DAILY UPDATE: Turn Key Health, Intel, Coke and Eli Lilly

Posted on August 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The FDA said shortages of Eli Lilly’s popular weight loss and diabetes drugs are over.

Coca-Cola must pay $6 billion in back taxes and interest to the Internal Revenue Service, a federal tax court ruled. Coke is appealing but will pay the bill for now.

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Stat: 40.1%. That’s the percentage of people in the US who said they had “a lot of trust” in physicians and hospitals in January 2024, down from 71.5% in April 2020. (JAMA Network Open)

Quote: “We can usher people here and they can get the help that they need because the hospitals are clearly overwhelmed.”—Yolanda Gales, a program director with a Maryland County mobile crisis response team, on the opening of the county’s first 24/7 mental health centers (the Washington Post)

Read: One report says that dozens of incarcerated patients died while under the care of Turn Key Health Clinics. (the Marshall Project)

Careers in care: Indeed has a dedicated job board for healthcare pros. It features employers with top company ratings for your perusing pleasure. Check it out.*

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Stocks plunged Friday as an unexpectedly bleak jobs report had investors second-guessing the Fed’s decision to wait until September to cut interest rates. Intel suffered its worst drop in 50 years and traded at its lowest price since 2013 after it missed on earnings, announced major layoffs, and suspended its dividend.

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

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DAILY UPDATE: Wells Fargo and Record Stock Market Sell Off

Posted on August 3, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major benchmarks ended:

  • The S&P 500® (SPX) index dropped 100.12 points (-1.8%) to 5,346.56, and finished down 2.1% for the week; the Dow Jones Industrial Average® ($DJI) dropped 610.71 points (-1.5%) to 39,737.26, and finished down 2.1% for the week; the NASDAQ Composite®($COMP) fell 417.98 points (-2.4%) to 16,776.16, and ended down 3.4% for the week.  
  • The 10-year Treasury note yield (TNX) fell to 3.79%, the lowest close since last December 27.
  • The CBOE Volatility Index® (VIX) rose to 23.66, the highest close since March 2023 after topping 29, a nearly two-year high, intraday.

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What’s up

What’s down

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Wells Fargo wealth management client is suing the company for alleged breach of fiduciary duty related to its cash sweep program, which pays customers interest rates as low as 0.05% on their uninvested cash.

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DAILY UPDATE: Intel, Colon Cancer, Fewer Cardiologists and UnitedHealth Tactics as the Stock Markets Tank!

Posted on August 2, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Stat: $895. That’s the out-of-pocket cost for a blood test that screens for colon cancer, which may receive more widespread insurance coverage now that it has FDA approval. (CNBC)

Quote: “There’s no question that the health statistics of rural America are worse than the health statistics of more urban America.”—Robert Harrington, a cardiologist and dean of Weill Cornell Medicine, on the lack of cardiologists in rural parts of the US (the Washington Post)

Read: Critics say that UnitedHealth has used questionable tactics and exploitation to achieve dominance in healthcare. (Stat)

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Intel is slashing 15% of its staff as part of a $10 billion plan to reduce costs, the tech company announced in its second-quarter earnings Thursday.

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What’s up

What’s down

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

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DAILY UPDATE: Rite Aid, Walgreens, CVS and Blood Drops as Technology Stock Rise

Posted on August 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Five years after Theranos went dark, a couple of startups have managed to develop the futuristic tech, according to the Wall Street Journal.

  • Becton Dickinson developed a finger-prick device to collect drops of blood.
  • Babson Diagnostics made a machine that analyzes blood obtained through Becton’s device. It runs routine tests that you’d get at the doctor with one-tenth of the amount of blood that a traditional vein collection requires.

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Here’s where the major benchmarks ended:

  • The S&P 500® (SPX) index climbed 85.86 points (1.6%) to 5,522.30; the Dow Jones Industrial Average® ($DJI) rose 99.46 points (0.2%) to 40,842.79; the NASDAQ Composite®($COMP) added 451.98 points (2.6%) to 17,599.40.
  • The 10-year Treasury note yield (TNX) dropped four basis points to just under 4.11%. 
  • The CBOE Volatility Index® (VIX) fell to 16.36.

What’s up

  • Starbucks rose 2.65% despite missing sales forecasts, with shareholders instead focusing on bullish business projections from management.
  • Boeing ascended 2.05% in a surprise turnaround after announcing subpar earnings. Investors are enthusiastic about the appointment of Robert Ortberg as the new CEO.
  • Match Group swiped right 13.21% after the company announced plans to reduce headcount in order to help offset lower subscriber numbers.
  • DuPont rallied 4.10% as the chemical company’s turnaround plans seem to be bearing fruit.
  • Arista Networks soared 11.32% thanks to high demand from AI users for the company’s data centers.
  • AutoNation revved 6.30% higher due to impressive growth in spite of a massive car dealership cyberattack earlier this year.

What’s down

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Rite Aid has been in Chapter 11 bankruptcy since October and has closed nearly 700 locations. CVS (CVS) and Walgreens (WBA) have managed to stay solvent, but both companies have been closing stores as well.

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DAILY UPDATE: Healthcare Costs, Lobbyists and Private Equity as Technology Drowns

Posted on July 31, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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In the second quarter, 14 healthcare organizations spent more than a million dollars lobbying the federal government for healthcare policy change, led by the American Hospital Association and AARP.

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Sen. Ed Markey (D-Massachusetts) and Rep. Pramila Jayapal (D-Washington) introduced strengthened legislation to rein in the actions of private equity firms that invest in healthcare facilities. The Health Over Wealth Act would require PE firms to put out reports on the facilities’ pay of executives, set up escrow accounts and receive a license from the Department of Health & Human Services prior to investing in healthcare facilities.

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The Federal Open Market Committee (FOMC) meeting ending tomorrow is widely expected to conclude with no interest rate move. Instead, it could serve as a platform to help prepare market participants for a possible cut at the September meeting.

Here’s where the major benchmarks ended:

  • The S&P 500® (SPX) index lost 27.1 points (–0.5%) to 5,436.44; the Dow Jones Industrial Average® ($DJI) climbed 203.4 points (0.5%) to 40,743.33; the NASDAQ Composite®($COMP) fell 222.78 points (–1.3%) to 17,147.42. 
  • The 10-year Treasury note yield (TNX) dropped about two basis points to 4.14%.
  • The CBOE Volatility Index® (VIX) jumped to 17.77, not far below last week’s highs.

What’s up

  • Paypal popped 8.59% after announcing impressive earnings and proving it’s got nothing to fear from Apple’s moves into the online payment world.
  • JetBlue Airways soared 12.31% thanks to a surprise profit last quarter rather than the loss analysts expected.
  • Affirm Holdings rose 2.31% due to an upgrade from “neutral” to “buy” from Bank of America analysts.
  • Tenable Holdings surged 9.30% after the cybersecurity company made it clear it’s willing to take acquisition offers.
  • F5 jumped 12.99% thanks to a beat-and-raise earnings report.

What’s down

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Visualize: A key measure of employer healthcare costs is poised for its biggest annual increase in more than a decade as more people use mental health care and get prescriptions for new, expensive drugs—yes, including Ozempic—according to a new PwC report.

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MICROSOFT DOWN: Online Outage Hit Again After Global IT Meltdown

Posted on July 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

BREAKING NEWS

Story by Andrew Griffin • 4h ago

By Staff Reporters

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Microsoft’s online service have been hit by another outage, days after an IT meltdown that brought much of the world to a halt. The company said it was investigating reports of user problems accessing its services, with some reporting being unable to access email and other functions.

An alert on the technology giant’s service status website said it was looking into a “network infrastructure” issue that was impacting access to Microsoft services.

The incident comes less than two weeks after a major global IT outage knocked global infrastructure including transportation and healthcare services offline because of a flawed software update from cybersecurity firm CrowdStrike affected Microsoft devices.

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DAILY UPDATE: Bank Debt and Flat Stock Markets

Posted on July 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major benchmarks ended:

  • The S&P 500® (SPX) index rose 4.44 points (0.1%) to 5,463.54; the Dow Jones Industrial Average® ($DJI) slipped 49.41 points (–0.1%) to 40,539.93; the NASDAQ Composite®($COMP) gained 12.32 points (0.1%) to close at 17,370.20. 
  • The 10-year Treasury note yield (TNX) fell roughly five basis points to just under 4.18%.
  • The CBOE Volatility Index® (VIX) finished nearly steady but still elevated at 16.59.

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

What’s up

What’s down

  • Abbott Laboratories sank 0.45% after it was ordered to pay $495 million in damages for failing to warn of the risks to premature infants drinking its formula, a far higher number than analysts expected. Shares of its peer Reckitt Benckiser fell 8.65% in sympathy.
  • Arm Holdings slipped 5.07% after an HSBC analyst downgraded the company due to its sky-high valuation.
  • Heineken fell 8.18% thanks to slower beer sales in key markets, as well as the poor performance of its investment in Chinese brewer CR Beer.
  • Loews slid 1.47% due to an announcement that CEO James Tisch will step down after 25 years at the helm.
  • 3M dropped 1.56%, falling back to Earth after the stock enjoyed its best day of trading ever last Friday.

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

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Three BOTS of Artificial Intelligence

Posted on July 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

A.I. and Computers

By Staff Reporters

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  • Google revealed its answer to ChatGPT: an “experimental conversational AI service” called Bard that’s currently in testing mode.
  • Microsoft (which invested in ChatGPT) announced its own surprise event scheduled for later today in order to “share some progress on a few exciting projects.”
  • Chinese tech giant Baidu confirmed it’s on track to introduce its AI chatbot, known as “Ernie Bot” in English, in March.

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LAUGH -or- CRY?

