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DAILY UPDATE: Goldman Sachs, Starbucks and Walgreens as Stock Markets Boost Up

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

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Goldman Sachs’ profit jumped 45% in monster quarter. The investment bank made $3 billion of profit on revenue of nearly $13 billion in Q3, it reported yesterday, surpassing even the rosiest of expectations. Bloomberg reported that it was the best quarter ever for Goldman’s stock trading unit, putting the group on track for a record year.

Walgreens said it will close 1,200 US stores, about one in seven locations, by 2027. The retailer will shutter 500 stores by the end of next year.

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UP STOCKS

Trump Media & Technology Group has had a wild week, falling nearly 10% yesterday before trading of the stock was halted, then popping 15.52% today. Election hype, a Trump-sponsored cryptocurrency, and Truth+, a new streaming service, are keeping shareholders on their toes.

Abbott Laboratories rose 1.53% thanks to a stronger-than-expected earnings report powered by the company’s impressive medical device sales.
Aspen Aerogels makes insulating material for batteries, which sounds boring to everyone but the Department of Energy. The DOE signed a conditional commitment to loan the company up to $670 million, sending shares 13.24% higher.

DOWN STOCKS

Novavax plummeted 19.44% after the FDA put a hold on the pharma company’s flu and Covid vaccine combination.
ASML Holding NV dropped another 6.42% today as the semiconductor selloff continues.
Interactive Brokers enjoyed higher revenue and more trading from its user base last quarter, but earnings per share came in under expectations, and shares sank 4.05%.

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Here’s where the major benchmarks ended:

The SPX rose27.21points (0.47%) to 5,842.47; the Dow Jones Industrial Average^® ($DJI) added 337.28 points (0.79%) to 43,077.70; and the NASDAQ Composite^®($COMP) increased 51.49 points (0.28%) to 18.367.08.
The 10-year Treasury note yield (TNX) fell two basis points to just below 4.02%, the lowest close since October 4.
The CBOE Volatility Index^®(VIX) dropped moderately to 19.58, still elevated considering stock market strength.

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Starbucks is reportedly pivoting from discounts and promotions to refocus on selling premium coffee and seasonal drinks

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

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DAILY UPDATE: Maximum Lifespan as Medicare Part C is Down and Stocks Markets Decline

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

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Maximum lifespans. The upper limit of human life expectancy is leveling out, according to a new study published in the journal Nature Aging. Back in 1990, life-extending tech and health measures were increasing the average global lifespan by about 2.5 years per decade, but that dropped to 1.5 years per decade in the 2010s and closer to zero in the US, where there are more drug overdoses, shootings, and medical care inequities.

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STOCKS UP

Sphere Entertainment popped 6.33% on the news that a second Sphere will be built in Abu Dhabi. London was originally supposed to be the location of a second venue, but they’ve already got the Eye, and didn’t need more circular tourist attractions.

Oklo, a Sam Altman-backed nuclear energy startup, rose another 16.04% on the news that Google will purchase nuclear power to turbocharge its AI infrastructure.
Charles Schwab climbed 6.10% after the bank announced a top and bottom line beat last quarter, as well as higher revenue projections for the full fiscal year.
Boeing somehow gained 2.26% after announcing it is raising $35 billion to support its struggling finances as the machinist union strike enters its second month.
Wolfspeed, which sounds like a super power in a YA novel, soared 21.27% on the news that the US government will provide the chipmaker with up to $750 million in government grants.

STOCKS DOWN

Semiconductor stocks got a double whammy in the last 48 hours. First, Bloomberg revealed that US officials are considering limiting the sale of AI chips outside the country. Then, ASML missed its Q3 sales estimates (more on that below). Nvidia shares slid 4.52%, AMD fell 5.22%, and Intel dropped 3.33%.
Citigroup beat earnings estimates this quarter, but shareholders punished the bank for setting aside more money in case of higher loan losses ahead. Shares dropped 5.11%.
Coty, parent company of numerous beauty brands like CoverGirl, fell 10.74% to a new 52-week low after it warned of a sales slowdown in the coming quarters.
Enphase Energy tumbled 9.29% after RBC analysts downgraded the solar power stock, citing growing competition from the likes of Tesla as well as slowing demand for solar batteries.
Speaking of energy, oil stocks plummeted on news of Israel’s targeting of Iranian military assets rather than crude production facilities. Exxon Mobil fell 3.01%, Chevron dropped 2.67%, and Valero Energy sank 4.62%.

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Here’s where the major benchmarks ended yesterday:

The S&P 500^® index (SPX) fell 44.59 points (–0.76%) to 5,815.26; the Dow Jones Industrial Average^® ($DJI) dropped 324.80 points (–0.75%) to 42,740.42; and the NASDAQ Composite^® ($COMP) lost 187.09 points (–1.01%) to 18,315.59.
The 10-year Treasury note yield (TNX) fell three basis points to 4.04%, the lowest close in a week.
The CBOE Volatility Index^®(VIX) climbed to 20.72, an elevated level.

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Millions of seniors will lose access to their Medicare Advantage plans after major insurer cuts in the aftermath of the Inflation Reduction Act. Experts spoke with Newsweek about what’s going on and what steps seniors can take to get the coverage they need.

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DAILY UPDATE: Life Span, Earnings Reports, Oil, Gold and Bitcoin with Closing Stock Highs

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

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Stocks kicked off the first full week of earnings season at full throttle. The S&P 500 rose to a new intraday record, the Dow closed above 43,000 for the first time ever, and the NASDAQ climbed steadily throughout the trading session.
Bitcoin soared on the news of China’s additional stimulus spending that broke this weekend. Although the Chinese government’s plans are light on details at the moment, the promise of more support for the world’s second largest economy was enough to get crypto traders hyped.

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Interestingly enough, those same promises of Chinese stimulus sent oil tumbling to start the day. The selling was exacerbated by OPEC’s announcement that crude demand will fall lower than expected in 2024 and 2025.
Gold sank a hair today as traders weighed Chinese stimulus against a stronger dollar.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose44.82points (0.77%) to 5,859.85, a new closing high; the Dow Jones Industrial Average^® ($DJI) increased 201.36 points (0.47%) to 43,065.22, also a new closing high; and the NASDAQ Composite^® ($COMP) added 159.74 points (0.87%) to 18,502.69.
The 10-year Treasury note yield (TNX) did not trade today due to the holiday.
The CBOE Volatility Index^®(VIX) slipped to 19.9, its first drop below 20 since October 4.

A slate of corporate earnings reports coming from Goldman Sachs, Bank of America, and Citigroup in the financial sector, along with healthcare giants Johnson & Johnson, Walgreens, and UnitedHealth. And throughout the week: Morgan Stanley will report on Wednesday, Netflix reports on Thursday, and Procter & Gamble and American Express drop their financials on Friday. It’ll pose a big test for the stock market’s $8 trillion rally this year.

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DAILY UPDATE: Boeing, Nobel Peace Prize, Tesla, JPMorgan and Wells Fargo

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

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Yom Kippur. Wishing a meaningful and easy fast to our readers who observe.

Boeing plans to lay off 10% of its workforce, or ~17,000 people, to cut costs as its factory workers’ strike continues.

The Nobel Peace Prize was awarded to Nihon Hidankyo, a Japanese organization of survivors of the atomic bombings of Hiroshima and Nagasaki, that advocates against nuclear weapons.

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Markets: After big banks—which are often viewed as a proxy for the economy’s health—kicked off earnings season strong, the S&P 500 and the Dow hit new records, capping off stocks’ fifth winning week in a row.

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Stock spotlight: Elon Musk’s presentation of Tesla’s long-awaited Robocab didn’t go as badly as that time the Cybertruck’s “unbreakable” window got smashed on stage, but investors were unimpressed by its lack of key details.

Hailing the news were Uber and Lyft, which rose after Tesla failed to present a looming threat.

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JPMorgan says the soft landing is here. Reporting its first quarterly earnings since the Fed’s big interest rate cut, America’s biggest bank earned more than expected from loans and boosted what it forecasts it’ll earn for the year.

In other banking news, Wells Fargo also beat earnings expectations.

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DAILY UPDATE: Ikea & Fidelity Investments with SPX Bank at New High

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

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Ikea’s revenue fell for the first time in four years after it lowered prices to spark an increase in orders.

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Stocks up

Fastenal climbed 9.76% after the construction and hardware equipment manufacturer posted stronger-than-expected revenue last quarter.
Symbotic popped 8.80% on news of a deal with the Walmart division of Mexico and Central America for its AI-powered robots to help with warehouse automation.
Affirm soared 12.07% after Wells Fargo analysts upgraded the buy now, pay later company thanks to its partnership with Apple Pay.
Ferrari raced 3.54% higher thanks to an upgrade from JPMorgan analysts, citing the carmaker’s EV division and hopes of a Chinese market recovery.

Stocks down

Stellantis continued to tumble today, falling another 2.22% after the carmaker announced its CEO will step down in early 2026.
A.O. Smith probably doesn’t ring a bell, but there’s a good chance they made the water heater in your basement. Unfortunately, they’re not selling too many these days, and shares sank 6.25% after the company cut its full-year outlook.

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Here’s where the major benchmarks ended:

The SPX rose 34.98 points (0.61%) to 5,815.03 to end the week up 1.11%; the $DJI added 409.74 points (0.97%) to 42,863.86 to end the week up 1.21%; and the $COMP gained 60.88 points (0.33%) to 18,342.94 to end the week up 1.13%.
The 10-year Treasury note yield (TNX) fell two basis points to 4.07% but rose nine basis points this week.
The CBOE Volatility Index^®(VIX) slipped to 20.41, still up slightly for the week.

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Fidelity Investments has notified 77,099 people that their personal information was stolen in an August data breach. he mega asset manager has not disclosed what data the digital crooks nabbed, but assured customers that the security snafu “did not involve any access to your Fidelity account(s).” But hey, no worries, the firm claimed no evidence of data misuse.

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DAILY UPDATE: CPI, PepsiCo and Health Insurance Premiums as Stocks Drift Off Recent Highs

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

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The Consumer Price Index rose 2.4% in the 12-month period that ended in September, while a gauge that strips out food and energy prices was 3.3%, the government said yesterday.

Stat: 7%. That’s how much employer health insurance premiums increased this year, after rising by the same margin last year. Family coverage this year costs roughly $25,500 for employers and employees. (the Wall Street Journal)

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Stocks up

Celsius Holdings, makers of those disgusting energy drinks your 12-year-old cousin chugs, soared 14.42% after analysts from Stifel and Piper Sandler gave it a vote of confidence.
Crowdstrike enjoyed a rare bump 5.56% higher today after RBC Capital analysts named the company one of the top software stocks of 2025. Speaking of, Delta Air Lines announced it took a $380 billion hit last quarter due to the Crowdstrike outage. Shares of the airline sank 1.16% after earnings.
CVS Health rose 1.35% after an upgrade from Barclays analysts who think the company’s Medicare business should recover nicely.
GXO Logistics, a supply-chain management company, popped 14.11% on a report from Bloomberg that the company is exploring a potential sale.

Stocks down

10X Genomics, which sounds like the bad guys that accidentally release a military-grade virus in a zombie movie, fell 24.70% after it announced preliminary results that disappointed shareholders.
Toronto-Dominion Bank dropped 5.29% on the news that not only will the Canadian bank pay US regulators $3 billion in penalties, but its retail business growth will be limited in the US. All that for failing to stop drug cartels from laundering money.
First Solar sank 9.29% after Jefferies analysts cut their price target on the solar power panel maker, citing production delays hurting the company’s bottom line. The report sent shares of competitors Enphase Energy and SolarEdge Technologies tumbling 5.82% and 4.32%, respectively.
PayPal lost 3.27% thanks to a report from Bernstein analysts who downgraded the stock on fears that Venmo could lose market share to competitors.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) lost 11.99 points (–0.21%) to 5,780.05; the Dow Jones Industrial Average^® ($DJI) fell 57.88 points (–0.14%) to 42,454.12; and the NASDAQ Composite^® ($COMP) dropped 9.56 points (–0.05%) to 18,282.05.
The 10-year Treasury note yield (TNX) rose three basis points to 4.1%, the highest since July 31 and closing in on the 100-day moving average.
The CBOE Volatility Index^®(VIX) was flat at 20.87.

