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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Aetna, CVS’s health insurance arm and the third largest payer in the US, is struggling amid higher medical costs and lower Medicare Advantage star ratings. After CVS reported a nearly 40% YoY drop in operating income in its Q2 2024 earnings released on August 7th, President and CEO Karen Lynch announced the company will replace Aetna’s president, Brian Kane, and initiate a $2 billion cost-savings plan.

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

What’s up

• Nvidia jumped 4.08% after it was named a top “rebound” stock by Bank of America.
• Keycorp leaped 9.24% on the news that the Bank of Nova Scotia will invest $2.8 billion in the company.
• Robinhood Markets rose 3.46% due to an upgrade from Piper Sandler analysts who say the company’s sudden decline gives it an attractive entry point.
• Monday.com popped 14.78% thanks to a strong earnings report from the software maker, due in no small part to sealing the largest deal in company history.
• Barrick Gold soared 9.36% after beating earnings estimates on both the top and bottom lines thanks to the rising price of gold.

What’s down

• Jetblue Airways descended 20.66% after 1) it unveiled plans to raise $3 billion in debt, and 2) it was downgraded by both S&P and Moody’s.
• Qualcomm slid 0.97% thanks to a downgrade by Wolfe Research due to fears of oncoming competitions from Apple.
• Hawaiian Electric Industries sank 14.06% on the news that it has issued a going-concern warning—meaning it’s probably going out of business.
• Marathon Digital dipped 11.27% after it revealed plans to issue $250 million in convertible debt.
• Albemarle stumbled 6.90% after an absolutely terrible earnings report thanks to the declining price of lithium.

Here’s where the major stock benchmarks ended:

• The S&P 500^®  index (SPX)added 0.23(0.00%) to 5,344.39; the Dow Jones Industrial Average^® ($DJI) fell 140.53 points (–0.36%) to 39,357.01; the NASDAQ Composite rose 35.30points (0.21%) to 16,780.61.
• The 10-year Treasury note yield (TNX) fell three basis points to just under 3.91%.
• The CBOE Volatility Index^® (VIX) increased 0.34 points (1.67%) to 20.71.

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Stat: 8.2%. That’s the percentage of people in the US without health insurance in the first quarter of 2024. (Healthcare Dive)

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Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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Filed under: Drugs and Pharma, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors | Tagged: Aetna, DJIA, DOW, Health Insurance, Marcinko, Medicare Advantage, NASA, NASDAQ, Part C, S&P 500, SPX, textbooks, TNX, VIX, WSJ |