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IAN BEAN MD

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DAILY UPDATE: Technology Stocks

Posted on July 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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A magnificent earnings week is on tap: Four of the Magnificent Seven—Microsoft, Meta, Amazon, and Apple—will drop their reports throughout this week.

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Technology stocks were down last week but investors are encouraged by signs that 2024’s rally—which had been underpinned by a handful of Big Tech companies—is spreading to a broader swath of the market. For instance, the industrial focused Dow Jones Industrial Average has gained for four straight weeks, and the small-cap Russell 3000 is now up 14% this year. All eyes will be on the upcoming Federal Reserve meeting and the busiest earnings week of the season.

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Donald Trump pledges to make the US “the crypto capital of the planet.” The former president pitched himself as the pro-crypto candidate in a keynote speech at the Bitcoin 2024 conference in Nashville. He told the audience that, if elected, he’d fire SEC Chair Gary Gensler (whom the crypto community accuses of waging a war on crypto) and install regulators friendly to digital tokens. He also said he’d create a strategic national crypto stockpile as part of a plan to make the US the “bitcoin superpower of the world.”

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Consider two numbers: $568.34 and $60.09. The first is Zoom’s highest closing stock price, from October 2020; the second is its stock price today. That’s an 89% decline, caused by more workers heading back into the office (even Zoom employees) and competition from rival products by Microsoft and Google.

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

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DAILY UPDATE: Hacking Hospitals and Urinary Catheter Scam as Broad Stock Markets Gain

Posted on July 27, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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According to a recent report in the Washington Post, a $3 billion scam involving urinary catheters has brought to light serious flaws in Medicare, prompting strong calls for reform.

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Here’s where the major benchmarks ended:

  • The S&P 500 rose about 60 points (1.1%) to 5,459.10; the Dow Jones Industrial Average was up 654 points (1.6%) at 40,589.34; the NASDAQ Composite ended 176 points higher (1.0%) at 17,357.88.
  • The 10-year Treasury note yield (TNX) fell five basis points to 4.197%.
  • The CBOE Volatility Index® (VIX) slipped 10% to 16.56.

What’s up

What’s down

  • Dexcom plummeted 40.66% after management cut the diabetes monitoring company’s full-year revenue guidance.
  • Biogen sank 7.15% after European regulators denied marketing authorization for the pharma company’s new Alzheimer’s drug.
  • Weight Watchers fell 12.50% after Morgan Stanley analysts downgraded the company from overweight to equal weight based on the long-term headwinds it faces from obesity drugs.

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The US is raising alarm bells about a North Korean hacking group that broke into NASA, two US Air Force bases, and several defense companies.  The FBI, NSA and State Department just called out the North Korean hacking group “Andariel” for committing cyber espionage and using ransomware attacks on US hospitals to fund its operations. 

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Stat: 524. That’s how many employees Optum is laying off in California. (Becker’s Health IT)

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DAILY UPDATE: The US Economy of KH and Medicare [Part C] with Mixed Stock Markets

Posted on July 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The Wall Street Journal explores what Kamala Harris as president would mean for the economy. (the Wall Street Journal)

  • Q2 GDP was shockingly strong, with today’s reading of 2.8% growth outpacing the 2.1% economists expected.
  • The Japanese yen is rising while US tech stocks are falling.
  • You’re in my seat: Southwest Airlines is getting rid of its open seating arrangement and shifting to assigned seats.
  • 32 charts that tell you everything you need to know about markets midway through 2024 at a glance.
  • The Fed should cut interest rates at next week’s meeting, according to the former president of the Federal Reserve Bank of New York.
  • Bill Ackman is trying to turn social media stardom into profit.

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Here’s where the major stock market benchmarks ended:

  • The S&P 500® index (SPX) fell about 28 points (0.5%) to 5,399.22; the Dow Jones Industrial Average® ($DJI) rose 81 points (0.2%) to 39,935.07; the NASDAQ Composite ended 161 points lower (0.9%) at 17,181.72.
  • The 10-year Treasury note yield (TNX) dropped four basis points to 4.255%.
  • The CBOE Volatility Index® (VIX)declined 0.6% to 17.94.

What’s up

What’s down

  • Universal Music Group tumbled 23.54% after subscription and streaming revenues fell well short of analyst expectations.
  • Ford plummeted 18.40% for the automaker’s worst day of trading since 2009 after it missed profit expectations and provided no positive forecast for the quarters ahead.
  • Lululemon slid 9.09% thanks to a downgrade from Citi analysts from “buy” to “neutral” predicated on a sales slowdown.
  • Royal Caribbean sank 7.61% after the company indicated that it’s facing a slowdown in demand.
  • Edwards Lifesciences crashed 31.27% thanks to a mixed earnings report, as well as management’s guidance that sales for its key heart valve replacement therapy will sink next quarter.

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Thousands of seniors are losing coverage at local hospitals as problems plague Medicare Advantage. Lower payout rates for Medicare and Medicaid are sparking insurance companies to leave certain areas and change coverage options across the country.

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DAILY UPDATE: Digital Therapeutics, FSEDs, Medical Costs and the NASDAQ Collapse

Posted on July 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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You’ve heard of an emergency department and an urgent care center, but have you heard of a freestanding emergency department (FSED)? While only 1% of FSEDs were freestanding in 2001, that figure jumped to 11% in 2016, totaling 566 facilities nationwide. The concept of FSEDs dates back to the 1970s, when these facilities provided emergency care to people in rural areas who didn’t have convenient access to hospitals. In 2001, there were only 50 FSEDs in the US—now there are about 745, according to 2018 research by the Emergency Medicine Network, which Herscovici worked on.

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Here’s where the major benchmarks ended:

  • The S&P 500 fell about 129 points (2.3%) to 5,427.13; the Dow Jones Industrial Average shed 504 points (1.3%) to 39,853.87; the NASDAQ Composite ended 655 points lower (3.6%) at 17,342.41.
  • The 10-year Treasury note yield (TNX) rose four basis points to 4.291%.
  • The CBOE Volatility Index® (VIX) surged 23% to 18.13.

What’s up

  • Enphase Energy gained 12.80% despite missing earnings estimates as investors cheered management’s very positive forecast for the solar company’s future.
  • AT&T phoned in a 5.22% pop after reporting a stronger than expected increase in its number of wireless subscribers, a key metric its competitor Verizon recently missed on.
  • Mattel rose yet another 9.80% as takeover rumors continue to swirl, with reports that rival toy maker Hasbro could place a competing bid.
  • Seagate Technology jumped 4.02% thanks to a strong earnings report from the hardware maker.

What’s down

  • Visa slid 4.01% after missing analyst estimates for revenue thanks to slower consumer spending.
  • AMC Entertainment Holdings fell 7.68% after the company tried to get ahead of bad news and released preliminary earnings that impressed nobody.
  • Vertiv Holdings sank 13.64% despite beating earnings estimates, with investors seemingly worried about the AI play’s sky-high valuation.
  • General Dynamics stumbled 3.32% thanks to fewer deliveries of its high-end jets last quarter.
  • Lamb Weston dropped like a hot potato, plunging 28.24% after the frozen food supplier announced earnings well below expectations and forecast a terrible second half of the year.

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The Centers for Medicare and Medicaid Services (CMS) proposed CPT payment codes for some digital therapeutics products for the first time, potentially paving a pathway toward widespread reimbursement for the nascent industry.

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In 2025, medical costs are projected to increase 8% in the group market and 7.5% in the individual market—the highest levels seen in 13 years—according to an analysis from consulting firm PwC’s Health Research Institute. The anticipated rise is mainly pinned on inflationary pressure, expensive pharmaceuticals, and an increasing number of patients seeking mental health care, analysts found.

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DAILY UPDATE: Ardent Health IPO, Davita Settles, Amex Reports with Choppy Stock Markets

Posted on July 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Stat: 13%. That’s how much millennial and Gen Z spending increased year over year, according to American Express earnings released last week. Amex reported slower growth in travel and entertainment compared to the previous quarter, but restaurant spending “remained strong.” (PYMNTS)

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Here’s where the major stock market benchmarks ended:

  • The S&P 500 fell about 9 points (0.16%) to 5,555.69; the Dow Jones Industrial Average shed 57 points (0.14%) to 40,358.09; the NASDAQ Composite ($COMP) ended 10 points lower (0.06%) at 17,997.35.
  • The 10-year Treasury note yield (TNX) was unchanged at 4.255%.
  • The CBOE Volatility Index® (VIX) decreased about 2% to 14.62.

What’s up

What’s down

  • UPS delivered a 12.05% dip, falling to new all-time lows after missing analyst earnings expectations, as well as cutting its revenue forecast.
  • NXP Semiconductors plunged 7.58% on management’s poor revenue forecast for the coming quarter, despite meeting expectations this quarter.
  • Comcast sank 2.58% on a mixed earnings announcement that saw the company beat on earnings but miss revenue thanks to a slow theme parks segment.
  • GM stalled 6.43% despite announcing solid earnings—investors didn’t like to hear management note that the second half of the year will be a lot tougher.

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Kidney care giant DaVita has agreed to pay nearly $34.5 million to settle allegations that it paid kickbacks for referrals to its former DavitaRx subsidary.

And … Ardent Health was targeting a $300 million IPO but raised just $192 million.

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DAILY UPDATE: UnitedHealth Group and PBMs as Technology Stocks Soar

Posted on July 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major stock market benchmarks ended:

The Cboe Volatility Index® (VIX) fell sharply to 14.91.

The S&P 500® index (SPX) rose 59.41 points (1.1%) to 5,564.41; the Dow Jones Industrial Average® ($DJI) climbed 127.91 points (0.3%) to 40,415.44; the NASDAQ Composite® ($COMP)jumped 280.63 points (1.6%) to 18,007.57. 