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PepsiCo cut its full-year organic revenue guidance as consumers reduced their spending on drinks and snacks, and the company posted “its second straight quarter of weaker-than-expected sales,” CNBC reported.

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DAILY UPDATE: Wegovy, Home Health Medicare, Federal Budget Deficit and Organ Transplants as Stock Markets Set New Highs

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

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Kamala Harris announced a plan to broaden Medicare to cover home healthcare for the first time in an effort to help the “sandwich generation” of Americans who are taking care of both their children and their parents.

WeightWatchers said it will offer cheaper copycat versions of Novo Nordisk’s weight loss drug, Wegovy.

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Stocks up

Reddit gained 0.31% thanks to Jefferies analysts, who debuted their coverage of the social media stock with a “buy” rating, praising the company’s AI potential.
Biogen climbed 1.90% after the FDA gave its treatment for kidney transplant patients a special Breakthrough Therapy Designation.
Cruise stocks sailed higher today, in spite of the oncoming hurricane in the Gulf of Mexico. Norwegian Cruise Line, Carnival, and Royal Caribbean popped 10.91%, 7.05%, and 5.26%, respectively, on upgrades from Citi analysts.
Astera Labs jumped 15.60% after it debuted a new family of data center switches built specifically for AI.
Helen of Troy soared 17.88% thanks to a stronger-than-expected earnings report from the struggling consumer goods manufacturer.
Arcadium Lithium continued to rocket higher today after mining behemoth Rio Tinto announced it’s buying the lithium miner for $5.85 per share. Arcadium shares rose 30.90%.

Stocks down

Boeing just can’t catch a break: Talks with striking machinists broke down and the airplane manufacturer withdrew its recent contract offer. Shares sank 3.41% on the news.
US-traded shares of German life sciences company Bayer dropped 6.96% after a US court decided it will hear arguments that products from Bayer brand Monsanto allegedly harmed people.
Trump Media & Technology Group finally settled down after a wild rally following a wild rally in Pennsylvania featuring Elon Musk, falling 5.64% today.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 40.91 points (0.71%) to 5,792.04, a new record-high close; the Dow Jones Industrial Average^® ($DJI) added 431.63 points (1.03%) to 42,512.00, also a new closing high; and the NASDAQ Composite^® ($COMP) increased 108.70 points (0.60%) to 18,291.62.
The 10-year Treasury note yield (TNX) climbed three basis points to 4.06%, the highest since late July.
The CBOE Volatility Index^® (VIX) eased to 20.8.

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In 2023, about 36% of Hispanic or Latino candidates waiting for a transplant received one, compared to 58% of non-Hispanic white candidates, according to the US Department of Health and Human Services Office of Minority Health.

Stat: $1.8 trillion. That eye-watering number is the federal budget deficit as of September 30th, according to the Congressional Budget Office. Higher interest rates, and increases in Social Security and Medicare, are driving the budget gap. (the Wall Street Journal)

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DAILY UPDATE: Pfizer Down While Stock Markets Ignite

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

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Activist investor takes $1 billion stake in Pfizer. The firm Starboard Value has amassed a stake in the pharma giant, which has struggled after reaching new heights during the pandemic, in hopes of turning the company around.

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What’s up

If you can’t beat ‘em, join ‘em: WW International, aka WeightWatchers, soared 46.95% after the company announced it will begin offering GLP-1 weight-loss drugs.
Nvidia rose 4.05% after the Foxconn CEO told CNBC that AI demand is still incredibly strong.
Trump Technology & Media Group soared 18.54% after Tesla CEO Elon Musk appeared alongside the former president at a rally in Pennsylvania over the weekend.
Palantir popped 6.58% after the CTO of the data analytics firm appeared on CNBC and told everyone that his company is making mad money.
Welcome to the club: S&P Global announced that DocuSign is replacing MDU Resources Group in the S&P MidCap 400 index, while MDU is moving to the S&P SmallCap 600 index. Docusign rose 6.55% on the news, while MDU gained 2.44%.
Humana finally caught a break when a Bernstein analyst upgraded the stock today, writing that the health insurer has been hurt enough. Shares rose 2.92%.

What’s down

What goes up must come down: Chinese stocks, which have enjoyed an impressive rally recently, came tumbling back to Earth today after the country’s state planner didn’t announce any new stimulus measures. Bilibili fell 12.93%, JD.com lost 7.52%, Alibaba sold off 6.67%, and Nio dropped 8.10%.
Today’s oil selloff pummeled energy stocks: Valero Energy lost 5.31%, while Marathon Petroleum stumbled 7.66%.
Sphere Entertainment dropped 2.84% on the news that its CFO is leaving the company.
Super Micro Computer gave back 5.01% after its rally yesterday as investors pocketed their profits.

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Here’s where the major benchmarks ended:

The SPX rose 55.19 points (0.97%) to 5,751.15; the Dow Jones Industrial Average^® ($DJI) added 126.13 points (0.30%) to 42,080.37; and the NASDAQ Composite^® ($COMP) gained 259.01 points (1.45%) to 18,182.92.
The 10-year Treasury note yield (TNX) rose one basis point to 4.03%.
The CBOE Volatility Index^® (VIX) sank to 21.24, still above its long-term average.

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DAILY UPDATE: Obesity, Three Mile Island and Medical Records as Stocks Crash

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

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In a public health milestone, the US adult obesity rate stopped its long climb and dropped by roughly two percentage points between 2020 and 2023, according to new data from the National Health and Nutrition Examination Survey.

In 2024, about 62% of clinicians reported that “excessive documentation requirements” is a leading cause of burnout, according to Athenahealth, a health tech and electronic health record (EHR) company. The American Medical Association reported in January that primary care physicians, for example, can spend up to 45.7 minutes on medical record documentation for every 30-minute appointment.

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What’s up

Scholar Rock shares quadrupled (yes, you read that right) 361.99% after its spinal muscular atrophy drug apitegromab provided a dramatic improvement for patients in a late-stage clinical trial.
Super Micro Computer surged 15.79% after the semiconductor company announced it shipped over 100,000 GPUs last quarter, highlighting strong data center demand.
Generac Holdings makes generators, so it’s no wonder that the stock popped 8.54% thanks to huge demand for back-up power from areas hit by Hurricane Helene and places preparing to deal with Hurricane Milton.
Arcadium Lithium skyrocketed 35.39% after it announced that Rio Tinto has approached the lithium miner about an acquisition.
Air Products and Chemicals rose 9.53% after CNBC reported that activist investor Mantle Ridge has taken a $1 billion stake in the industrial gas supplier. Activist investors are clearly getting more active these days.

What’s down

Netflix sank 2.47% thanks to a downgrade from Barclays analysts worried that the streaming service’s revenues will slow in the coming months. That outweighed an upgrade from Piper Sandler analysts, who think the streamer’s high valuation is warranted.
In another big tech downgrade, Wells Fargo analysts downgraded Amazon due to multiple headwinds like competition from Walmart and lower advertising revenue. Shares sank 3.06%.
Back-to-back hurricanes hitting the South are pummeling insurance stocks like Universal Insurance (down 19.60%), Allstate (down 4.90%) Travelers Companies (down 4.34%) and Chubb (down 4.61%).
Garmin tumbled 4.06% on a downgrade from Morgan Stanley analysts, who think the device-maker’s revenue will decline and margins will shrink in the coming quarters.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) fell 55.13 points (–0.96%) to 5,695.94;the Dow Jones Industrial Average^® ($DJI) dropped 398.51 points (–0.94%) to 41,954.24; and the NASDAQ Composite^® ($COMP) lost 213.94 points (–1.18%) to 17,923.90.
The 10-year Treasury note yield (TNX) rose five basis points to 4.03%, near two-month highs.
The CBOE Volatility Index^® (VIX) climbed to 22.77, the highest in a month.

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Stat: $1.6 billion. That’s the size of the federal loan guarantee that the operators of Three Mile Island are seeking from the Energy Department. Constellation Energy plans to restart the infamous plant to sell electricity to Microsoft data centers (Washington Post)

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DAILY UPDATE: FluMist, Neural Data and the Jobs Report

Posted on October 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The FDA just approved FluMist from AstraZeneca for self- or caregiver administration for the prevention of influenza virus subtypes A and B.

Plus, August’s revised jobs report showed the US actually created 159,000 jobs, up from 142,000 initially reported last month.

People in CA will have explicit rights to their own “neural data”—covering anything a person thinks or physically/emotionally feels—which is designed to prevent companies from gathering and selling that type of personal info

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DAILY UPDATE: PayPal, IRS, Flood Insurance and the US Hiring Pace as Stocks Roar Ahead

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

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PayPal completed its first transaction using its proprietary stablecoin to pay an invoice to Ernst & Young. It’s a milestone for the payments company’s advance into cryptocurrency.

The free IRS tax filing software, which was piloted in 12 states for the 2024 tax season, will be available in 24 states for 2025.

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Stocks Up

Your loss is our gain: Shares of airline stocks popped on the news of Spirit’s problems. Delta Air Lines ascended 3.84%, United Airlines climbed 6.47%, and Frontier Group Holdings soared 16.43%.
Albemarle popped 8.25% on the rumor that mining behemoth Rio Tinto may try to make an acquisition of the lithium miner. Other potential takeover targets rose as well, including Arcadium (up 10%) and SQM (up 3%).
Abercrombie & Fitch rose 9.10% thanks to an upgrade from JP Morgan analysts, who are bullish about the fashion retailer’s recent momentum.
Ubisoft Entertainment skyrocketed 29.87% on the news that the video game maker’s parent company and founders are considering a buyout.

Stocks down

Rivian Automotive tumbled 3.15% after the EV startup cut its 2024 production forecast and missed on Q3 deliveries.
Homebuilder stocks sank on today’s strong jobs report, which propelled treasury yields higher, which means that mortgage rates aren’t getting any lower. D.R. Horton dropped 2.91%, Lennar fell 2.52%, and Toll Brothers lost 2.57%.
Transportation stocks fell thanks to an agreement between port owners and longshoremen to put the recent strike on pause. Moller-Maersk lost 5.37%, while Zim Integrated Shipping Services stumbled 12.55%.

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Here’s where the major stock benchmarks ended:

The S&P 500^® index (SPX) climbed 51.13 points (0.9%) to 5,751.07 up 0.22% for the week;the Dow Jones Industrial Average^® ($DJI) added 341.16 points (0.81%) to 42,352.75, up 0.09% for the week; and the NASDAQ Composite^® ($COMP) rose 219.37 points (1.22%) to 18,137.85, up 0.1% for the week.
The 10-year Treasury note yield (TNX) soared 13 basis points to 3.98%, finishing the week up 23 basis points. The 2-year yield rose 37 basis points this week.
The CBOE Volatility Index^® (VIX)fell to 18.58 but remains elevated from last month’s lows, likely on geopolitical concerns.

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Only 2% of the homes hit by Hurricane Helene in Georgia, North Carolina, and South Carolina had a policy protecting them against catastrophic flooding, according to an analysis by Politico and E&E News.

The US Hiring Pace picked up strongly in September and the unemployment rate ticked down to 4.1%, signs the U.S. economy had continued momentum in a month the Federal Reserve delivered its first interest-rate cut in four years. U.S. employers added 254,000 jobs last month, the Labor Department said Friday.

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DAILY UPDATE: Costco Gold, US Dock Workers & OpenAI Funding as Stocks Close Lower

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

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Costco, which found success selling gold bars, will now sell platinum ones, too.

US dock workers agreed to return to work after port operators sweetened their contract offer, ending a three-day strike that threatened to disrupt the American economy. The breakthrough Thursday came after port employers offered a 62% increase in wages over six years, according to people familiar with the matter.

