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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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What’s up

• Zoom Video Communications zoomed 12.97% higher after beating earnings estimates and raising its revenue forecast for the year.
• Crocs gained 1.04% after Williams Trading upgraded the company from Hold to Buy and boosted its price target to $163 from $135.
• Deutsche Bank climbed 3.38% thanks to an announcement that it has reached a settlement with the majority of plaintiffs in its long-running case regarding its Postbank acquisition a decade ago.
• Paramount Global rose 0.81% after its special committee extended its “go shop” period ahead of its potential merger with Skydance.

What’s down

• Advance Auto Parts plummeted 17.47% thanks to a massive earnings miss this quarter and management’s prediction that earnings will drop for the rest of the year.
• Nvidia fell 3.70% after it came to light that investors and insiders like CEO Jensen Huang keep selling their shares of the company.
• Charles Schwab dropped 0.46% after TD Bank announced it will sell part of its stake in the company to cover recent fines.
• Williams-Sonoma sank 9.21% due to a poor earnings report as consumers slow their spending with the home goods retailer.
• Wolfspeed declined 5.38% after the chipmaker revealed that slowing EV sales had hurt its bottom line and that it’s closing one of its manufacturing plants to cut costs.

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Here’s where the major benchmarks ended:

• The S&P 500 index (SPX) lost 50.21 points (–0.89%) to 5,570.64; the Dow Jones Industrial Average^® ($DJI) fell 177.71 points (–0.43%) to 40,712.78; the NASDAQ Composite^®($COMP) dropped 299.63 points (–1.67%) to 17,619.35. 
• The 10-year Treasury note yield rose about eight basis points to 3.86%, roughly the midpoint of its recent range.
• The CBOE Volatility Index^® (VIX) climbed moderately to 17.66, the highest close since August 13.

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