The 10-year Treasury note yield (TNX) added two basis points to 4.26%.

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What’s up

What’s down

  • Crowdstrike withered another 13.46% as the fallout from what’s being hailed as the largest IT outage in history continues to punish the stock.
  • Trump Media & Technology Group dipped 0.83% during the trading session after President Biden’s announcement that he’s dropping out of the presidential race.
  • Verizon sank 6.04% after whiffing on its earnings report, missing on revenue thanks to customers holding on to their old phones for longer.
  • Ryanair crumbled 15.41% following an earnings report that revealed the company’s earnings after taxes sank an eye-watering 46% last quarter.
  • Starbucks dropped 3.43% on a report by the Wall Street Journal late last week that activist investor Elliott Investment Management has taken a stake in the coffee chain.

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The US House of Representatives Committee on Oversight and Accountability is holding a hearing tomorrow, bringing in PBMs from around the US to testify on “their role in rising healthcare costs.” The hearing comes soon after an FTC report found PBMs to have an “outsized influence” on drug pricing.

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The February cyberattack on a UnitedHealth Group subsidiary may have exposed the health data of one in three Americans, but the nation’s largest health insurance company by market cap and revenue returned to profitability in the second quarter, beating Wall Street expectations and reporting net income of $4.2 billion.

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CORPORATE EARNINGS REPORT: Week

Posted on July 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Earnings announcements are a public statement of a company’s profitability for a specific period of time, such as a quarter (90 days) or a year. Equities research analysts will issue estimates of the company’s earnings numbers prior to its announcement date, which is generally set weeks or months in advance. If a company releases better results than analysts predict, its share price will generally rise after the announcement. Below you will find a list of public companies announcing their earnings results this week.

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Earnings reports to feast on them this week. About one-quarter of S&P 500 companies will release their Quarter 2nd financials, including Alphabet, Coca-Cola, Tesla, UPS, Visa, Chipotle, Comcast, GM, and Southwest Airlines.

And if you have room for more economic data, the government will release its first estimate of Q2 GDP on Thursday and an important inflation gauge on Friday.

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DAILY UPDATE: Starbucks, Crowdstrike, US Banks and Charles Schwab

Posted on July 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Shares of Charles Schwab (NYSE: SCHW) fell over 15% last week, according to data from S&P Global Market Intelligence. One of the largest brokerages posted slow growth and poor earnings as the company deals with low-yielding assets on its balance sheet. As of 1:31 p.m. ET on Friday, July 19th, Charles Schwab stock was down 17.5% this week.

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Activist investor Elliott Investment Management has reportedly built up a substantial stake in Starbucks and has been pushing the coffee chain to improve its stock price.

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Markets: The S&P 500 logged its worst week since April as investors pulled back from Big Tech stocks. CrowdStrike fell because causing a global IT outage is not good (more on that in a sec).

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In a recent video, finance YouTuber Lena Petrova highlighted the troubling financial state of U.S. banks as they report significant losses and increase their reserves to cover a surge in loan delinquencies. With the second quarter results rolling in, it’s evident that the banking sector is under considerable strain.

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DAILY UPDATE: Crowdstrike Price, Banks and Healthcare

Posted on July 21, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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CrowdStrike saw its share price plummet Friday, although it is still up ~24% YTD. At $74.2 billion, CrowdStrike has the second-largest market cap in the IT security industry, behind only Palo Alto Networks ($107.1 billion), and reported $900 million in revenue for the quarter ending in April, per Reuters. It’s got ~29,000 customers, which is part of why the outage caused so much havoc.

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Crowdstrike Banks: Some traders at JPMorgan Chase, UBS, Bloomberg, and other financial institutions couldn’t execute orders yesterday morning, with one unnamed senior trader telling the Financial Times that it was “the biggest upset in years.”

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Crowdstrike Healthcare: Many hospitals—including some of the largest in Europe and the US—were forced to cancel all elective operations, routine appointments, and walk-ins, and online portals for most UK general practitioners went down.

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DAILY UPDATE: Public Companies and the Stock Market Software Snafu Wraps Up Worst Week Since April

Posted on July 20, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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42,500. That’s how many people died in car accidents in 2022, which experts believe was exacerbated during the Covid-19 pandemic, as reckless driving worsened and traffic enforcement decreased. (KFF)

“These attacks and breaches of data can literally mean the difference between life and death for patients, significantly impact hospital operations, and—with the average hack costing millions to address—increase healthcare prices across the board.”—Sen. Angus King about a bill he co-sponsored to improve cybersecurity in healthcare (Healthcare Dive)

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) dropped 39.59 points (–0.7%) to 5,505.00 and ended down 1.97% for the week, its worst weekly performance in three months; the Dow Jones Industrial Average® ($DJI) slipped 377.49 points (–0.9%) to 40,287.53 on Friday and finished up less than 1% for the week; the NASDAQ Composite® ($COMP)fell 144.28 points (–0.81%) on Friday to 17,726.94 and lost 3.65% for the week.
  • The 10-year Treasury note yield (TNX) rose four basis points to nearly 4.24% and finished up for the week, partly on worries about possible U.S. tariffs and their potential impact on inflation.
  • The CBOE Volatility Index closed at 16.47 after climbing above 17 intraday for the first time since late April.
  • Markets sagged under the weight of a massive IT outage, accentuating a selloff that was already in motion. All three indexes spent the day in the red, with the S&P 500 capping off its worst week since April and the NASDAQ snapping its six-week win streak.
  • The CBOE Volatility Index, a gauge of investor fear, rose to its highest level since April. The VIX is up over 25% in the last five days alone, as the small-cap rotation rally sputtered to a halt.
  • Oil took a big blow today as US Secretary of State Anthony Blinken said a cease-fire between Israel and Hamas is nearly complete.
  • Gold sold off as well as investors not only took profits after the commodity hit a new all-time high this week, but also began to rotate into riskier assets in light of a likely Fed rate cut.

What’s up

What’s down

  • SunPower transformed into a stock submarine, sinking 55.01% after the company made it clear it’s about to go out of business.
  • American Express fell faster than a greased pig on skates, sliding 2.68% after beating bottom line expectations but missing on revenue.
  • Plug Power turned into a lead balloon, descending 13.87% after management declared a $200 million stock offering.
  • Halliburton crumbled like a cookie, dropping 5.63% following a mixed earnings report that saw the fracking giant fall short of revenue expectations.
  • Travelers journeyed to the center of the Earth, burrowing 7.73% after beating earnings expectations, missing on revenue, and revealing that catastrophe losses came in higher than hoped.
  • Comerica sank like a stone, plummeting 10.50% due to lower net interest income last quarter and forecasts of lower interest income in the quarters ahead.

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It’s common for patients to delay or skip medical care due to high costs in the US—but data shows that fewer adults have done so in recent years.

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DAILY UPDATE: Public Companies and the Stock Market Technology Sell-Off

Posted on July 19, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The S&P 500 and NASDAQ both continued to sink under the weight of a tech selloff today, with semiconductors leading the way down. But even the Dow and Russell 2000, which have been the clear winners of the recent rally, took a beating today as investors assessed what a market rotation really means for them. 10-year Treasury yields bounced from recent lows as investors try to read between the lines of a full week of Fedspeak. Gold and oil both sold off a bit more today, though both remain near recent highs.

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What’s up

What’s down

  • Domino’s Pizza sank 13.42% after it missed earnings expectations last quarter and warned it will open fewer stores for the rest of 2024.
  • Beyond Meat tanked 10.32% on a report from the Wall Street Journal that management is in talks to restructure the company’s debt.
  • Eli Lilly slid another 6.24% as its selloff continues thanks to news that rival Roche Holdings is on its way to developing a weight-loss pill.
  • Nokia dropped 7.05% after posting its worst quarterly sales since 2015. Seems like nobody is buying phones with the shape and durability of a brick any more.

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Here’s where the major benchmarks ended:

  • The S&P 500 index fell 43.68 points (–0.78%) to 5,544.59; the Dow Jones Industrial Average® ($DJI) lost 533.06 points (–1.29%) to 40,665.02; the NASDAQ Composite gave up 125.70 points (–0.7%) to 17,871.22.
  • The 10-year Treasury note yield (TNX) rose about four basis points to 4.18%.
  • The CBOE Volatility Index climbed sharply to 15.9, its highest close since late April.

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DAILY UPDATE: UnitedHealth, Aetna, Long Covid and Physician Burnout as NASDAQ Collapses

Posted on July 18, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The Dow surged another 240 points as the cyclical rotation continues, sending the index to its 22nd record closing high of the year. The S&P 500 had its worst day since late April, while the NASDAQ slumped to its worst finish since December 2022. The last time the Dow rose on the same day the S&P 500 fell by more than 1% was all the way back in 1999. Gold hit a record high yesterday on hopes of a rate cut, not a hike. Oil bubbled up thanks to an Energy Information Administration report highlighting higher demand and lower crude inventories. Bond yields stayed steady throughout the trading session before sinking slightly 20-year Treasury bond auction.

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) fell 78.93 points (–1.39%) to 5,588.27; the Dow Jones Industrial Average added 243.6 points (0.59%) to 41,198.08; the NASDAQ Composite plunged 512.41 points (–2.77%) to 17,996.92.
  • The 10-year Treasury note yield (TNX) dropped just below 4.15%.
  • The CBOE Volatility Index jumped sharply to 14.48.