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Stocks up

Nvidia gained 3.32% after CEO Jensen Huang said in an interview that demand for the company’s new Blackwell chips is “insane.”
EVgo soared 60.81% after the EV charging company received both a $1.05 billion loan from the Department of Energy and an upgrade from JP Morgan analysts.
Utility stocks soared in the third quarter thanks to higher electricity demand for AI, and it isn’t stopping anytime soon. Both Vistra Corp. and Constellation Energy surged 5.62% and 4.52%, respectively, on comments from Google CEO Sundar Pichai that the tech titan may utilize nuclear energy in the coming years.

Stocks down

Levi Strauss sank 7.69% after releasing subpar earnings, cutting its full-year sales forecast , and announcing it may sell its Dockers brand.
Tesla fell 3.35% after announcing a recall of over 27,000 Cybertrucks due to issues with their rearview camera.
Hims & Hers Health dropped 9.60% on the announcement that Eli Lilly’s weight-loss drugs are no longer on the FDA’s shortage list.
Joby Aviation tumbled 8.63%, giving up a portion of yesterday’s gains after the aviation startup received $500 million in additional funding from Toyota.
Stellantis, makers of Jeep, Dodge, and Chrysler vehicles, sank 4.11% to a new 52-week low today as a combination of terrible sales forecasts and a downgrade from Barclays analysts kicked the automaker while it’s already down.
Constellation Brands had strong beer sales but terrible wine and spirits sales last quarter, leading to a mixed earnings report that has shareholders worried about what the future holds. Shares sank 4.70%.

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Here’s where the major stock benchmarks ended:

The S&P 500^® index (SPX)fell 10 points (–0.17%) to 5,699.96; the Dow Jones Industrial Average ($DJI) dropped 185 points (–0.44%) to 42,011.59; the NASDAQ Composite^® ($COMP) shed 7 points (–0.04%) to 17,918.48.
The 10-year Treasury note yield (TNX) added 7 basis points to 3.85%.
The CBOE Volatility Index^®(VIX) rose 1.7 points to 20.59.

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Microsoft, NVIDIA, and Apple were rumored to be among the investors to participate in OpenAI’s latest funding round, pushing its market cap well beyond $150 billion. However, Apple dropped out of the exercise at the eleventh hour for unclear reasons as OpenAI was about to close the funding round.

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DAILY UPDATE: MSFT, J&J and CVS as Stock Markets Lag

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

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Rosh Hashanah, the Jewish New Year, begins tonight and ends on Friday. Shana Tova to those celebrating.

Microsoft overhauled its Copilot AI assistant, adding voice and vision capabilities to make it more personalized.

A new report from Deloitte reveals improving health equity could increase the country’s GDP by $2.8 trillion by 2040 and increase U.S.-based corporate profits by $763 billion.

And … Johnson & Johnson’s is not moving forward with implementation of its proposed rebate model after HRSA push-back.

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What’s up stocks

Caesars Entertainment popped 5.27% after it announced it will buy back $500 million in common shares while also offering $1 billion in senior notes to raise money.
Joby Aviation surged 27.92% on the news that Toyota will invest another $500 million in the aviation startup as it attempts to build a flying electric taxi.
Lamb Weston Holdings rose 2.62% thanks to a strong earnings report and a comprehensive restructuring plan for the french fry titan.
Novavax soared 19.16% following a glowing report from Jefferies analysts citing the pharma company’s strong vaccine sales.

What’s down stocks

Tesla sank 3.49% after revealing that auto deliveries for the third quarter came in lower than analysts expected.
Ford fell 2.51% for pretty much the same reason, reporting disappointing sales growth in the third quarter.
It’s never a good thing when a company pulls its guidance, and that was certainly true for Nike today. Shares dropped 6.77% after the company postponed its investor day and reported a 10% year over year decline in sales.
Nike’s report was so bad that shares of Foot Locker and Dick’s Sporting Goods fell 2.97% and 0.23%, respectively.
Humana plummeted 11.79% on the news that membership in its 4 star-rated Medicare Advantage plans plunged 94%.
Conagra Brands dropped 8.07% after the packaged food giant missed on both sales and earnings estimates last quarter.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX)was little changed at 5,709.54; the Dow Jones Industrial Average ($DJI) rose 39.55 points (0.09%) to 42,196.52; the NASDAQ Composite^® ($COMP) gained 14.76 points (0.08%) to 17,925.12.
The 10-year Treasury note yield (TNX) added 5 basis points to 3.78%.
The CBOE Volatility Index^®(VIX) edged 0.4 points lower to 18.86.

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CVS is laying off nearly 3,000. The healthcare giant is conducting a strategic review as its stock has fallen more than 20% this year, the Wall Street Journal reported

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DAILY UPDATE: Chevron, the Roaring 20s’ & CPA’s as the Stock Markets Sag

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

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The FTC said it would allow Chevron’s $53 billion purchase of Hess, but it barred Hess CEO John B. Hess from sitting on Chevron’s board over his communications with OPEC.

Soon, students may not need an extra year of college to attain CPA licensure. The AICPA and NASBA have proposed a “competency-based experience pathway” to licensure—with no post-bachelor’s coursework required.

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What’s up

Energy was the top-performing sector in the S&P 500 today thanks to rising fears of fighting between Iran and Israel. APA Corp. rose 4.91%, Halliburton climbed 3.10%, and Occidental Petroleum gained 3.33%.
Defense stocks rose for much the same reason, with Lockheed Martin up 3.66%, Northrop Grumman trading 3.04% higher, and L3Harris Technologies up 3.03%
Hess Corp. and Chevron rose after the FTC declared that, as long as John Hess isn’t allowed to sit on the board, the two companies might be allowed to merge. Shares of Hess gained 2.34%, while Chevron climbed 1.68%.
New Fortress Energy popped 6.49% on the news that it has priced a public offering of 46 million shares at $8.46 per share. That will go a long way to helping the struggling energy stock rake in some much-needed cash.
Arcos Dorados, the world’s biggest McDonald’s franchisee, jumped 14.56% after it renewed its agreement with McDonald’s, locking down a flat royalty rate for the next decade.

What’s down

Signet Jewelers fell 7.91% on the news that CEO Virginia Drosos, who has led the company to strong success over the past seven years, will retire.
HP sank 3.09% after Citi analysts downgraded the company based on lower PC and printer demand in the years ahead.
Disney received a rare analyst downgrade today from Raymond James analysts, who think that theme park attendance will continue to slow in the next 12 to 18 months. Shares dropped 2.14%.
Amentum Holdings plummeted 20.16% only a day after the engineering services company debuted on the S&P 500.

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Here’s where the major stock market benchmarks ended:

The S&P 500^® index (SPX)fell 53.73 points (–0.93%) to 5,708.75; the Dow Jones Industrial Average^® ($DJI) declined 173.18 points (–0.41%) to 42,156.97; the NASDAQ Composite^® ($COMP) lost 278.81 points (–1.53%) to 17,910.36.
The 10-year Treasury note yield (TNX) fell six basis points to 3.74%.
The CBOE Volatility Index^®(VIX) jumped to 19.28, the highest in nearly a month.

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The American economy is seemingly fairing so well that UBS has signaled a potential return to the glory days. The European finance giant believes Uncle Sam is inching closer to a ‘Roaring 20s’ scenario, placing the likelihood of an incoming booming economic cycle at 50%. The phrase goes back to the same decade a century ago, when massive economic growth prompted a construction boom and rising prosperity for families.

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DAILY UPDATE: Health Plan Costs Up and Stock Markets Upbeat

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

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Despite inflation cooling down, employer health plan costs are heating up, according to a September analysis from consulting firm consulting firm Mercer.

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STOCKS UP

CVS popped 2.38% after the Wall Street Journal reported that major shareholder Glenview Capital Management will meet with company executives to discuss potential strategies to improve the sagging stock.
AMC Entertainment jumped 1.11% on the news that it has entered into private deals with debt holders to eliminate $152.9 million in unsecured debt.
Nio drove 2.45% higher thanks to a $2 billion cash injection from key shareholders into the Chinese EV company.

STOCKS DOWN

Stellantis, the European company behind Chrysler, Dodge, and Jeep sank 12.49% after it warned that sales in the second half of its fiscal year will come in lower than expected. The bad news pulled down shares of competitors Aston Martin (which fell 24.51%), Ford (a 2% drop), and GM (3.53% lower today).

Carnival beat top and bottom line estimates last quarter, and posted record revenue for the third quarter. But shares stumbled 0.32% on management’s forecast that earnings in the fourth quarter will disappoint. Rival cruise companies all dropped in sympathy: Royal Caribbean fell 0.10%, while Norwegian Cruise Line Holdings tumbled 2.10%.
Crypto stocks took a beating today after bitcoin’s latest rally fizzled out. Coinbase fell 6.83%, while MicroStrategy lost 4.32%.

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Here’s where the major stock market benchmarks ended:

The SPX gained 24.26 points (0.42%) to 5,762.48; the Dow Jones Industrial Average^® ($DJI) rose 17.15 points (0.04%) to 42,330.15; the NASDAQ Composite^® ($COMP) added 69.58 points (0.38%) to 18,189.17.
The 10-year Treasury note yield (TNX) climbed five basis points to 3.8%, near the high of its recent range.
The CBOE Volatility Index^®(VIX) eased to 16.66 after climbing above 17 earlier today but remains up from a week ago.

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DAILY UPDATE: The Stock Markets and Meta

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

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Markets: It’s been a September to remember for the stock market after the S&P 500 and Dow Jones hit fresh highs last week. Thursday was the 42nd record-high close for the S&P 500 this year, and on Friday, the Dow notched its 32nd record-high close, per CNN Business. Recent data indicates that all the ingredients are coming together for a “soft landing”: The economy is staying strong while inflation has continued to fall. And more rate cuts are on their way.

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Stock spotlight: Meta’s rally this year has been fruitful for its CEO’s bank account. The net worth of Mark Zuckerberg, who owns a 13% stake in his company, climbed above $200 billion for the first time, per Bloomberg. He’s now the fourth-richest person in the world.

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DAILY UPDATE: MyChart, Meta, Zelle and Acadia as the DJIA Rises

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

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Stat: 150. That’s how many health systems use AI to help draft replies on MyChart, sometimes without disclosing this to patients. (the New York Times)

Contained in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank’s relationship with the government has become. The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims.

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Stocks Up

Bristol-Myers Squibb rose 1.56% after the FDA approved its new drug for schizophrenia, the first new treatment of its kind in decades. Some analysts expect the drug, Cobenfy, to bring in $6 billion in peak annual revenue.

Trump Media gained 5.58% despite a co-founder of its Truth Social platform cashing out nearly all of his shares—worth about $100 million at current prices.
Chinese EV maker Nio added another 12.80% to bring its weekly gains to nearly 25%. It’s benefiting from the overall euphoria around Chinese stocks and anticipation over its quarterly delivery numbers due next week.
Speaking of the Chinese government’s stimulus measures, investors are wagering that the Macau locations of Las Vegas Sands Corp. (up 5.59%) and Wynn Resorts (up 7.24%) will see more visitors.
IonQ, a quantum computing company based in College Park, MD (go Terps), shot up 20.47% after inking a contract with the US Air Force Research Lab.

Stocks down

Nvidia dropped 2.17%. Bloomberg reported that the Chinese government is ramping up the pressure on local tech companies to move away from using Nvidia AI chips and lean more on domestic suppliers.
WeightWatchers, whose shares are down more than 90% this year, booted its CEO Sima Sistani, who pivoted the company to weight-loss drugs. Investors aren’t betting a change at the top will lead to a turnaround, sending shares 2.11% lower on the day.
Globe Life sank 4.74% after the US Equal Employment Opportunity Commission found that the life insurance company tolerated a “pervasive pattern of harassing conduct” at one of its top sales agencies, per Business Insider.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) lost 7.20 points (–0.13%) to 5,738.17 to end the week up 0.62%; the Dow Jones Industrial Average^® ($DJI) added 137.89 points (0.33%) to 42,313.00 to end the week up 0.59%; the NASDAQ Composite^® ($COMP) fell 70.70 points (–0.39%) to 18,119.59 to end the week up 0.95%.
The 10-year Treasury note yield (TNX) fell four basis points to 3.75%, up two basis points for the week.
The CBOE Volatility Index^® (VIX) jumped to 16.64.

