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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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Stocks Up

• One more group of stocks that soared on a Trump election: Big Tech companies with antitrust problems. Another Trump presidency should go a long way toward clearing up the regulatory hurdles many companies have faced recently, which is why Alphabet popped 3.99% and Amazon rose 3.8%.
• CVS Health surged 11.33% after meeting revenue forecasts but missing earnings expectations. However, the miss was due to a one-time charge, so shareholders quickly forgave the healthcare retailer.
• Planet Fitness gained 6.09% on a surprise bid for bankrupt fitness chain Blink Holdings in an attempt to bolster its own gym business.

Stocks Down

• Super Micro Computer had a chance to show the world it wasn’t committing the fraud it has recently been accused of. Instead, the company announced it is still unable to determine when it will file the quarterly report due August 29. Shares crashed 18.05%.
• Home builder stocks sank on fears that a Trump presidency will slow the rate of Fed rate cuts, keeping mortgage rates higher for longer. DR Horton fell 3.8%, Lennar dropped 4.84%, Pulte Group lost 3.09%, and Toll Brothers tumbled 1.46%.
• Cannabis stocks were betting big on a ballot measure in Florida to allow the sale of recreational marijuana. The initiative’s failure sent shares of Curaleaf plummeting 29.17%, Trulieve Cannabis plunged 38.8%, and Ayr Wellness sank 55.87%.

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Here’s where the major benchmarks ended:

• The S&P 500^® index (SPX) rose 146.28 points (2.53%) to 5,929.04; the Dow Jones Industrial Average^® ($DJI) added 1,508.05 points (3.57%) to 43,729.93; and the NASDAQ Composite^® ($COMP) gained 544.29 points (2.95%) to 18,983.47—a new closing high. 
• The 10-year Treasury note yield (TNX) surged 14 basis points to 4.43%, its highest level since July.
• The CBOE Volatility Index^® (VIX) fell sharply to 16.3 as election-related uncertainty diminished.

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

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