What’s up

  • VF Corp. rose 13.64% on the news that it is selling its Supreme brand to EssilorLuxottica for $1.5 billion.
  • Roche soared 7.55% after the Swiss pharmaceutical company announced it has made strides in developing a weight-loss and diabetes treatment that uses a pill rather than an injection. Competitors sank on the news, with Eli Lilly declining 3.78% and Novo Nordisk falling 3.87%.
  • GitLab popped 9.34% on a report that the software developer is exploring a sale, potentially to cloud company Datadog, whose shares fell 7.35%.
  • Johnson & Johnson rose a tepid 3.67% thanks to a mixed earnings announcement that included beating expectations this quarter but warning of lower profits ahead.

What’s down

  • Spirit Airlines descended 10.76% to a new all-time low after warning that both earnings and revenue will come in lower than expected this coming quarter.
  • Five Below plummeted 25.05% after its CEO, who has helmed the company for over a decade, announced his departure smack in the middle of a very difficult year.
  • J.B. Hunt tanked 6.88% thanks to a poor second-quarter earnings report in which earnings and revenue came in well below analyst expectations.
  • Charles Schwab fell yet another 5.34% as the hits keep coming. Today, the culprit was a price target downgrade from Bank of America analysts.
  • Elevance Health slipped 5.96% despite beating analyst expectations this quarter, but warning that Medicaid membership declined.

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UnitedHealth Group has bounced back in the second quarter, reaffirming its guidance for the year as it posts a profit of $4.2 billion. 

An audit of Aetna Health of Texas found significant errors in how the health plan calculated the qualifying payment amount for air ambulance services, raising more questions over broader noncompliance in the industry for the No Surprises Act.

And … clinical decision software company Regard pocketed $61 million in series B funding to scale its reach in healthcare as investors have a growing appetite for AI-powered startups.

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A study published in JAMA this month found that nearly 7% of the US population (or roughly 18 million people) have had long Covid. Symptoms of the condition vary widely, but often include fatigue, brain fog, and post-exertional malaise (meaning symptoms worsen after minimal exertion), according to the CDC. Booster shots may help protect against long Covid, the JAMA study suggested.

And, President Joe Biden tested positive for COVID-19 while campaigning in Las Vegas with ‘mild symptoms’.

Physician burnout is on the decline after spiking to unprecedented levels during the Covid-19 pandemic, according to a survey from professional group the American Medical Association (AMA).

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DAILY UPDATE: Apple, Macy’s, Goldman, Banks, Companies and the Roaring DJIA

Posted on July 17, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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  • The Dow jumped 700 points at one point today, its biggest single-day surge this year. The S&P 500 spent the entire trading session in positive territory, ending the afternoon at another record close, while the NASDAQ was flat most of the day as tech stocks sat out the rally.
  • Bitcoin continued to surge, rising as high as $65,191 as predictions of a second Trump presidency helped erase the cryptocurrency’s recent losses.
  • Gold hit a new record as hopes of a rate hike continue to rise, while oil sank on the news of slower economic growth in China translating to lower demand for crude.
  • The Russell 2000 enjoyed its 5th straight gain of 1% or more for the first time since 1979 as small caps make their comeback (more on that below).

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Apple released public beta versions of the newest software for iPhone, Mac, iPad, and Apple Watch. Macy’s ended talks of a buyout with investment firms Arkhouse Management and Brigade Capital Management after months of wrangling. Goldman Sachs was the latest big bank to benefit from rebounding investment banking fees as deals start making a comeback.

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

Despite such challenges as high interest rates, a sluggish M&A market, and increased regulatory scrutiny, bank executives are feeling optimistic about the road ahead. That’s according to KPMG’s 2024 US Banking Industry Outlook Survey, published last month, which polled 200 senior executives at US banks of varying sizes in March 2024.

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

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 35.98 points (0.64%) to 5,667.20; the Dow Jones Industrial Average® ($DJI) climbed 742.76 points (1.85%) to 40,954.48; the NASDAQ Composite® ($COMP) added 36.77 points (0.2%) to 18,509.34.
  • The 10-year Treasury note yield (TNX) fell slightly to just under 4.17%.
  • The CBOE Volatility Index® (VIX) ticked up to 13.19, still near three-week highs.

What’s up

  • Match Group climbed 7.46% after activist investor Starboard Value revealed it has taken a 6.6% stake in the matchmaking company.
  • Bank of America rose 5.35% on strong earnings, and management’s expectation that the bank’s net interest income will rise this year.
  • UnitedHealth Group popped 6.49% after beating analyst earnings estimates, missing revenue expectations, and most importantly, avoided higher costs after a recent cyberattack.
  • Shopify surged 8.57% thanks to an analyst upgrade from “neutral” to “buy” on the company’s turnaround efforts. Shares of Etsy rose 6.33% in sympathy.
  • GRAIL boomed 24.76% on the news that it is kicking off the clinical trials of its new cancer detection test.
  • Home builders’ hot streak continues: Hopes of a rate cut are fueling a rally for home builder stocks, with D.R. Horton up 6.64%, Lennar rising 6.55%, KB Home gaining 7.17%, and Builders FirstSource popping 8.11%.

What’s down

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DAILY UPDATE: PBMs Scrutinized as Companies Report and Stock Markets Rotate

Posted on July 16, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Though the accountant shortage is still a concern, a shortage of AI and tech skills might be a more pressing issue right now. That’s according to a pulse survey by consulting firm RGP and YouGov, which polled 213 US financial professionals at the director level and above this June.

Read: What do you do when you hit your insurance deductible? Some people throw parties. (the New York Times)

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 15.87 points (0.28%) to 5,631.22; the Dow Jones Industrial Average® ($DJI) climbed 210.82 points (0.53%) to 40,211.72, a new record-high close; the NASDAQ Composite® ($COMP) added 74.12 points (0.4%) to 18,472.57. 
  • The 10-year Treasury note yield (TNX) gained four basis points to just below 4.23%.
  • The CBOE Volatility Index® (VIX) increased to 13.14, its highest close since June 24.

What’s up

  • Bitcoin-related stocks rose alongside the crypto rally today, with Coinbase up 11.39% and Microstrategy climbing 15.36%.
  • Gun manufacturers always rise after a major shooting incident, and the assassination attempt on Donald Trump certainly meets that criteria. Sturm, Ruger & Company jumped 5.44%, and Smith & Wesson rose 11.38%.
  • Stelco Holdings rocketed 73.98% higher on the news that the Canadian steelmaker will be acquired by Cleveland Cliffs for $2.8 billion.
  • AutoNation popped 2.01% on the news that it’s cutting $1.50 off of its EPS for the latest quarter due to the CDK cyberattack. Apparently getting ahead of the bad news is actually good news?

What’s down

  • Macy’s sank 11.76% after the department store’s board voted to end acquisition negotiations with activist investors Arkhouse and Brigade.
  • Burberry fell 16.08% after a poor quarterly report, a profit warning, and the ousting of its CEO.
  • AES plummeted 10.01% thanks to a storm cutting power to thousands of the utility company’s customers throughout Ohio.
  • SolarEdge Technologies dropped 15.36% after the company announced it will lay off 400 employees to improve profitability. Shares of solar competitors slumped in sympathy: First Solar fell 8.50%, Sunrun sank 8.95%, and Sunnova Energy fell 9.96%.

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

The Federal Trade Commission (FTC) frequently sets its sights on healthcare, which has previously included efforts to crack down on data privacy and ban noncompetes in contracts. Lately, the agency has turned its attention to pharmacy benefit managers (PBMs)—the groups that negotiate drug prices between insurers and pharmaceutical manufacturers—to shed light on how they impact the healthcare industry.

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Stat: 23.5%. That’s how much Covid-related emergency room visits increased in a week at the beginning of this month. (CDC)

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DAILY UPDATE: Delta Airlines with Stock Market Recap

Posted on July 15, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Americans are traveling in record numbers this summer, but Delta Air Lines said Thursday that it saw second-quarter profit drop 29% due to higher costs and discounting of base-level fares across the industry. The airline is also predicting a lower profit than Wall Street expects for the third quarter.

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Dramatic photos from the aftermath of the Trump shooting.

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  • Markets: Stocks swung upward finishing the week strong. The Dow closed above 40,000 for the second time ever. And, investors expect the stock market to get a jolt of volatility this week following the assassination attempt on former President Trump, and trades linked to his victory in November (such as a rising US dollar) could see an uptick. For example, Trump has fashioned himself into a pro-crypto candidate, and bitcoin spiked above $62,000 after the shooting.
  • Finance: Big banks kicked off the Q2 earnings season, with JPMorgan, Citigroup, and Wells Fargo reporting. Investment banking revenue was up as deals have started coming back, even as continued high interest rates took a toll on their loan and deposit businesses. Wells Fargo, which relies most on the businesses hit by inflation, saw its profit drop year over year. Investors are wary: All three banks’ stock fell.

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Alphabet is close to acquiring cybersecurity startup Wiz, according to the Wall Street Journal. The $23 billion purchase price would be the largest in the company’s history.

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JUNE: Men’s Mental Health Month

Posted on July 14, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Mental Health America is proud to recognize June as Men’s Health Month. So, if you think you or a loved-one may be experiencing signs of a mental illness, visit www.mhascreening.org to take a free, quick and confidential screen for depression, bipolar disorder, anxiety, PTSD, and/or Alcohol or Substance Use problems.  

Put a doctor in your pocket (and skip the waiting room)

Caraway is an app that delivers mental, physical, and reproductive health services tailored to 18- to 29-year-olds. Start therapy, fill prescriptions, answer immediate health concerns, and more—anytime, anywhere, 24/7. Lock in limited-time pricing of $20/month or $180/year (your first 30 days are free!)