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Meta is facing a fine of $102 million for storing some users’ passwords in “plaintext”. The social media giant has admitted to poor password management.

Acadia and the Department of Justice just reached a ~$20M agreement to settle accusations that the company billed Medicare, Medicaid, and TRICARE for medically unnecessary inpatient mental health services. Acadia found itself under pressure after a New York Times investigation published earlier in September allegedly found that the company kept patients in facilities against their will to maximize insurance payments.

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DAILY UPDATE: State Farm & Berkshire Hathaway as ESG Retreats and Markets Rise

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

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Stat: Over 90%. That’s the percentage of the insurance industry’s uptick in fossil fuel securities investment coming from just two firms, State Farm and Berkshire Hathaway. (The Wall Street Journal)

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Stocks up

Southwest Airlines ascended 5.42% after the company laid out its growth plans in an attempt to fend off an activist investor attack.
Starbucks climbed 1.93% thanks to an upgrade from Bernstein analysts who foresee a “grande comeback” for the coffee chain.
CarMax revved 5% higher after posting strong second-quarter earnings, beating both top and bottom line forecasts.
Jabil jumped 11.65% after the electronics parts manufacturer announced impressive earnings and revealed plans to cut costs.
Bilibili, which sounds like you’re trying to get your friend William’s attention, popped 15.44% after Goldman Sachs analysts upgraded the Chinese internet company.

Stocks down

Super Micro Computer plunged 12.17% on the news that the Department of Justice is launching a probe into the tech company, a few weeks after note short seller Hindenburg Research published a report alleging “accounting manipulation.”
Sonos, makers of your favorite subwoofer, sank 4.45% after a rare “double downgrade” by Morgan Stanley analysts, who demoted the stock from a positive “overweight” all the way to a negative “underweight.”
Oil stocks took a big hit today after Saudi Arabia announced it will increase its oil production next month. Diamondback Energy fell 6.46%, Shell dropped 3.91%, and ConocoPhillips lost 3.23%.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 23.11 points (0.40%) to 5,745.37; the Dow Jones Industrial Average^® ($DJI) added 260.36 points (0.62%) to 42,175.11; the NASDAQ Composite^® ($COMP) increased 108.08 points (0.60%) to 18,190.29.
The 10-year Treasury note yield (TNX) climbed one basis point to 3.79%.
The CBOE Volatility Index^® (VIX) was steady at 15.57.

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A retreat from ESG is due to backlash from conservatives who are critical of the idea that fund managers should be considering any other factor but a company’s shareholders in their investment decisions. Accusations of “greenwashing” have also plagued many ESG funds, which is when an asset management firm charges higher fees for a specific thematic fund without actually delivering a unique investment strategy.

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

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DAILY UPDATE: Visa, Coca-Cola, Cardinal & Advocate Health and Obesity as Markets Fall

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

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Cardinal Health has agreed in principle to acquire Integrated Oncology Network for more than $1.1 billion.

And … Advocate Health announced it will wipe clean more than 11,500 judgment liens on patients’ homes and real estate.

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What’s up

Flutter Entertainment, parent company of betting app FanDuel, popped 5.06% after it revealed its impressive growth plans.
Hewlett Packard Enterprise rose 5.05% thanks to an upgrade from Barclays analysts who think that rising AI demand will increase the company’s server revenue.
Trump Media & Technology Group gained 10.48% after shareholders panicked that the end of its lockup period would mean big selling by insiders, fears that haven’t materialized.
Progress Software climbed 11.85% after a strong beat-and-raise earnings report.

What’s down

Southwest Airlines stumbled 4.57% after announcing it will cut service to and from Atlanta, a major hub for air travel, as it looks to save money ahead of a showdown with activist investor Elliott Investment Management.
Bank of America fell just 0.51% on the revelation that Warren Buffett can’t stop selling the stock.
KB Home sank 5.35% after the homebuilder beat revenue estimates but missed on earnings. It also issued a downbeat forecast for the rest of its fiscal year.
Global Payments dropped 6.37% thanks to a downgrade from BTIG analysts who were unimpressed by the payment provider’s near-term growth plans.

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The S&P 500^® index (SPX) fell 10.68 points (–0.19%) to 5,722.25; the Dow Jones Industrial Average^® ($DJI) dropped 293.47 points (–0.70%) to 41,914.75; the NASDAQ Composite^® ($COMP) added 7.68 points (0.04%) to 18,082.21.
The 10-year Treasury note yield (TNX) climbed five basis points to 3.78% and seems stuck in a range between 3.7% and 3.8%.
The CBOE Volatility Index^®(VIX) rose slightly to 15.51, still near its September lows.

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Coca-Cola pulled its new flavor, Spiced, from shelves after just six months because of dis-interest in it.

Visa was sued by the Justice Department for antitrust violations. The DOJ alleged in a complaint filed in Manhattan federal court that the payments giant is illegally monopolizing the debit card market by penalizing merchants who try to use alternatives, Bloomberg reported.

For the first time in more than a decade, the nationwide number of people with obesity hasn’t gone up, according to new CDC data showing that the condition appears in about 40% of US adults.

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What is ABSOLUTE [Intrinsic] VALUE?

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

A MATH AND FINANCIAL-INVESTING TERM

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By Dr. David E. Marcinko MBA MEd CMP®

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In mathematics, the absolute value or modulus of a real number x, denoted |x|, is the non-negative value of x without regard to its sign. Namely, |x| = x if x is positive, and |x| = −x if x is negative (in which case −x is positive), and |0| = 0. For example, the absolute value of 3 is 3, and the absolute value of −3 is also 3. The absolute value of a number may be thought of as its distance from zero.

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In finance, absolute value, also known as an intrinsic value, refers to a business valuation method that uses discounted cash flow (DCF) analysis to determine a company’s financial worth. The absolute value method differs from the relative value models that examine what a company is worth compared to its competitors. Absolute value models try to determine a company’s intrinsic worth based on its projected cash flows.

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In investing, the key issues are as follows:

Absolute value refers to a business valuation method that uses discounted cash flow analysis to determine a company’s financial worth.
Investors can determine if a stock is currently under or overvalued by comparing what a company’s share price should be given its absolute value to the stock’s current price.
There are some challenges with using the absolute value analysis including forecasting cash flows, predicting accurate growth rates, and evaluating appropriate discount rates.
Absolute value, unlike relative value, does not call for the comparison of companies in the same industry or sector.

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DAILY UPDATE: Exxon Mobil, Medicare Part C, Boeing and UniCredit as Stocks Rise

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

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California state officials filed a lawsuit against one of the world’s top oil giants accusing Exxon Mobil of driving global pollution by running a “decades-long campaign of deception” that dramatically overstated the effectiveness of plastic recycling. The suit seeks “multiple billions of dollars” in civil damages from Exxon Mobil—a main producer of the petrochemicals used to make single-use plastics—California Attorney General Rob Bonta said.

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What’s up

Smartsheet popped 6.47% on the news that Blackstone and Vista Equity Partners will pay $8.4 billion in cash to take the software maker private.
Freeport-McMoRan gained 7.95% after the Chinese government announced stimulus plans. Shareholders are hopeful that more economic activity means more business for the copper miner.
Liberty Broadband soared 25.92% thanks to its counterproposal to Charter Communications, asking for a higher payout before an acquisition takes place. Charter shares fell 2.49%.
Thor Industries rose 6.18% after the RV company announced stronger-than-expected earnings.

What’s down

Visa fell 5.36% as the US government sued it over an alleged debit card monopoly.
Regeneron Pharmaceuticals dropped 4.21% due to a federal judge’s ruling that it cannot block a new product from rival pharma company Amgen that mimics its eye-care drug Eylea.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) added 14.36 points (0.25%) to 5,732.93; the Dow Jones Industrial Average^® ($DJI) rose 83.57 points (0.20%) to 42,208.22; the NASDAQ Composite^® ($COMP) gained 100.25 points (0.56%) to 18,074.52.
The 10-year Treasury note yield (TNX) finished unchanged at 3.74%.
The CBOE Volatility Index^®(VIX) keeps setting new lows for September, dropping to 15.49.

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Boeing offers 30% raise in attempt to end strike. With 30,000 factory workers on strike and 737 production halted for a second week, the embattled aviation company offered to hike wages for union members higher than the original 25% increase over four years they voted to reject.

Seniors could see large increases to their Medicare Advantage costs in 2025 as major changes are underway for prescription plans.

German Chancellor Olaf Scholz warned Italian bank UniCredit against “unfriendly” acts after the bank upped its stake in Germany’s Commerzbank, eclipsing the country as its largest shareholder.

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DAILY UPDATE: Apollo, Constellation Energy & the US Health System as S&P 500 Hits New High

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

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Private equity giant Apollo has offered an investment of up to $5 billion in Intel, a sign of support for its comeback efforts, according to Bloomberg.

Stat: 9 out of 10. That’s where the US healthcare system ranked on efficiency among 10 high-income countries. (Axios)

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What’s up

Intel is suddenly looking like the belle of the ball. Shares rose 3.30% after Apollo Global Management reportedly offered to make an investment of up to $5 billion, even as Qualcomm hints it wants to acquire the old school tech giant.
Palantir surged 2.02% during its first day of trading on the S&P 500, in spite of a downgrade from a Raymond James analyst.
Southwest Airlines ascended 2.03% after management told employees that “tough decisions” lie ahead, implying forthcoming job cuts as the company focuses on profitability.
Boeing popped 1.96% on hopes that a labor dispute will be over soon after the company issued its “final” offer to striking machinists, including a 30% raise over the next four years.
Tesla revved 4.93% higher thanks to an analyst upgrade from Barclays focused on higher delivery expectations and near-term catalysts like the upcoming Robotaxi event.

What’s down

General Motors sank 1.70% after receiving an analyst downgrade from Bernstein citing “earnings headwinds.”
Ulta Beauty fell 2.03% thanks to an analyst downgrade from the folks at TD Cowen, who don’t like the rising costs the makeup company will have to pay to stay competitive.
Trump Media & Technology Group tumbled to a new all-time low, falling 10.33% as worries arise that former President Donald Trump will sell a portion of his stake in the social media company.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) added 16.02 points (0.28%) to 5,718.57; the Dow Jones Industrial Average^® ($DJI) increased 61.29 points (0.15%) to 42,124.65; the NASDAQ Composite^® ($COMP) rose 25.94 points (0.14%) to 17,974.27.
The 10-year Treasury note yield (TNX)added one basis point to 3.74%.
The CBOE Volatility Index^®(VIX) fell to 15.82, closing at another new low for September.

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Stat: $1.6 billion. That’s how much Constellation Energy is investing in reopening facilities at nuclear power plant Three Mile Island. The company is restarting the infamous plant to sell power to Microsoft data centers. (CNBC)

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DAILY UPDATE: FTC Insulin Prices, Open AI Funding, Disney Slack Hack and Private Equity Banks

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

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The Federal Trade Commission hit the three largest companies that negotiate drug prices with a lawsuit claiming they’ve artificially inflated the cost of insulin for patients. The companies—UnitedHealth Group’s Optum Rx, CVS Health’s Caremark, and Cigna’s Express Scripts—together administer ~80% of all US prescriptions, the agency said. The suit alleges they increased profits by steering patients toward higher-priced insulin with bigger rebates so they could pocket the cash that drug companies gave back.

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OpenAI has so many interested investors it’ll have to turn some away from an expected $6.5 billion funding round that values the company at $150 billion.

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Disney employees will have to stop using Slack in the wake of a hack that leaked the company’s chat logs.

