its shares of the Formula E racing series to Liberty Global.
• Signet Jewelers plunged 14.93% after the company announced lower-than-expected sales and earnings last quarter.
• Sirius XM fell 3.61% on speculation that the once-hot stock could be cut from the Nasdaq 100 in an upcoming rebalancing.
• Dave & Busters Entertainment slumped 10.94% after it missed on top and bottom line earnings expectations this quarter. No word yet if gambling on skee ball games with your buddies can save the company.

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On Monday, private equity giant KKR jumped 12% after S&P Dow Jones Indices announced the company would be joining the index yesterday, along with CrowdStrike and GoDaddy, which saw their stocks jump 9% and 2%, respectively. The additions will be incorporated June 24.

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