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GAP BETWEEN A.I. AND BEDSIDE: Participatory Workshop on the Barriers to the Integration, Translation, and Adoption of Digital Health Care and AI Startup Technology Into Clinical Practice

Posted on July 13, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The study examines the challenges of integrating new technologies in clinical practice, identified four primary barriers: insufficient knowledge of health system technology procurement protocols, which can vary across facilities; strict regulations and clinical trial requirements; obstacles in the health system technology procurement process; and competitive disadvantages for smaller startups.

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DAILY UPDATE: Pfizer, MSFT and the NASDAQ Collapse

Posted on July 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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As drugs like Wegovy and Zepbound that help people slim down have enlarged its competitors’ bottom lines, Pfizer has struggled to keep up. But now it’s moving forward with the development of a once-daily version.

Here’s where the major benchmarks ended:

  • The S&P 500 index fell 49.37 points (0.8%) to 5,584.54; the Dow Jones Industrial Average® ($DJI) rose 32.39 points (0.1%) to 39,753.75; the NASDAQ Composite® ($COMP) collapsed and lost 364.04 points (1.95%) to 18,283.41 but remains up 22% year to date. The SPX is still up 17% this year.
  • The 10-year Treasury note yield dropped eight basis points to 4.19%.
  • The CBOE Volatility Index® (VIX) climbed to 12.99.

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

  • More specifically, the S&P 500 and NASDAQ broke their winning streaks today, closing in the red for the first time in over a week—though both did hit intraday highs at one point. The Dow finished the afternoon in the green, just barely.
  • Gold breached $2,400, and is closing in on a record high of $2,449.89 set back in May.
  • Oil rose on today’s CPI news, with the idea being that if inflation slows and the Fed cuts rates then economic activity will pick up, as will demand for crude.
  • Bond yields sank on CPI data while prices rose.

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According to the Wall Street Journal, Microsoft abandoned its post as an observer on the board after realizing it was bothering antitrust officials who were looking into the relationship between the two companies. Apple, which was expected to take a similar seat on the OpenAI board, will reportedly no longer do s

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77% of Surveyed ACOs Use 6 or More EHR Systems

Posted on July 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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77% of Surveyed ACOs Use 6 or More EHR Systems

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All roads lead to the EHR - MedCity News

According to a recent AJMC survey of 163 MSSP ACOs

 •  Just 9% of surveyed ACOs use a single EHR system throughout their entire organization.
 •  77% of surveyed ACOs use 6 or more EHR systems.
 •  Among the 37% of Medicare Shared Savings Program ACOs with 16 or more EHR systems, concerns about EHR-based quality measures include access to data, standardization of data elements, and cost of integrating across systems.

Source: AJMC, “Use of Electronic Health Record Systems in Accountable Care Organizations”, January 18th 2022

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DAILY UPDATE: Tesla, PBMs, Medicare Part C and the Hot Stock Markets

Posted on July 11, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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A day before the June CPI report, major indexes extended their rally amid growing demand for semiconductors and rate cut hopes.

  • The S&P 500 rose above 5,600 for the first time ever, only a few short days after breaking above 5,500, with the index hitting a new record for the last seven straight trading sessions. The NASDAQ also enjoyed a solid day as well thanks to strong performances by tech stocks, while even the Dow got in on the action and ended the session in the green.
  • Bond yields stayed almost right where they’ve been all week as investors hold their breath ahead of tomorrow’s key CPI reading.
  • Gold rose as investors hope for a strong CPI report to point the Fed toward more rate cuts, while oil rose as well thanks to a stronger-than-expected outlook on global demand from OPEC.

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The Centers for Medicare & Medicaid Services (CMS) announced in June it would recalculate 2024 Medicare Advantage (MA) star ratings for all plans after two court rulings called into question the agency’s method for determining this year’s ratings. The decision is estimated to cost the federal agency roughly $1 billion in additional bonus payments for insurers, according to healthcare analytics firm Cotiviti. The move comes after several large insurers laid off employees in late 2023 after their star ratings decreased.

HIPAA: Some groups are disputing a proposed federal rule that would require hospitals to report cybersecurity incidents, saying they want it to also include insurers and third-party vendors. (Healthcare Dive)

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

What’s up

  • Taiwan Semiconductor rose 3.54% after it reported that its June revenue fell 10% month over month, but its sales rose roughly 33% year over year.
  • Advanced Micro Devices popped 3.87% on the news it is acquiring Silo AI, the largest private artificial intelligence lab in Europe, for $665 million.
  • Carvana drove 4.21% higher after Needham analysts upgraded the stock from “hold” to “buy” due in part to new features at checkout highlighting EVs. Competitor CarMax jumped 6.42% in sympathy.
  • Aehr Test Systems rocketed 24.01% after the semiconductor testing equipment maker raised earnings guidance thanks to strong AI demand.
  • Smart Global Holdings rose 26.27% thanks to earnings that beat Wall Street expectations in the third quarter and a strong outlook for the rest of the year.

What’s down

  • LegalZoom plummeted 25.35% to a new all-time low after the company cut its outlook and its CEO stepped down.
  • HubSpot sank 12.24% on a report that Alphabet is no longer interested in acquiring the company.
  • Intuit dropped 2.57% on the news that the tax prep company is cutting 10% of its workforce.
  • Deckers Outdoor fell 4.86% after M Science analysts published a note cautioning that sales for key brands UGG and HOKA fell in June.
  • Ziff Davis fell 10.32% after the digital media company tried to get ahead of the bad news and pre-announced that second-quarter earnings will fall below analyst expectations.
  • Fast-casual restaurant stocks continued to sink today as investors grow more concerned about lower consumer spending and higher valuations. CAVA Group fell 5.47%, Sweetgreen dropped 1.72%, and Dutch Bros fell 4.34%.

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Tesla’s US electric car market share fell below 50% in Q2 for the first time, according to estimates by the research firm Cox Automotive.

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In a scathing report, the Federal Trade Commission accused [PBMs] pharmacy benefit managers—the companies that act as go-betweens for drug makers and consumers—of jacking up drug prices

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DAILY UPDATE: Mike Bloomberg, Arianna Huffington and Andreessen Horowitz as Stock Markets Tread Lightly

Posted on July 10, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Most medical students at Johns Hopkins University won’t have to pay tuition anymore thanks to a $1 billion gift from Michael Bloomberg.

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Here’s where the major benchmarks ended:

  • The S&P 500 index®(SPX) rose 4.13 points (0.1%) to 5,576.98; the Dow Jones Industrial Average® ($DJI) fell 52.82 points (0.1%) to 39,291.97; the NASDAQ Composite® ($COMP) climbed 25.55 points (0.1%) to 18,429.9.
  • The 10-year Treasury note yield increased two basis points to 4.29%.
  • The CBOE Volatility Index® (VIX) inched up to 12.49, still near recent lows.

What’s up

  • Tesla rose 3.71%, putting the company squarely in the green year to date as investors continue to celebrate the automaker’s strong delivery numbers.
  • Corning rose yet another 3.76%, extending the glassmaker’s gains as it quickly becomes the new hot AI stock du jour.
  • Kymera Therapeutics shot 23.40% higher after its partner Sanofi gave the go-ahead for further studies of its experimental skin disease treatment.
  • Jumia Technologies soared 29.79% after Benchmark analysts initiated coverage of the African e-commerce company with a “buy” rating.
  • Sony rose 4.46% on the news that it has nothing to do with the merger of Paramount and Skydance as shareholders celebrate dodging a Paramount-shaped bullet.

What’s down

  • Albemarle dropped 8.76% after Baird analysts warned that lower lithium demand will translate to lower profits for the miner in its upcoming second quarter.
  • BP sank 4.80% after management warned of lower-than-expected profits and a writedown of its German refining facility to the tune of up to $2 billion.
  • Helios Technologies fell 10.94% on the news that the CEO of the industrial manufacturer had been placed on paid leave for potentially violating the company’s code of ethics.
  • Helen of Troy plummeted 27.73% after the Hydro Flask maker announced terrible earnings and lowered its fiscal year outlook.
  • UiPath fell 6.90% on the announcement that the software company will cut 10% of its workforce.

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OpenAI’s venture fund and Arianna Huffington’s Thrive Global are jointly funding a new startup that aims to build an AI health coach to promote healthier lifestyles.

Function Health, a health tech company focused on preventive medicine, recently closed a series A round led by Andreessen Horowitz (a16z) Bio + Health along with a slew of celebrity investors.

And … made possible by the American Rescue Plan, the Biden administration is putting $27.5 million toward women’s behavioral health.

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CYBERSECURITY: Healthcare Podcast

Posted on July 10, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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“Victims of cyber extortion and ransomware increase in 2024”

By Dan Raywood for SC Magazine, July 8, 2024.
https://www.scmagazine.com/news/victims-of-cyber-extortion-and-ransomware-increase-in-2024

“…small businesses with fewer than 1,000 employees are four times more likely to be impacted by attackers than medium and large businesses.” That’s us, Doc. (You might not get this kind of news from the American Dental Association).

DARRELL PRUITT DDS

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Protecting Healthcare: Unveiling the Cybersecurity Imperative

Podcast: A Conversation with Dan Dotson

RICH HELPPIE The Common Bridge

EDITOR’S NOTE: I first met Rich in B-school, when I was a student, back in the day. He was the Founder and CEO of Superior Consultant Holdings Corp. Rich graciously wrote the Foreword to one of my first textbooks on financial planning for physicians and healthcare professionals. Today, Rich is a successful entrepreneur in the technology, health and finance space.

-Dr. David E. Marcinko MBA MEd CMP®

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DAILY UPDATE: Health Insurers & Hospital Mergers with Light Stock Market Trading

Posted on July 9, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Here’s where the major benchmarks ended:

The CBOE Volatility Index® (VIX) climbed slightly to 12.37.