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DAILY UPDATE: Nike CEO Out, Cancer and Drug Deaths Down as Stock Markets Pause

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

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Overdose deaths in the US are plummeting. According to new public health data, drug-related deaths fell more than 10% in the 12 months ending in April, a massive improvement from double-digit increases seen in recent years, NPR just reported.

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What’s up

Nike popped 6.84% once CEO John Donahoe announced he will step down after four years on the job. Turns out when they say “Just do it,” “it” means resigning in disgrace after tarnishing an iconic brand.
Intel rose 3.31% on the news that Qualcomm approached the company with a buyout offer. Qualcomm sank 2.87% on the revelation.
Constellation Energy are the geniuses behind turning Three Mile Island back on, which shareholders love—the stock soared 22.29% today.
Vistra jumped 16.60% on the news that the Texas-based utilities provider is acquiring the remaining 15% stake of its subsidiary Vistra Vision that it doesn’t already own.

What’s down

UPS sank 2.67% after FedEx announced poor quarterly results and cut its earnings forecast.
Lennar fell 5.33% in spite of beating earnings estimates last quarter. The problem is that shareholders don’t like the homebuilder’s forecast of no growth next quarter.
Chewy tumbled 4.34% on the news that the pet products retailer will kick off an underwritten offering of $500 million of shares from a private equity partner, and buy back $300 million in shares—effectively reducing the company’s private equity ownership stake.
Novo Nordisk dipped 5.46% after the pharmaceutical giant announced mixed results from the latest trial of a new weight-loss drug.
ASML declined 3.97% thanks to a downgrade by Morgan Stanley analysts citing a slowdown in demand across the semiconductor industry.
Trump Media & Technology Group continued to fall today, dropping another 7.82% now that the early investor lockup period has concluded.

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

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) slipped 11.09 points (–0.19%) to 5,702.53, ending the week 1.36% higher; the Dow Jones Industrial Average^® ($DJI) added 38.17 points (0.09%) to 42,063.36, ending the week 1.60% higher; the Nasdaq Composite^® ($COMP) lost 65.66 points (–0.36%) to 17,948.32, ending the week 1.60% higher.
The 10-year Treasury note yield (TNX) slipped one basis point to 3.73% but finished the week up eight basis points and outgained the 2-year yield by four basis points.
The Cboe Volatility Index^® (VIX) ended at 16.1, its lowest close this month.

CITE: https://tinyurl.com/tj8smmes

Nike CEO John Donahoe will retire on October 13th and be replaced by longtime executive Elliott Hill, the company announced yesterday.

Stat: 33%. That’s how much the US cancer death rate fell from 1991 to 2021, equaling about 4.1 million lives saved, according to the latest Cancer Progress Report. (CBS News).

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DAILY UPDATE: Microsoft and Intuitive Machines as the Stock Markets Rocket Upward!

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

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Microsoft will buy back up to $60 billion in shares and is boosting its dividend by about 10% (from 75 cents per share to 83 cents).

Stat: 60%. That’s how much Intuitive Machines’ stock jumped in early trading yesterday after NASA awarded the company a contract to “build moon data satellites.” (CNBC)

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

What’s up

Lower interest rates mean it’s cheaper to afford a car, a realization that helped propel Tesla up 7.36% today.
Darden Restaurants rose 8.25% as shareholders cheered a new deal between the Olive Garden parent company and Uber, whose shares rose 2.42% as well.
Airbnb gained 5.17% after CEO Brian Chesky noted that the company is working to expand long-term rental offerings of over 28 days.
MobilEye Global popped 14.99% after Intel announced it has no plans to sell any of its 88% stake in the autonomous driving company. Intel shares rose 1.78% as well.

What’s down

Trump Media & Technology Group fell 5.89% as the lockup period, during which early investors like the former president can’t sell their stake in the company, is about to end.
Progyny plummeted 32.65% after the health insurance benefits company announced it is losing a key customer that accounts for 12% of Progyny’s revenue.
Five Below sank 2.22% after JP Morgan analysts downgraded the stock, though they also boosted their price target.

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

Here’s where the major benchmarks ended:

The SPX rose 95.38 points (1.70%) to 5,713.64; the $DJI added 522.09 points (1.26%) to 42,025.19; the NASDAQ Composite^® ($COMP) added 440.68 points (2.51%) to 18,013.98.
The 10-year Treasury note yield (TNX) climbed five basis points to 3.74%, while the 2-year note yield was unchanged.
The CBOE Volatility Index^® (VIX) slid to 16.33, registering its lowest close so far this month.

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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: Walgreens, Mental Health, M&As, Pfizer and Eli Lilly as the Markets Tank

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

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Stat: $106.8 million. That’s how much Walgreens agreed to pay the federal government to settle claims that the company fraudulently billed government programs for prescriptions that were never dispensed. (the Wall Street Journal)

Quote: “We put a Band-Aid on a chronic situation and that Band-Aid isn’t going to last.”—Roland Behm, co-founder of the Georgia Mental Health Policy Partnership advocacy group, on the shortage of mental health care services following the Apalachee High School shooting (KFF Health News)

EY’s latest monthly M&A report found that in August, the total value of large deals (worth $100+ million) reached $1.1 trillion, a 26% YoY jump. This was thanks in part to a 44% YoY increase in deal value last month, to $137 billion, according to the report.

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

What’s up

US Steel gained 1.57% as the battle over the future of the legacy steelmaker continues.
Intuitive Machines skyrocketed 38.33% thanks to a deal between the space communications company and NASA worth over $4.8 billion.
Victoria’s Secret popped 3.63% after Barclays analysts upgraded shares from “Underweight” to “Equal Weight.”
Barclays analysts were active today, boosting VF Corp. 3.89% by upgrading the shoewear company from “Equal Weight” to “Overweight.”
Duolingo rose 3.20% to a new all-time high, and though there was no news propelling the multilingual app higher, shares have continued to rise ever since its strong earnings announcement in early August.

What’s down

ResMed tumbled 5.12% thanks to a downgrade from Wolfe Research due to concerns that a new drug from Eli Lilly may eat into the med tech company’s share of the CPAP machine market.
eBay sank 2.64% after its CFO sold over $1.9 million in company stock.
Cencora fell 2.58% on the news that the drug distributor paid hackers $75 million in ransom over the course of three bitcoin installments, the largest cyberattack extortion payment ever.

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

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) fell 16.32 points (–0.29%) to 5,618.26; the Dow Jones Industrial Average^® ($DJI) lost 103.08 points (–0.25%) to 41,503.10; the NASDAQ Composite^® ($COMP) decreased 54.76 points (–0.31%) to 17,573.30.
The 10-year Treasury note yield rose four basis points to 3.69%.
The CBOE Volatility Index^® (VIX) climbed to 18.23, the highest since September 10.

CITE: https://tinyurl.com/tj8smmes.

At the end of August, pharmaceutical giant Pfizer announced a new website called PfizerForAll, which provides information on common health issues like migraines or the flu and connects patients to tele-health services and prescription delivery services so they can get treatments and diagnostic tests delivered to their homes. Pfizer promotes some of its own therapies, including Paxlovid for Covid-19 and Nurtec for migraines, on the site.

And, that move came after rival pharmaceutical company Eli Lilly started LillyDirect in January, through which the company delivers prescriptions straight to patients. Eli Lilly also partnered with Amazon Pharmacy in March to deliver some of its medications to consumers’ doorsteps, including Ozempic competitor Zepbound, a GLP-1 weight loss drug.

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DAILY UPDATE: Larry Ellison, Estate Planning, Female VCs, Health Costs as Markets Finish Flat

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

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Oracle Chairman Larry Ellison became the world’s second-richest person yesterday, pulling past Amazon founder Jeff Bezos as the software company’s stock surged. Elon Musk still sits at No. 1, per Forbes.

Read: Estate planning lawyers are sleeping easy. Read about how rich Americans are prepping for potential estate tax changes ahead of the election. (the Wall Street Journal)

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What’s up

Intel can’t stop, won’t stop: It rose 2.68% after announcing it will break its foundry business into a separate entity, which should go a long way to helping out the struggling chip maker.
Microsoft rose a tepid 0.88%, in spite of positive news: The company is raising its dividend and kicking off a new share repurchasing program.
Hewlett Packard Enterprise rounded out the old-school tech giants breaking to the upside, rising 5.69% after Bank of America analysts upgraded the stock from “Neutral” to “Buy.”
Flutter Entertainment, parent company of sports bettor FanDuel, popped 3.32% on the news that it’s buying Italian gambling company Snaitech S.A.
Gannett Co. soared 18.74% thanks to an upgrade of the newspaper company from “Sell” to “Neutral” by Citi analysts.

What’s down

Philip Morris International tumbled 2.14% after the tobacco titan sold its asthma inhaler maker Vectura Group for $198 million.
Accenture sank 4.85% on the news that it will push promotions back from June all the way to December, implying cash flow problems for the consulting giant.
Cigna fell 2.86% after Express Scripts, the healthcare giant’s pharmacy-benefits unit, sued the FTC over a recent drug pricing report.
Trump Media & Technology Group dropped 6.60% after a judge ruled that the company must award one of its investors a large chunk of the stock in exchange for helping it go public.

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

Here’s where the major benchmarks ended:

The SPX added 1.49 points (0.03%) to 5,634.58; the Dow Jones Industrial Average^® ($DJI) fell 15.90 points (–0.04%) to 41,606.18; the NASDAQ Composite^® ($COMP) rose 35.93 points (0.20%) to 17,628.06.
The 10-year Treasury note yield (TNX) rose two basis points to 3.64%, near the lower end of its recent range.
The CBOE Volatility Index^® (VIX) climbed to 17.74, its highest in nearly a week.

CITE: https://tinyurl.com/tj8smmes

Health benefit costs are soaring for employers, with over half of respondents saying they will need to make cost-cutting changes for next year: what employers are expecting.

Rethink Impact, a venture capital firm investing in female-led tech companies, has raised $250 million.

Employer Direct Healthcare is rebranding as Lantern and making a play in the infusion care space. The company also bolstered its clinical team, nabbing former execs at Teladoc and Hinge Health.

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DAILY UPDATE: PwC, Birth Rate, Social Media, NHS and the Mixed Markets

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

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It’s going to be a gloomy October for some 1,800 PwC employees. The Big Four firm has announced it’ll be laying off around 2.5% of its US unit’s workforce next month, the Wall Street Journal reported. About half of the job cuts will take place offshore. The cuts will occur mainly in PwC’s US advisory, products, and technology operations functions.

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

What’s up

Intel gained 6.36% on the news that it has secured $3.5 billion in grants from the Pentagon.
Oracle rose yet another 5.12%, making co-founder Larry Ellison the second-richest person in the world thanks to its recent surge.
Alcoa climbed 6.09% on the news that it will sell its stake in a joint venture with Saudi Arabia Mining Co. to the tune of $1.1 billion in stock and cash.
Bausch + Lomb Corp popped 14.66% on a report from the Financial Times that the eyewear company is considering selling itself to get out from under a massive debt load.
Nuvalent soared 28.27% on impressive results from Phase 1 trials of its new cancer treatments.

What’s down

Apple fell 2.78% just a few days before its big iPhone 16 launch on Friday thanks to reports that demand for the new phone may be lower than anticipated.
Walgreens Boots Alliance sank 2.06% after it agreed to pay $106.8 million for charging the US government for prescriptions it never filled.
Yelp tumbled 3.03% thanks to Bank of America analysts initiating their coverage of the reviews website with a bearish “underperform” rating.
Trump Media & Technology Group gave up some of its recent gains, falling 3.84% only a few days after soaring on the news that former President Donald Trump won’t sell his shares of the company.

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

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) added 7.07 points (0.13%) to 5,633.09; the Dow Jones Industrial Average^® ($DJI) rose 228.30 points (0.55%) to 41,622.08; the NASDAQ Composite^® ($COMP) dropped 91.84 points (–0.52%) to 17,592.13.
The 10-year Treasury note yield (TNX) fell about three basis points to 3.62%, a new 15-month closing low.
The BOE Volatility Index^®(VIX) inched up to 16.99.

