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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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CVS and Cigna’s pharmacy benefit managers (PBMs), Caremark and Express Scripts, respectively, are suing Arkansas after the state signed a bill on April 16 that would ban vertical integration between PBMs and pharmacies. The companies filed two separate lawsuits on May 29th claiming the Arkansas law is unconstitutional and “unenforceable.”

CITE: https://tinyurl.com/2h47urt5

🟢 What’s up

• Papa John’s popped 7.45% on a report from Semafor that the pizza chain is being taken private.
• Oklo roared 29.48% higher after the nuclear power startup announced it has been conditionally selected to provide power to an Air Force base in Alaska.
• Dave & Buster’s Entertainment won big, jumping 17.74% after the gaming restaurant chain reported a lower-than-expected decline in same-store sales.
• General Motors rose 1.92% on the automaker’s announcement that it will spend $4 billion to make more cars in the US.
• SailPoint soared 14.66% after the cybersecurity company reported better-than-expected earnings last quarter and raised its fiscal forecast.
• Rigetti Computing rose 11.39% thanks to some optimistic comments from Nvidia CEO Jensen Huang.

What’s down

• GameStop tumbled 5.31% after the video game retailer revealed disappointing revenue growth last quarter, though it did report a profit.
• Chewy lost 10.98% despite beating Wall Street’s forecasts last quarter, likely due to the pet food retailer’s already-sky-high share price.
• SunRun sank 1.81% on a downgrade from Jefferies analysts, who think the solar power provider faces too many headwinds if residential demand drops.
• GitLab plunged 10.60% after the online software developer issued a worse-than-expected revenue forecast for the coming quarter.
• Lockheed Martin stumbled 4.26% after the Pentagon cut its order for new F-35 fighter jets in half.
• Steel stocks took it on the chin today thanks to a report that the US and Mexico are nearing a deal that would reduce the 50% tariff on steel imports. Cleveland-Cliffs fell 8.10%, Nucor lost 6.06%, and Steel Dynamics tumbled 2.82%.

CITE: https://tinyurl.com/tj8smmes

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

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