The S&P 500 index®(SPX) rose 5.66points (0.1%) to 5,572.85; the Dow Jones Industrial Average® ($DJI) dropped 31.08 points (0.1%) to 39,344.79; the NASDAQ Composite® ($COMP) gained 50.98 points (0.3%) to 18,403.74.

The 10-year Treasury note yield (TNX) was roughly flat at 4.27%.

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What’s up

  • Intel popped 6.15% after an analyst at Melius Research declared the company could be one of the big AI winners in the second half of this year.
  • Morphic Holding skyrocketed 75.06% on the news that Eli Lilly will acquire the drugmaker for $3.2 billion in cash.
  • SolarEdge climbed 9.26% thanks to an upgrade from “underperform” to “neutral” by Bank of America analysts, who see big upside and few downside risks ahead.
  • Corning rose 11.98% after management raised earnings guidance for the coming quarter thanks to higher demand due to the AI boom.
  • Lucid rose 7.85% on the news that its deliveries rose 70% in the second quarter.

What’s down

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

Stat: 27. That’s a tally of some of the hospital mergers, acquisitions, joint ventures, affiliations, and partnerships that have been canceled since January 2022. (Becker’s Hospital Review)

Read: Health insurers received $50 billion from Medicare for diseases that doctors did not treat over three years, according to a recent analysis. (Wall Street Journal)

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DAILY UPDATE: Earnings Season, the FOMC, Threads and Boeing

Posted on July 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Wall Street is counting down the hours until Friday, which is when Q2 earnings season kicks off. Investors are hoping anyone besides Big Tech will post impressive results to keep the rally going. Although the stock market has set record after record this year, it’s mostly been the work of tech giants. As of Tuesday, about 40% of S&P 500 companies were in the red for 2024.

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Federal Reserve Chair Jerome Powell will give updates on the economy to Congress on Tuesday and Wednesday, where he’ll likely be asked about the prospect of interest rate cuts. Those plans could become clearer on Thursday, when the consumer price index inflation report drops.

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Meta’s Twitter clone, Threads, has 175 million monthly users one year after its launch, CEO Mark Zuckerberg said.

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Boeing will plead guilty to a criminal fraud charge stemming from two fatal crashes of 737 Max planes and pay an additional $243.6 million fine, allowing it to avoid a criminal trial sought by victims’ families. More here.

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HEALTH INFORMATION TECHNOLOGY: Ransomware and Bankruptcy!

Posted on July 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Bad things can happen in paperless practices, Doc

By Darrell Pruitt DDS

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“Illinois Hospital First To Shut Down Completely After Ransomware Attack”

-By Karl Bode for Techdirt, Jun 16th 2023.

“Such attacks can have a chain reaction on already broken hospitals and health care systems. Health care workers are sometimes forced to resort to pen and paper for patient charts and prescriptions, increasing the risk of potentially fatal error. Delays in care can also prove fatal. And ransomware is only one of the problems that plague dated medical IT systems whose repair is being made increasingly costly and difficult by medical health care system manufacturers keen on monopolizing repair.”

Remember the MCNA (Managed Care of North America) data breach that was reported by Bill Toulas in Bleeping Computer on May 29th? There have been new developments.

LINK: https://www.bleepingcomputer.com/news/security/mcna-dental-data-breach-impacts-89-million-people-after-ransomware-attack/?fbclid=IwAR29pojexxoxDrrjIbcQqAAgnw17L5xqMXGxCnnDk_ZL0-kIv2PCniVaG0Y

“Patients of a Florida-based dental insurance provider brought a proposed class action lawsuit alleging negligence over a ransomware data breach that leaked the private information of more than 8.9 million people on the dark web, saying they face a lifetime risk of having their identities stolen.”

–David Minsky for Law 360

[June 16th, 2023]

If you are still using paper records, don’t change now.

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META: Violating the DMA?

Posted on July 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Europe can’t stop penalizing US tech firms.

The European Union or EU has charged Meta with violating its Digital Markets Act (DMA), a new law regulating digital platforms, through its “pay or consent” model. That model, which Meta introduced in November to comply with the DMA, allowed European users of Instagram and Facebook to pay for a subscription instead of seeing ads. The EU now says these options prevent users from consenting to the use of their personal data.

Meta is the second US-based Big Tech company to be charged for violating the DMA, after Apple got nailed last week.

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DAILY UPDATE: Home Health and Nurse Vacancies as Stock Markets Reach New Highs

Posted on July 6, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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As home hospital programs continue to grow—employment in the home health industry is projected to increase by nearly 30% by 2029—so does the concern that home healthcare professionals are increasingly vulnerable to assault and harassment.

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

Here’s where the major benchmarks ended:

  • The S&P 500 index® (SPX)rose 30.17 points (0.54%) to 5,567.19; the Dow Jones Industrial Average® ($DJI) rose 67.87 points (0.17%) to 39,375.87; the NASDAQ Composite® ($COMP) climbed 164.46 points (0.9%) to 18,352.76.
  • The 10-year Treasury note yield (TNX) dropped nearly seven basis points to just below 4.28%.
  • The CBOE Volatility Index® (VIX) increased slightly to 12.45.

What’s up

  • Meta Platforms rose 5.88% a day after CEO Mark Zuckerberg posted a video of himself wearing a tux, holding an American flag and a beer, and wakeboarding. Shareholders apparently approve of such an absolute stud running the company.
  • Koss Corp. rose another 25.68% as the latest meme stock continues to rally for no reason at all.
  • Macy’s popped 9.48% after bidders looking to acquire the beleaguered retailer raised their offer from $6.6 billion to $6.9 billion.
  • Smith & Nephew rose 6.67% on the news that activist investor Cevian Capital has taken a 5% stake in the medical device maker.
  • Instructure Holdings rose 5.25% on the news that a bidding war is building for the education software company.

What’s down

  • Nvidia fell 1.91% after it received a rare analyst downgrade due to the company’s valuation.
  • Southwest sank 5.67% on the first full trading day after the company adopted a “poison pill” to fend off activist investor Elliott Management.
  • Budget airline companies took a blow after a Raymond James analyst downgraded the industry due to a “clear as mud” outlook for the third quarter. Frontier Group fell 6.79%, while Spirit Airlines dropped 8.70%.
  • Crypto-related stocks tumbled after bitcoin fell below $54,000 at one point today, though they recovered alongside the cryptocurrency later in the trading session. Coinbase Global fell 0.56%, Robinhood Markets dropped 0.98%, and MicroStrategy fell 1.56%.

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

Stat: 9.9%. That’s the current vacancy rate for nurses in the US, down from 15.7% in 2023. (2024 NSI National Health Care Retention & RN Staffing Report)

PBMs: How pharmacy benefit managers are “driving up drug costs for millions of people, employers, and the government.” (the New York Times)

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DAILY UPDATE: Non-Competes Pause as Stock Markets Rise

Posted on July 5, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Wednesday’s stock market trading was brief but sweet—the S&P 500 and NASDAQ closed at records in a half-day session. The stock market was closed yesterday for the Fourth of July, but will reopen today with all eyes on the June jobs report to be released this morning. It’s expected to show more cooling in the labor market, which would reinforce the FOMC is likely plan to cut interest rates this fall.

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A federal court temporarily paused a ban on noncompetes from taking effect in September, ruling that the FTC overstepped its authority in April when it ordered a halt to the clauses affecting 30 million Americans. The ban on noncompetes was intended to allow workers like doctors and nurses to move jobs more easily and boost wages in the process, but businesses opposed it on the grounds that competitors could poach their employees and they’d lose valuable trade secrets.

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DAILY UPDATE: Walmart, HHS and Geriatrics as Companies and Stock Market Still Rise

Posted on July 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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HAPPY JULY FOURTH

The S&P 500 broke above 5,500 yesterday and stayed there for the first time in market history, notching yet another all-time high for the index—its 32nd this year alone. With so much bullishness it’s understandable that investors may be wondering if we’re at the top yet, but chartists suggests gains tend to beget gains. The bulls have too much momentum to stop now—and if/when the FOMC cuts rates later this year, it seems likely that we’ll see more all-time highs in 2024? Any thoughts.

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The Biden administration has awarded $206.3 million of funding to clinician training programs across 42 universities and provider organizations to bolster the nation’s geriatrics care workforce. Programs will be able to integrate geriatrics training into primary care and will work to educate older adults’ families on their care needs. Health and Human Services, in its announcement, noted that primary care providers are a crucial source of care for much of the aging population.

As Walmart shutters its primary care clinics, the retail giant inked a deal to sell its MeMD telehealth business to health tech startup Fabric. Fabric provides a telemedicine platform for a range of customers, including provider groups, with the goal of improving the clinician and patient experience, as well as operational efficiency. The acquisition will expand its provider network, add virtual behavioral health to the company’s services and build on Fabric’s employer and payer solutions.

And…The U.S. Supreme Court has overturned the Chevron deference, stripping power from federal agencies to interpret and enforce regulations. Courts no longer have to defer to reasonable agency interpretations. One healthcare attorney told Fierce Healthcare he predicts the Centers for Medicare & Medicaid Services will be under a microscope from the courts going forward, and there will be more scrutiny towards provider reimbursement cuts, drug pricing regulation and the Inflation Reduction Act.

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Here’s where the major benchmarks ended:

  • The S&P 500 index®(SPX)rose 28.01 points (0.51%) to 5,537.02; the Dow Jones Industrial Average® ($DJI) fell 23.85 points (-0.1%) to 39,308.00; the NASDAQ Composite® ($COMP) gained 159.54 points (0.9%) to 18,188.30.
  • The 10-year Treasury note yield (TNX) dropped seven basis points to 4.36%.
  • The CBOE Volatility Index® (VIX) held steady at 12.09.