CITE: https://tinyurl.com/tj8smmes

Stat: 2%. That’s how much the birth rate declined from 2022 to 2023. (CDC)

Quote: “Every year they choose not to act, they will be complicit.”—Christine McComas, a mother from Maryland whose daughter died after she was cyberbullied, on members of the House attempting to pass a bill to regulate social media for children (Politico)

Read: UK Prime Minister Keir Starmer said the National Health Service must “reform or die,” and laid out a 10-year plan to fix it. (Reuters)

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DAILY UPDATE: Rite Aid, Stock Markets, Gold, Oil Bitcoin, Uber & Waymo

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

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Nearly a year after filing for Chapter 11, Rite Aid announced on September 3 that the company has exited the bankruptcy process and will move forward as a private company. The retail pharmacy chain filed for bankruptcy in October 2023 as it struggled to keep up with competitors CVS and Walgreens, in addition to mounting debt, falling revenue, and multimillion-dollar opioid settlements.

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Stocks wrapped up a comeback last week, with all three major indexes ending the trading session on a high note. Both the S&P 500 and the NASDAQ enjoyed five straight winning days, and both indexes had their best week of the year. Gold continued to break records today, as the double whammy of forthcoming rate cuts and a declining dollar sent the precious metal soaring. Oil rose a bit today after Hurricane Francine passed over the Gulf of Mexico and output began to normalize. Bitcoin staged a late afternoon rally to end the week over 9% higher than where it started, as investors embraced risk and optimism swept through markets.

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Uber riders will be able to flag Waymo robotaxis in Austin and Atlanta in 2025 as the companies expand their partnership.

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DAILY UPDATE: Physician Burnout

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

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Healthcare comes with its share of mental challenges, especially considering that clinicians often care for patients when they’re in difficult and sometimes tragic situations. New research shows that even the path to getting into the workforce can be a challenge, with some physicians burning out before they make it to graduation.

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The national debt is growing to an unwieldy size ($35.5 trillion) and now we’re beginning to feel its effects: The interest payment on the US debt topped $1 trillion for the first time ever.
Consumer sentiment hit a five-month high as Americans look ahead to lower inflation and interest rates, but sentiment remains well below its 2021 peak.
The yield curve un-inverted, but there’s always another recession indicator out there warning of a downturn ahead.
The cryptocurrency Wild West is still alive and well: Americans lost $5.6 billion in crypto scams last year, according to the FBI.
Credit card debt hit 10.9%, its highest level in 12 years, according to Deloitte.

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Most doctors report feeling overworked and are considering a change in career, according to a new poll.

Doximity, a virtual network for physicians, found that 81% doctors surveyed last fall said they felt overworked—a slight decline from 86% who reported burnout in 2022 but still up from 73% in 2021. Meanwhile, about three in five doctors said they were considering early retirement (30%), looking for another employer (15%), or leaving the profession altogether (14%), the poll found.

The findings, released last year, come amid reports of rising rates of physician burnout and dissatisfaction since after the Covid-19 pandemic.

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DAILY UPDATE: JPMorgan Chase, Bank of America, OpenAI and MSFT as Markets Continue Stock Rally

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

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OpenAI says its new model can reason like a person. The ChatGPT-maker released a preview of a new artificial intelligence model that’s officially called o1 named by its internal code name, Strawberry—a reference to AI’s inability to determine the correct number of r’s in the word.

Microsoft plans to lay off 650 people in its Xbox unit.

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What’s up

Campbell Soup Company climbed 2.63% on the news that, after 155 years, it will change its name to The Campbell’s Company. No soup for you!
Wells Fargo somehow gained 2.37% after a US banking regulator declared its safeguards against money laundering weren’t strong enough.
Lululemon Athletica popped 2.54% after CEO Calvin McDonald bought more shares of the company, signaling confidence in the struggling retailer.
Uber drove 6.45% higher thanks to a deal with Alphabet’s Waymo to offer driverless taxi rides in Austin and Atlanta starting next year.
RH rose 25.46% a day after announcing shockingly strong earnings for the home-furnishing retailer.
Trump Media & Technology Group soared 11.79% on the former president’s announcement that he’s “not selling” his shares of the company.

What’s down

Adobe dropped 8.47% after beating top and bottom line forecasts last quarter but projecting weaker than expected earnings next quarter.
Garmin tumbled 5.12% after Barclays analysts downgraded the stock and cut their price target, citing the device-maker’s weak sales and low profit margin.
US-listed shares of Chinese retailers like Alibaba and PDD dropped 0.93% and 2.40%, respectively, on the news that President Biden announced the US will crack down on cheap goods from China. Etsy, which competes with these retailers, popped 7.56% on the news.
ViaSat sank 14.58% thanks to a deal between United Airlines and SpaceX to use Starlink satellites to provide free in-flight WiFi instead of ViaSat’s products.

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

Here’s where the major benchmarks ended:

The SPX advanced 30 points (0.5%) to 5,626.02 and was up 4% for the week; the Dow Jones Industrial Average^® ($DJI) gained 297 points (0.7%) to 41,393.78 and added 2.6% for the week; the NASDAQ Composite^® ($COMP) rose 114 points (0.7%) to 17,683.98 and was 6% higher for the week.
The 10-year Treasury note yield (TNX) edged 2 basis points lower to 3.66%.
The CBOE Volatility Index^® (VIX) fell 0.6 points to 16.48.

CITE: https://tinyurl.com/tj8smmes

JPMorgan Chase and Bank of America are pledging to put in more safeguards to prevent what their industry is infamous for: overworking junior employees, the Wall Street Journal reported this week.

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

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DAILY UPDATE: Cerberus Capital Management, AT&T, Microsoft, Bank America and the Rising Markets

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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The country’s largest private, for-profit hospital chain paid out a $790 million dividend — with a big chunk of that money going to its Manhattan-based private equity owner — before it filed for bankruptcy several years later, according to a report. Steward Health Care System, the Boston-based network of 30 hospitals that operated in rural and low-income areas, made the payout to Cerberus Capital Management in 2016, the same year the chain recorded a net loss of $300 million, The Wall Street Journal reported.

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

What’s up

Roku rose 5.67% thanks to an analyst upgrade by Wolfe Research, pushing the streaming platform from hold to buy based on its focus on profitability.
Signet Jewelers gained 11.26% in spite of missing on revenue forecasts. But shareholders were encouraged to see stronger same store sales, solid earnings, and signs that the engagement ring industry is improving.
Kroger popped 7.14% after the supermarket stock missed top and bottom line estimates this quarter, but then adjusted its earnings per share to make them look better.
Petco Health & Wellness added another 11.27% on top of yesterday’s post-earnings surge after getting a shout-out from meme stock royalty Roaring Kitty.
Warner Bros. Discovery jumped 10.37% thanks to a new deal with Charter Communications, whose stock also rose 3.55% on the news.

What’s down

Micron Technology dropped 3.79% after a double-whammy of analyst downgrades from Raymond James and BNP Paribas citing its slowing growth.
Sirius XM Holdings sank another 9.86% after yesterday’s news that the company will merge with Liberty Sirius XM Group, offer a 10-for-1 stock split, and buy back about $1.2 billion in shares (phew, that’s a busy day).
US Bancorp slid 1.95% after announcing a share buyback program of up to $5 billion, which is usually a good thing.

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

Here’s where the major benchmarks ended:

The SPX gained 42 points (0.75%) to 5,595.76; the Dow Jones Industrial Average^® ($DJI) rose 235 points (0.58%) to 41,096.77; the NASDAQ Composite^® ($COMP) gained174 points (1.0%) to 17,569.68.
The 10-year Treasury note yield (TNX) gained 3 basis points to 3.69%.
The CBOE Volatility Index^®(VIX) fell 3.34% to 17.10.

CITE: https://tinyurl.com/tj8smmes

he networks for Microsoft Teams and Outlook, as well as AT&T, suffered widespread outages on Thursday morning, according to the tracking site Downdetector. About 4,000 outages on Microsoft Teams were reported at 9 a.m. ET, increasing from less than 300 an hour earlier. A lesser outage for Microsoft Outlook was also noted by Downdetector, with reports of more than 1,000 outages at 9 a.m. ET. Reports of an outage with landline internet and mobile internet for AT&T also jumped to more than 4,000 at 9 a.m. ET on Sept. 12th, according to Downdetector.

Stat: $24. That’s Bank of America’s new hourly minimum wage in the US, a dollar increase on the way to its long-promised $25 by 2025. (CBS News)

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DAILY UPDATE: Unemployment Rate, Banking Rules and Mental Health as the Markets Continue to Rise

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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After rising for more than a year, the unemployment rate fell to 4.2% in August from 4.3% in July, the Bureau of Labor Statistics reported. That dip matched Wall Street’s consensus forecast, but the 142,000 new jobs added fell short of the 160,000 that analysts had expected, according to FactSet data cited by CNN.

The Biden administration released a final rule this week that would require payers to cover behavioral health services, including addiction care, to the same extent that they’d cover all other forms of healthcare. The move comes amid a rising mental health crisis in the US and in light of the fact that the vast majority of people with substance use disorders don’t receive treatment.

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

What’s up

Dave & Busters Entertainment popped 4.66% after announcing strong sales and earnings growth last quarter, along with opening 13 new locations (more tokens for everyone!).
Petco Health and Wellness roared 32.90% despite mixed earnings last quarter, though shareholders wagged their tails at new CEO Joel Anderson’s plans to improve profitability.
Viking Therapeutics rose 11.31% thanks to JP Morgan initiating coverage of the company with a bullish overweight rating.

What’s down

Bank of America slipped 0.71% after a new filing revealed that Warren Buffett sold more shares of the company last quarter.
Rentokil Initial plummeted 21.07% once the pest control company made it clear that slow sales and currency exchange rates will take a $105 million toll on full-year profits.

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

Here’s where the major benchmarks ended:

The SPX rose 59 points (1.0%) to 5,554.13; the Dow Jones Industrial Average^® ($DJI) gained 125 points (0.3%) to 40,861.71; the NASDAQ Composite^® ($COMP)rose 370 points (2.17%) to 17,395.53.
The 10-year Treasury note yield (TNX) climbed just under two basis points to 3.66%.
The CBOE Volatility Index^® (VIX) fell to 17.7, the lowest close so far this month.

CITE: https://tinyurl.com/tj8smmes

Planned Fed rules are a win for big banks. The likes of JPMorgan and Bank of America celebrated the Fed walking back some of its proposals for tighter banking rules yesterday

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

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CAREER: Physician Coaching and Development

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

MARCINKO ASSOCIATES, Inc.

SPONSOR: http://www.MarcinkoAssociates.com

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Did you Know?

Experts estimate that it can cost more than $1 million to recruit and train a replacement for a doctor who leaves the profession because of burnout. But, as no broad calculation of burnout costs exists, Dr. Tait Shanafelt [Mayo Clinic researcher and Stanford Medicine’s first Chief Physician Wellness Officer] said Stanford, Harvard Business School, Mayo Clinic and the American Medical Association (AMA) are further cost estimating the issue. Nevertheless, Shanafelt and other researchers have shown that burnout erodes job performance, increases medical errors, and leads doctors to leave a profession they once loved.

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

Fortunately, we can help. From formal coaching to second career opinions, mentoring and advising, we can help with our remediation executive career programs. Regardless of what is happening in your life, it is wonderful to have a non-partial, confidential and informed career coach and sounding board on your side.

CITE: JAMA Internal Medicine [Effect of a Professional Coaching Intervention on the Well-Being and Distress of Physicians].

NCBI: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6686971/

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DAILY UPDATE: Google DOJ, Big Lots Bankrupt, Starbucks CEO, Rite Aid Private as Markets Rise

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

REMEMBER SEPTEMBER 11th – PATRIOT DAY

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Rite Aid completed its financial restructuring by eliminating $2 billion in debt and adding $2.5 billion in exit financing, as the slimmed-down chain is now led by a new CEO

Google reported to court yesterday to defend itself against monopoly allegations for the second time in less than a year in a new case that has the potential to strip the world’s largest online advertiser of a chunk of its ad business.

And, Apple and Google lost on appeal to the European Union’s highest court Tuesday in two separate cases requiring the tech giants to face billions of dollars in fines. The decisions by the Court of Justice of the European Union mark a significant win for the bloc’s antitrust chief Margrethe Vestager.

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

What’s up

Mission Produce soared 21.05% after the farming company announced impressive revenue growth last quarter thanks to rising avocado, blueberry, and mango prices. Rival produce producer Calavo Growers announced similarly strong results for much the same reasons, pushing shares 10.75% higher.
Alibaba rose 2.90% after its Hong Kong shares were added to a new program linking Hong Kong stocks with Chinese stock exchanges, which should help attract more investors.
Boot Barn, which is the name of a real company that sells Western apparel, popped 9.94% and hit an all-time high today after a JPMorgan analyst raised his price target 10%.

What’s down

Southwest Airlines descended 1.61% after Executive Chairman Gary Kelly announced he’ll retire next year in the face of activist investing pressure.
Ally Financial plummeted 17.65% after the consumer lending company’s CEO highlighted ongoing credit challenges in today’s economy.
JPMorgan sank 5.21% thanks to comments from its COO that investor expectations for net interest income, a key part of the bank’s business, are too high.
Hewlett Packard Enterprise dropped 8.41% on the news that the tech company will sell $1.35 billion in preferred stock to fund its acquisition of Juniper Networks.

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

Here’s where the major benchmarks ended:

The SPX rose 24.47 points (0.45%) to 5,495.52; Dow Jones Industrial Average^® ($DJI) fell 92.63 points (–0.23%) to 40,736.96; NASDAQ Composite^® ($COMP)added 141.27 points (0.84%) 17,025.88.
The 10-year Treasury note yield (TNX) dropped five basis points to 3.64%, the lowest close since mid-2023.
The CBOE Volatility Index^®(VIX) continued to pull back from last week’s elevations, closing at 19.08.

CITE: https://tinyurl.com/tj8smmes

Big Lots, the 1,300+ store discount chain, has filed for bankruptcy with a plan to sell itself to private equity firm Nexus Capital Management for ~$760 million and a commitment to keep offering “extreme bargains.”

The new CEO of Starbucks, Brian Niccol, formerly of Chipotle, is now officially in charge of the coffee chain.

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

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DAILY UPDATE: Eli Lilly & Private Health Equity as Stocks Rebound

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Stat: 60%. That’s how much Eli Lilly’s stock has grown this year, making it a contender to be the first healthcare stock to hit $1 trillion. (CNBC)

Quote: “We can’t wait another day to begin reviewing private equity investments in healthcare. When we look across the nation, we see private equity’s interest in healthcare growing by leaps and bounds.”—Jim Wood, a California state representative who cosponsored a bill to block PE acquisitions in healthcare (the Wall Street Journal)

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What’s up

Boeing went boing 3.36% after the beleaguered airplane maker reached a tentative agreement with the Machinists union to avoid a strike.
Summit Therapeutics soared 55.99% after the pharma company announced the stunning results of its lung cancer treatment ivonescimab (say that name five times fast).
JetBlue Airways rose 7.17% after a Bank of America analyst upgraded the company, citing the airline’s revenue-improvement initiatives.
Cannabis stocks got high(er) after former President Donald Trump announced he’d be willing to relax Federal marijuana laws if he is re-elected.

What’s down

Big Lots plummeted 40% before it was delisted entirely after the discount retailer filed for bankruptcy and sold itself to a private equity firm. Big Lots? More like Big Loss, amirite?! (Credit to reader Chris C. for that terrible joke)
Merck sank 2.06% after Summit Therapeutics (see above) announced that, as part of its late-stage trial results, its new drug ivonescimab outperformed Merck’s Keytruda.
Alphabet fell 1.33% as the search behemoth’s antitrust trial began this afternoon.

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

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 62.63points (1.16%) to 5,471.05; Dow Jones Industrial Average^® ($DJI) gained 484.18 points (1.20%) to 40,829.59; NASDAQ Composite^® ($COMP)added 193.77 points (1.16%) 16,884.60.
The 10-year Treasury note yield (TNX)fell just over one basis point to slightly below 3.7%.
The CBOE Volatility Index^® (VIX) dropped sharply to 19.8, back below the historic average of 20.

The influential semiconductor sector, which wilted last week amid concerns about guidance from Nvidia (NVDA) and Broadcom (AVGO), revived Monday with a 2% gain for the PHLX Semiconductor Index (SOX). The SOX is still down double-digits from its August highs, pulled down by concerns of slowing economic demand.

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DAILY UPDATE: Dell, Palantir and the Markets with Fewer Jobs

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Dell and Palantir are poised to be added to the S&P 500 index, replacing Etsy and American Airlines, respectively.

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Markets: September has been around for one week, and it’s already taking a toll on the market. Stocks dipped yesterday after new government data showed the labor market continuing to cool, capping off the S&P 500’s worst week since March 2023 and the NASDAQ’s worst since 2022. Nvidia had another rough day as investors fretted about tech stocks.

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The Labor Department said that the economy added 142,000 jobs in August, which was fewer than economists expected, bringing the three-month job creation average to its lowest since mid-2020.

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A Brief Look at Level Life Insurance Sales Commissions

Posted on September 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Of Interest to All Insurance Agents

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By Dr. David Edward Marcinko MBA MEd CMP™

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According to colleague David K. Luke MIM, MS-PFP, CMP™ the current structure of the life insurance industry regarding cash-value life insurance policies with most major insurance companies is to reward the selling agent with the entire commission upfront on a newly issued policy. The criticism to this practice is that this of course reduces the needed client-agent reviews and interaction and generates more “churning” and “flipping”. Unscrupulous agents are tempted to sell physician-clients another policy for another commission rather than encourage them to maintain and keep their existing policy, which most likely would have lower costs than any new policy considering the client was younger and most likely in better health with the existing contract. A model in which the insurance agent would have a financial incentive for their client’s continued patronage could create a win-win for both parties. We see this “pay as you” model currently operating successfully with wealth advisors and property/casualty agents, why not life insurance agents [personal communication]?

There are some flaws to this argument. The reality is that the captive life insurance industry and their agents prefer this form of lump compensation. The claim is that selling an individual a life insurance policy (the ultimate intangible product) is hard work, and likewise the 70% – 110% of the first year premium is fair compensation for the efforts. For existing agents to reduce their current income to a fraction of this commission upfront, but convert it into a trail over a multiyear period is actually quite distasteful. Therefore, this change will likewise not be initiated from the Insurance agent or insurance industry side unless other forces prevail.

The drive by the consumer to change this up front lump form of compensation has not yet presented itself in full force. After all, why does the consumer care about how the agent is paid if the consumer is satisfied with the end result? One must acknowledge that the drive to reduce commissions and up front loads in the investment advisory business was driven by the consumer that insisted on lower fees and costs.

However, the relevant costs of a life insurance policy are not quite as obvious. Only by comparing a quote from different companies can a consumer compare costs, and even then it is unknown and not understood how the pricing mechanisms used by the insurance company work. The advent of non-agent sold policies however is decreasing the cost of life insurance (there is no big commission check written to the selling agent) and is hitting the radar of consumers. The consumer can notice this difference if the consumer compares the proposed agent sold policy premium with one sold directly by a financial institution such as USAA or AARP. These companies have a work force of sales people that are compensated primarily on salary. Likewise the company can structure more competitive pricing, and in effect offers a levelized cost (in place of commission) insurance product.

https://images.routledge.com/common/jackets/crclarge/978149872/9781498725989.jpg

Textbook Order: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

For example, Mark Maurer CFP® of Low Load Insurance Services believes that a levelized compensation basis will not occur unless all the insurance companies were to go to such a plan all at once. If an agent can “pick and choose” he/she may use a “levelized compensation” policy when in a competitive situation, as such a policy should in theory make a policy more inexpensive. An agent would then use the higher “front-end” policy when there is a large up-front premium or in a scenario with limited competition. Mark believes the answer to the whole argument is full disclosure. Both agents and home offices would not want the purchaser to know that 100% or more of their premium is going to sales costs and then products would then get better [personal communication].

The insurance industry has a powerful lobby in Washington. Only market pressure will cause a change in this decades old insurance industry practice that has made many life insurance policies expensive and inefficient. Pricing from non-agent sold life insurance companies will be the impetus that drives the old-line Insurance companies to restructure their commissions to agents.

Insurance agents also remember the days of 8% load mutual fund commissions and minimum $60 dollar commissions on stock trades in the late 1980’s! That is an inflation equivalent of more than $130 per trade, minimum commission, today. The current investing world would laugh at these costs [charges] today. When the physician-consumer realizes, through full disclosure and outside competitive market pressures, that life insurance protection can be more affordable from other non-traditional channels, then s/he will insist on a better, more affordable product.

https://images.routledge.com/common/jackets/crclarge/978148224/9781482240283.jpg

Textbook Order: https://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors/dp/1482240289/ref=sr_1_1?ie=UTF8&qid=1418580820&sr=8-1&keywords=david+marcinko

Ultimately, the big agent driven life insurance companies will have to change their commission structure. The transition is currently in process. Only time will tell now [personal communication].

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DAILY UPDATE: TeleHealth, Hospitals & Native Americans as the Markets Continue Down Slide

Posted on September 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Telehealth has become all the rage following the Covid-19 pandemic, with about 17% of appointments going virtual, up from 1% in February 2020.

Stat: 350. That’s about how many small and rural US hospitals—out of roughly 1,800—are using free and cheap cybersecurity resources the White House rolled out this summer. (Nextgov/FCW)

Quote: “We’re being blinded.”—Meghan Curry O’Connell, chief public health officer for the Great Plains Tribal Leaders’ Health Board, on the reported lack of access Native American tribal epidemiology centers have to federal government health data (KFF Health News)

Read: Race is used in clinical algorithms that determine patient diagnoses and care for everything from kidney transplants to lung function. A growing number of health professionals argue it shouldn’t be. (Stat)

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

What’s up

DocuSign rose 3.97% after it beat earnings expectations and hailed the rollout of its new AI offerings as a success.
Bowlero climbed 6.68% after announcing impressive revenue growth and a positive fourth-quarter forecast.
Guidewire Software gained 12.36% thanks to a strong quarter for the insurance software provider.
Big Lots soared 8.73% after it faked out the market and delayed the announcement of its latest quarterly earnings for another week. Management is probably trying to find some loose change between the couch cushions to stave off bankruptcy.

What’s down

Broadcom sank 10.36% after beating earnings but failing to impress investors with revenue guidance for next quarter.
Tesla gave up some of its recent gains, falling 8.45% as investors begin to realize that online hype doesn’t translate into profits (usually).
Super Micro Computer just can’t catch a break, and fell another 6.79% after a JP Morgan analyst downgraded the stock due to the sense of uncertainty hanging around it.
UIPath shed 6.04% even though the AI software provider beat top and bottom line expectations, forecast solid growth ahead, and increased its share buyback program.
Semiconductor stocks sank as a group, pulled lower by fears of slowing growth. ASML Holding dropped 5.38%, Marvell Technology slid 5.28%, and KLA Corporation stumbled 3.47%.

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

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX)dropped 95points (–1.73%) to 5,408.42, down 4.3% for the week; the Dow Jones Industrial Average^® ($DJI) fell 410.34 points (–1.01%) to 40,345.41, down 2.9% on the week; NASDAQ Composite^® ($COMP)declined 436.82 points (–2.55%) to 16,690.83, down 5.8% for the week.
The 10-year Treasury note yield (TNX) fell two basis points to 3.71%and was down 20 basis points for the week, but now, it has a six-basis point premium to the 2-year Treasury note yield, which fell 28 basis points this week.
The CBOE Volatility Index^® (VIX) hopped to 22.21 after hitting 23.76 intraday, the highest since August 8.