What’s up

What’s down

  • First Foundation plummeted 23.81% after the bank announced it will raise $225 million to shore up a balance sheet burdened by commercial real estate loans.
  • Constellation Brands fell 3.76% after the alcoholic beverage maker reported stronger than expected earnings but missed Wall Street’s expectations on revenue.
  • Simulations Plus slid 14.87% after it reported strong third-quarter earnings but announced it’s cutting its dividend.
  • CureVac popped then dropped 6.59% after GSK bought the rights to the smaller pharma company’s Covid-19 and flu vaccines for $1.6 billion.

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DAILY UPDATE: Pitch-Book Health Companies, SCOTUS and the Peaking Stock Markets

Posted on July 3, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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SCOTUS: Two technology company cases involving Texas and Florida laws challenging social-media companies’ content moderation were sent to lower courts. SCOTUS thus effectively granted the companies a victory. The Supreme Court isn’t willing to blow up the internet just yet.

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PitchBook released its analysis of digital health venture capital deals done in the first quarter. The first quarter saw downturns in telehealth and digital therapeutics, but opportunities exist in mental health chatbots and care search platforms.

Amedisys, a large home health provider, plans to divest a number of care centers to an affiliate of VitalCaring Group in advance of its planned merger with UnitedHealth Group later this year.

And … ACOs may soon be able to take a breath of fresh air, as CMS shared that it has no intention of punishing them for a $2 billion urinary catheter fraud scandal that rocked the industry.  

What’s up

  • Tesla rose another 10.06% today, continuing its push higher thanks to quarterly car deliveries that beat Wall Street’s expectations. Rivian Automotive rose 6.82% today after beating projections for their own deliveries as well.
  • Paramount Global rose 5.97% on a report from the New York Times that Barry Diller’s IAC may be exploring an acquisition of the embattled entertainment company. IAC fell just 0.26%.
  • Archer Aviation popped 8.92% after the air taxi manufacturer received a $55 million investment from Stellantis.
  • Oliveda International is up 19.81% today after the olive oil company announced massive quarterly revenue growth at a key subsidiary.

What’s down

  • Chewy fell yet another 2.24% as fallout from Roaring Kitty’s stake in the company continues to rattle investors.
  • Pure Storage plunged 4.15% after UBS analysts downgraded the stock to “sell,” citing its high valuation and overhyped AI potential.
  • Home builders took a beating after Citi analysts downgraded Lennar and D.R. Horton from “neutral” to “sell,” noting the housing market will remain soft in the second half of the year. Lennar dropped 1.61%, and D.R. Horton fell 1.35%.

Here’s where the major benchmarks ended:

  • The S&P 500 index rose 33.92 points (0.62%) to 5,509.01; the Dow Jones Industrial Average® ($DJI) climbed 162.33 points (0.41%) to 39,331.85; the NASDAQ Composite® ($COMP) rallied 149.46 points (0.84%) to 18,028.76.
  • The 10-year Treasury note yield (TNX) dipped four basis points to 4.43%.
  • The CBOE Volatility Index® (VIX) dropped to 12.03 after earlier trading at its lowest intraday level since late May.

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SCOTUS: Health policy leaders say patients, providers, and health systems should brace for more uncertainty and less stability in the healthcare system. Even routine government functions such as deciding the rate to pay doctors for treating Medicare beneficiaries could become embroiled in long legal battles that disrupt patient care or strain providers to adapt.

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DAILY UPDATE: Nurses & AI, Private Equity & CPAs, Public Companies and the Hot July Stock Markets

Posted on July 2, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Private equity gets a big accounting firm yet. The March story about private equity firm New Market Capital buying a $2.8 billion stake in accounting firm Grant Thorton was a big story. Private equity is gobbling up accounting firms, signaling a potential sea change in how accounting firms will operate in the future, with “more than half” of the top 20 accounting firms in talks with private equity.

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 14.61 points (0.27%) to 5,475.09; the Dow Jones Industrial Average® ($DJI) climbed 50.66 points (0.13%) to 39,169.52; the NASDAQ Composite® ($COMP) added 146.70 points (0.83%) to 17,879.30.
  • The 10-year Treasury note yield (TNX) rose 12 basis points to 4.47%, the highest level since May 30 and back above its 50-day moving average, a technically important move.
  • The CBOE Volatility Index® (VIX) slipped to 12.19.

Crude oil is up sharply over the last month amid rising Middle East tensions.

What’s up

What’s down

  • Chewy stock popped then dropped 6.63% after Roaring Kitty revealed a 6.6% stake in the pet products company.
  • GameStop shares fell 5.35% after CEO Ryan Cohen posted on Twitter/X for the first time in months to advertise a job opening.
  • Uber fell 2.17% and Lyft fell 0.92% on the news that Massachusetts now requires both companies to pay rideshare drivers $32.50 an hour, plus benefits.
  • Cruise stocks sank on the news that Hurricane Beryl is stronger than expected and will disrupt service throughout the Caribbean. Norwegian Cruise Line fell 5.86%, Carnival fell 5.40%, and Royal Caribbean fell 1.86%.

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

The largest nursing union in the US, National Nurses United (NNU), is sounding the alarm about the use of artificial intelligence (AI) in healthcare. In April, the union’s affiliate California Nurses Association (CNA) protested an AI conference helmed by managed care consortium Kaiser Permanente. Like workers in other sectors who are worried about AI encroachment, the nurses fear that the tech is contributing to the devaluation of their skills amid what they say is already a “chronic” understaffing crisis, nurses reported in an NNU survey of 2,300 registered nurses and members in early 2024.

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DAILY UPDATE: Wall Street Stocks, Dow Dogs, Commodities, Gold, the Fed, Yen and Bitcoin

Posted on July 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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If you can believe it, Friday was the final trading day of the first half of 2024. It might be a good time to reflect on your New Year’s resolutions to see how you’re measuring up halfway through the year.

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Dogs of the Dow: The 139-year-old index has never looked more its age, with components Nike, Intel, and Boeing all down more than 30% in 2024. The Dow has gained less than 4% this year.

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But, the S&P 500 gained a sublime 15% in H1, and Nvidia alone was responsible for more than a third of that gain. The maker of AI chips surged ~150% since Jan. 1st to become the most valuable company in the USA at one point.

Going into 2024, investors were expecting the Fed to cut interest rates six times. There hasn’t been a single rate cut yet, but that hasn’t stopped the S&P from notching 31 all-time closing highs, good for the second-best tally of records this century. Stocks have overcome the Fed’s delay thanks to strong earnings, a sturdy economy, and AI fever.

Commodities soar and a currency plummets. Cocoa boomed nearly 85% over shortage concerns. Gold hit a record high last month. The Japanese yen has slumped to a 38-year low against the US dollar.

Bitcoin got a boost from new ETFs, but it’s getting boring.

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ARTIFICIAL INTELLIGENCE: Healthcare

Posted on June 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The healthcare industry has tried for years—but to little avail—to figure out how artificial intelligence (AI) can be used to make work easier and improve patient care.

Despite the middling success healthcare has had with AI, Andreessen Horowitz (a16z), the largest venture capital firm in the US, has bet big on healthcare AI startups in the past year. The firm has invested in at least four startups and co-led three funding rounds totaling $328 million.

Investment partner Daisy Wolf and general partner Vijay Pande at a16z wrote in an August blog post that the VC firm is aware that “the AI hype cycle has hit healthcare before.” But, the two partners wrote, “we’re excited by today’s overlap of data availability, public foundation models, and widespread interest.”

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DAILY UPDATE: Walgreens, Healthcare Fraud and Opioids as Stock Markets Hurt

Posted on June 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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In an interview with the Wall Street Journal, CEO Tim Wentworth said the pharmacy chain Walgreens will shutter a significant share of its 8,600 locations in the US. The closures are part of a broader attempt to boost the ailing company, which also includes reducing its stake in the primary care business VillageMD. Wentworth said the company can reassign most employees instead of conducting layoffs. Shares cratered yesterday after Walgreens whiffed on Wall Street’s earnings projections due to weak consumer spending.

And, read how some counties reduced opioid overdose deaths during the pandemic. (Politico)

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What’s up

  • Oliveda International, which makes beauty products from olive oil, rose 38.33% for no apparent reason. Maybe people just really like the feel of extra virgin olive oil on their skin?
  • Infinera popped 16.38% after Nokia announced it would acquire the telecommunications hardware manufacturer for $2.3 billion.
  • Synchrony Financial rose 6.17% after a Baird analyst initiated coverage of the financial services company with an outperform rating.
  • Regional banking stocks rose on the hopes that a good PCE reading means a better chance of the Fed cutting rates soon. Regions Financial rose 3.83%, while Citizens Financial Group rose 3.16%.

What’s down

A late round of selling in the Treasury market sent yields to fresh highs as the day ended so here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) dipped 22.39 points (0.41%) to 5,460.48; the Dow Jones Industrial Average® ($DJI) fell 45.20 points (0.12%) to 39,118.86; the NASDAQ Composite® ($COMP) lost 126.08 points (0.71%) to 17,732.6.
  • The 10-year Treasury note yield climbed nine basis points to 4.38%.
  • The CBOE Volatility Index® (VIX) moved up slightly to 12.43.

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Nearly 200 people have been charged for their roles in various health care fraud schemes across the U.S. that federal authorities say amounted to over $2.7 billion in intended losses, the Justice Department announced. Attorney General Merrick Garland said charges against 193 people, including 76 doctors, nurse practitioners, and other licensed medical professionals in 32 different federal districts. The defendants were charged over a two-week sweep involving numerous law enforcement agencies nationwide, resulting in the seizure of more than “$231 million in cash, luxury vehicles, gold, and other assets,” according to Garland.

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BEWARE FINANCIAL ADVISORS: ChatGPT and A.I. is Coming for Your Job?

Posted on June 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Finance Jobs (Financial Analysts, Personal Financial Advisors and Consultants, etc.)

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Like market research analysts, financial analysts, personal financial advisors, and other jobs in personal finance that require manipulating significant amounts of numerical data can be affected by Artificial Intelligence, Mark Muro, a researcher at The Brookings Institute, said recently.

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“AI can identify trends in the market, highlight what investments in a portfolio are doing better and worse, communicate all that, and then use various other forms of data by, say, a financial company to forecast a better investment mix.” 

These analysts make a lot of money, he said, but parts of their jobs are auto-matable.

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DAILY UPDATE: Tenet, Rivian, Yen, Public Companies and the Light Stock Markets

Posted on June 28, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Stat: 40%. That’s how much Tenet Healthcare’s shares jumped in Q1. (Yahoo Finance)

Stat: 12%. This is how much the yen has weakened so far this year against the US dollar, which has people wondering whether the Japanese government will need to intervene. (Bloomberg)

Quote: “We believe the opportunity ahead is significant.”—RJ Scaringe, CEO and co-founder of Rivian, commenting on Volkswagen Group’s plans to invest as much as $5 billion in the EV company. (CNBC)

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What’s up

  • McCormick & Co rose 4.34% after the company posted spicy earnings results, absolutely crushing estimates.
  • Arista Networks rose 3.92% after Citigroup reiterated its buy rating for the cloud company but increased its price target from $330 to $385.
  • BlackBerry is still a company, and rose 10.41% after a berry good first quarter.

What’s down

  • Walgreens Boots Alliance plummeted 22.16% due to a worse-than-expected earnings report that saw the company slash its full-year guidance.
  • Hims & Hers dropped 7.19% after Hunter Growth Capital accused the company of using a shady supplier for its new weight-loss drugs.
  • Levi Strauss crashed 15.27% in a denim downfall for the ages, with second quarter earnings missing expectations after consumers spent less on blue jeans.
  • Micron Technology slid 7.12% despite beating analyst expectations in the third quarter. Unfortunately, management isn’t as bullish as analysts about the rest of the year.
  • Chewy fell 0.03% despite a tweet from Roaring Kitty of a cartoon dog—which is apparently all it takes to move markets these days.

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The U.S. government’s final gross domestic product (GDP) estimate announced early Thursday included a downward revision to quarterly consumer spending.

Treasury yields could move on the data, especially if the report is “hotter” than expected. Yields fell Thursday following mostly soft U.S. economic readings this morning.

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 4.97 points (0.1%) to 5,482.87; the Dow Jones Industrial Average® ($DJI) rose 36.26 points (0.1%) to 39,164.06; the NASDAQ Composite® ($COMP) rose 53.53 points (0.3%) to 17,858.68.
  • The 10-year Treasury note yield lost two basis points to 4.29%.
  • The CBOE Volatility Index® (VIX) fell to 12.29, its lowest close since June 13.

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DAILY UPDATE: MSFT Teams, Deloitte, HealthcCare Cyber Attacks as Markets Lift

Posted on June 27, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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The EU says Microsoft violated its antitrust laws by bundling Teams with Office, potentially setting the stage for a major fine.

And, Deloitte has billions of dollars’ worth of Medicaid contracts, but the consultancy’s eligibility systems are full of errors. (KFF Health News)

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 8.6 points (0.16%) to 5,477.9; the Dow Jones Industrial Average® ($DJI) added 15.64 points (0.04%) to 39,127.8; the NASDAQ Composite® ($COMP) climbed 87.5 points (0.49%) to 17,805.16.
  • The 10-year Treasury note yield rose 8 points to 4.32%.
  • The CBOE Volatility Index® (VIX) eased to 12.5

What’s up

What’s down

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The disastrous ransomware attacks on Change Healthcare and Ascension this year ran up staggering costs and put a spotlight on the healthcare sector’s vulnerability. But healthcare orgs are hardly new to eye-popping bills after a major hack. Analyzing attacks on organizations in 16 countries, IBM/Ponemon Institute has shown healthcare to be the industry with the highest cost per data breach for over a decade, coming in at an average hit of $10.93 million in 2023.

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DAILY UPDATE: Gun Violence, Health & Public Companies as Technology Stocks Rebound

Posted on June 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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The U.S. surgeon general just declared gun violence a public health crisis, driven by the fast-growing number of injuries and deaths involving firearms in the country. The advisory issued by Dr. Vivek Murthy, the nation’s top doctor, came as the U.S. grappled with another summer weekend marked by mass shootings that left dozens of people dead or wounded.

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Here’s where the major benchmarks ended:

  • The S&P 500 index rose 21.43 points (0.39%) to 5,469.30; the Dow Jones Industrial Average® ($DJI) fell 299.05 points (0.76%) to 39,112.6; the NASDAQ Composite® ($COMP) gained 220.84 points (1.26%) to 17,717.65.
  • The 10-year Treasury note yield (TNX) fell slightly to 4.24%.
  • The CBOE Volatility Index® (VIX) dropped to 12.84. 

What’s up

  • Nvidia rose 6.76% as investors realized they could buy shares of the world’s biggest semiconductor company at a discounted price.
  • Trump Media & Technology Group rose another 8.50% today on the hopes of a cash infusion, as well as hype ahead of Thursday’s presidential debate.
  • Carnival popped 8.85% after it beat analyst expectations for the second quarter, and raised its profit forecast for the rest of the year.
  • Novo Nordisk rose 3.25% after its weight-loss drug Wegovy was approved in China.
  • Enovix soared 35.05% on the news that it signed a major deal to provide VR headset batteries for an as-yet-unnamed California company.

What’s down

  • Pool Corp., maker of…pools, fell 8.04% today after cutting guidance for the year ahead.
  • SolarEdge Technologies dropped 20.60% through no fault of its own—instead, a key customer declared bankruptcy, and will be unable to pay the solar power company the $11.4 million it is owed.
  • Airbus fell 9.41% after the company announced it is cutting financial guidance for the remainder of 2024 thanks to supply chain snarls and higher costs.
  • Auto dealer stocks continue to suffer the effects of a massive cyberattack on CDK, a key supplier of dealership management software. The company says its systems will remain down until June 30, but in the meantime shares of Autonation fell 2.04%, Sonic Automotive dropped 2.56%, and Group 1 Automotive slid 2.49%.

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Digital health company Sharecare has agreed to be acquired by private equity firm Altaris for $1.43 in cash per share, or about $518 million.

Nearly three months after Kaiser Permanente’s Risant Health acquired Geisinger Health, the group has now agreed to terms with Cone Health in North Carolina.

And ... UnitedHealthcare says its Surest unit improves spending and utilization across all age groups and for people with various conditions.

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DAILY UPDATE: Dental Staffing, Various Companies & the Stock Markets

Posted on June 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Here’s where the major benchmarks ended:

  • The S&P 500 index lost 16.75 points (0.31%) to 5,447.87; the Dow Jones Industrial Average ($DJI) gained 260.88 points (0.67%) to 39,411.21; the NASDAQ Composite ($COMP) dropped 192.54 points (1.09%) to 17,496.82.
  • The 10-year Treasury note yield (TNX) fell one basis point to 4.25%.
  • The CBOE Volatility Index® (VIX) ended slightly up at 13.47, the highest close since May 30.

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What’s up

What’s down

  • Nvidia dropped 6.68% as the semiconductor stock continues to fall, with the stock entering correction territory earlier today—a sentence we never thought we’d write.
  • Eli Lilly’s weight-loss drug Zepbound can also help people with sleep apnea, cutting into the sleep-aid market, sending shares of ResMed down 11.40% and Inspire Medical Systems down 16.45% on the news.
  • Bitcoin-connected stocks are taking a hit as the crypto selloff continues. Coinbase Global fell 6%, while MicroStrategy fell 7.52%.

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The dental industry—like other parts of healthcare—is facing significant staffing challenges. The US is in need of nearly 10,000 dental professionals and has more than 6,800 health professional shortage areas (HPSAs), which the US Department of Health and Human Services defines as “a geographic area, population, or facility with a shortage of primary care, dental, or mental health providers and services.”

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DAILY UPDATE: Genome Testing, the Stock Markets and Microsoft, Apple & Meta

Posted on June 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Apple and Meta are considering an AI partnership. The two tech giants are discussing integrating Meta’s generative AI model into Apple’s new AI platform, Apple Intelligence, the WSJ reports. Instead of building an in-house AI model, Apple opted for the partnership route and previously announced a deal with OpenAI to bring ChatGPT to iPhones. Apple has also reportedly held talks with AI startups Anthropic and Perplexity to fuse their AI models with Apple Intelligence and get that sweet, sweet distribution Apple provides.

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Genome testing can spot rare disease risks at birth. Newborn babies typically get blood tested for dozens of diseases, but some parents living in North Carolina and New York have recently been able to get their bundles of joy screened for hundreds of potentially life-threatening medical conditions that regular tests can’t catch thanks to a growing field called genomic medicine. Early results from two ongoing studies are very promising, the Washington Post reported, but scaling the new type of testing could be tricky: A full genome read (which covers all of your DNA) costs around $1,000 per patient. Still, research into the cost-benefit of genome sequencing has found that it can ultimately save families money on hospital care.

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Markets: Sweating the upcoming election? Investors aren’t. The S&P 500 is on track for its best first-half performance in an election year going back to 1976, per Dow Jones Market Data. And as trading begins Monday morning, Microsoft is back on the Iron Throne as the US’ most valuable company following Nvidia’s stumbles at the end of last week.

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