CITE: https://tinyurl.com/tj8smmes

Trump Media has lost 75% of its market value since the company went public in March, costing Trump himself billions in net worth.

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

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NATIONAL: Read a Book Day

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

TODAY SEPTEMBER SIXTH

By Staff Reporters

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National Read a Book Day on September 6th calls all book lovers to indulge in their favorite hobby, guilt-free. Bringing new worlds to life, books enlighten us and transport us on exciting adventures. They can challenge our perspectives on the human experience in ways unmatched by other media. In a world deluged by technology, National Read a Book Day encourages us to silence the noise and turn the pages for a while.

While National Read a Book Day is believed to have originated in the US, other details of the day’s history are unclear. What is clear, though, is Americans’ love for books! And, for many, this is a welcomed day because 81% of us don’t feel we spend as much time reading as we would like. So, today is the perfect opportunity to set aside a little time to catch up on our “to read” list.

The popularity of book clubs points to our ongoing love for books. They date back to the 1600s with women’s Bible studies. But, in the last few decades, reading has taken on a much more social element influenced, in large part, by Oprah Winfrey’s Book Club. Starting in 1996, Oprah’s Book Club recommended 70 books contributing to over $55 million in sales and has been credited with inspiring millions of people to read books.

Over 74% of Americans have read at least one book in the last 12 months. Sure, the busyness of life definitely gets in the way of our reading pursuits with many other activities competing for our time. Luckily, electronic platforms have made it easier for us to read on the go. Almost 20% of books consumed are now via electronic platforms. Whatever format you prefer, grab or download the book on the top of your stack and dive in!

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DAILY UPDATE: Nvidia DOJ and Nippon Steel as Stocks Sill Slide

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

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A bad day for Nvidia got even worse on Tuesday when Bloomberg reported that the Department of Justice subpoenaed the chipmaker as part of its investigation into whether the world’s hottest company unfairly wields its industry dominance. Yesterday, Nvidia denied it was technically subpoenaed. Bloomberg followed up to say that Nvidia was merely splitting hairs about the type of request it received from the DOJ but that it was in fact asked to answer questions about its empire.

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

What’s up

Nio—the Chinese EV maker, not the Keanu Reeves character—soared 14.52% after reporting record deliveries last quarter and forecasting a stronger quarter ahead.
US Steel continued its roller coaster ride today, rising 1.97% on the rumor that President Biden will block its acquisition by Japan’s Nippon Steel.
JetBlue Airways ascended 7.16% after the company boosted its revenue guidance for the coming quarter.
G-III Apparel Group rocketed 22% thanks to a shockingly impressive quarter for the fancy apparel maker.
Shoe Carnival, which sells shoes and isn’t in fact a poorly scripted horror film, popped 8.20% thanks to a back-to-school shopping boom.

What’s down

C3.ai, which sounds like the name of a new Star Wars droid, sank 8.21% after the enterprise software company announced that subscription revenue fell short of expectations last quarter.
Hewlett Packard Enterprise staggered 6.02% after posting record AI revenue but paying the price for it.
Copart dropped 6.67% once the online car auctioneer reported solid revenue growth but missed earnings expectations last quarter.
ChargePoint plummeted 17.75% thanks to an absolutely terrible quarter for the EV charging network company.
Toro Company, makers of your dad’s favorite lawnmower, fell 10.09%. Sales to residential customers rose last quarter, but sales to professionals, who buy more expensive equipment, fell.

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

Here’s where the major benchmarks ended:

The SPX fell 16.66 points (–0.30%) to 5,503.41; the Dow Jones Industrial Average^® ($DJI) dropped 219.22 points (–0.54%) to 40,755.75; the NASDAQ Composite^® ($COMP) added 43.36 points (0.25%) to 17,127.66.
The 10-year Treasury note yield (TNX)slid to 3.73%, its lowest close since August 5 following today’s jobs-related data.
The CBOE Volatility Index^® (VIX)fell to just above 20, near its historic average.

CITE: https://tinyurl.com/tj8smmes

The president is gearing up to block Japan’s Nippon Steel from acquiring US Steel, according to the Washington Post—a move that could end the highly politicized deal.

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

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DAILY UPDATE: Pfizer and Eli Lilly as Stock Fall Again!

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Pfizer is stepping out from the pharmacy aisle and into the living room with a new website called PfizerForAll. The platform helps patients find information about migraines, Covid, flu, or other seasonal respiratory viruses, the pharma giant said in a Tuesday press release.

Eli Lilly is slashing the price of its blockbuster weight loss drug, Zepbound, offering new, single-dose vials, the company announced on August 27th. Self-pay patients with an on-label prescription can purchase 2.5-mg and 5-mg single-dose vials of Zepbound at roughly 50% off the drug’s list price through the pharma giant’s direct-to-consumer website, LillyDirect, which launched in January. This is the first time the drug maker has offered the drug in single-dose vials rather than an auto-injector.

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

What’s up

Sweetgreen rose 2.02% after TD Cowen analysts upgraded the stock from Hold to Buy based on the execution of its business plan this year and positive long-term outlook.
GitLab popped 21.64% thanks to a strong beat-and-raise earnings report off the back of high AI demand.
AST SpaceMobile rocketed 12.48% after management announced that the satellite launcher has all the cash it needs to keep the lights on and won’t have to issue more shares.

What’s down

Dollar Tree plummeted 22.16%, its biggest selloff in 23 years, after the discount retailer posted a terrible earnings report.
Zscaler plunged 18.67% after issuing much lower guidance for the coming quarters than shareholders expected, despite the cybersecurity company beating estimates this quarter.
Dick’s Sporting Goods fell 4.89% in spite of management projecting strong sales growth in the rest of the year. Investors thought that forecasts would be higher.
Asana sank 4.97% due to today’s theme: The software management company’s growth projections didn’t meet shareholder expectations.
Super Micro Computer dropped 4.14% after it was downgraded by Barclays analysts as the fallout from short seller Hindenburg Research’s latest report continues.

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

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) fell 8.86points (–0.16%) to 5,520.07; the Dow Jones Industrial Average^® ($DJI) added 38.04 points (0.09%) to 40,974.97; the NASDAQ Composite^® ($COMP) declined 52.00 points (–0.30%) to 17,084.30.
The TNX dropped to just under 3.77%, the lowest since August 21st.
The CBOE Volatility Index^® (VIX) closed higher at 21.05 but down from intra-day peaks.

And, the market’s defensive pose continued, with utilities, staples, and real estate leading sector gains, while energy dove again amid weak commodity prices. Info tech, the last place finisher Tuesday, fell again, but only 0.35%, helped by slight gains in the semiconductor sector.

CITE: https://tinyurl.com/tj8smmes

Stat: 19%. That’s how much lower your risk of developing heart disease could be if you caught up on sleep during the weekend, according to a recent study. (CNN)

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

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DAILY UPDATE: Berkshire Hathaway & the “September Effect” Stock Market Collapse

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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The September Effect refers to the historically weak stock market returns observed during the month of September. In fact, September has been the worst performing month, on average, going back nearly a century.

Stat: $1 trillion. That’s how much Berkshire Hathaway is now worth. The Warren Buffet-led company is the first outside of tech to join the trillion-dollar club, joining behemoths like Apple, Amazon, and Microsoft. (the Washington Post)

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

What’s up

Unity Software rose 2.02% after Morgan Stanley analysts upgraded the video game company, basically stating that Unity’s shares can’t sink any lower.
Super Micro Computer recovered 0.93%, firing back at Hindenburg Research and stating that the short seller got it all wrong.
Southwest Airlines ascended 2.28% on the news that activist investor Elliott Investment Management has accrued enough shares of the airline to call a special shareholder meeting.
Vaxcyte exploded 36.39% after an early-stage trial for its invasive pneumococcal disease vaccine showed promising results.

What’s down

Nvidia sank 9.53% as investors continue to digest the chipmaker’s earnings report from last week, which hinted at a slowdown in growth. Semiconductor stocks across the board had a terrible day.
Boeing descended 7.32% after a Wells Fargo analyst downgraded the company and lowered his price point, noting Boeing’s mounting expenses will hinder its free cash flow.
US Steel fell 5.99% after Vice President Kamala Harris came out against the iconic steelmaker’s acquisition by Japan’s Nippon Steel.
Intel dropped 8.80% on the rumor that the company will be dropped by the Dow Jones Industrial Average.
Cleanspark plunged 15.62% after the bitcoin miner released its latest monthly mining update, which revealed that it has been pulling in fewer and fewer bitcoins.

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

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX)dropped 119.47points (–2.12%) to 5,528.93; the Dow Jones Industrial Average^® ($DJI) fell 626.15 points (–1.51%) to 40,936.93; the $COMP plummeted 577.32 points (–3.26%) to 17, 136.30.
The 10-year Treasury note yield gave back seven basis points to 3.84%.
The VIX soared to 20.72, the highest since August 13.

CITE: https://tinyurl.com/tj8smmes

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

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DAILY UPDATE: Softening U.S. Labor Market

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

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Recent data suggest that the US labor market is softening, and the Federal Reserve appears to be taking notice. The Fed gave a strong signal in July that it was prepared to cut the federal funds rate target by 25 basis points in September. And so, Vanguard RIA is anticipating an additional second 25-basis-point cut this year and a target range of 3.25%–3.5% at the end of 2025.

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

The U.S. economy created 114,000 jobs in July, and the unemployment rate rose to 4.3%. The unemployment rate increase is attributable to labor force growth exceeding job growth rather than an increase in job losses.
Broad consumer prices rose in July at the slowest year-over-year pace since early 2021. The Consumer Price Index (CPI) rose by 2.9% compared with July 2023, with shelter price increases accounted for nearly 90% of the monthly increase. The report reaffirms our view that shelter inflation will remain sticky through the rest of the year as supply expands only slowly and demand remains steady.
The Fed’s preferred inflation measure to guide policymaking, the core Personal Consumption Expenditures (PCE) price index, held steady year-over-year in June, rising by 2.6%. We foresee the pace of core PCE rising to 2.9% by year-end because of challenging comparisons with year-earlier data.
The U.S. economy displayed continued resilience in the second quarter, with real GDP growth increasing by an annualized 2.8%, with support from increases in consumer spending, nonresidential fixed investment, and government spending. Through midyear, GDP growth is tracking largely in line with our 2% outlook for the year.

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DAILY UPDATE: Labor Day Stock Markets Closed

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Monday, September 2, 2024

All U.S. and Canadian markets will be closed in observance of Labor/Labour Day.
There will be no Pre-Market or After Hours trading sessions.
Any trades placed on Friday, August 30, 2024, will settle on Tuesday, September 3, 2024.
Requests to move money (MoneyLink, wire transfers, check requests, and IRA distributions) received after the standard cut-off times on Friday, August 30, 2024, will not be processed until Tuesday, September 3, 2024.

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Global Markets

Please note: any international trades will not route until the next day U.S. markets are open.
Global Account trading is not impacted by the U.S. market closures. Both phone and online international trades will route as usual.

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DAILY UPDATE: Medicare Part D Drugs, Kidney Donor Tax Credits, UnitedHealth and the Robust Stock Markets with DJIA at Record High

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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What’s up

Dell Technologies rose 4.33% after beating analyst estimates on both the top and bottom lines thanks to strong AI demand.
Marvell Technology popped 9.16% after beating analyst estimates on both the top and bottom lines thanks to, believe it or not, strong AI demand.
MongoDB gained 18.34% after beating analyst estimates on both the top and bottom lines thanks to, you’re never going to guess, strong AI demand.

What’s down

After accidentally announcing earnings earlier than it intended, Gap fell 1.67%, despite earnings actually looking pretty good.
Super Micro Computer sank another 2.48% as the fallout from short seller Hindenburg Research’s latest report continues.
Elastic NV plummeted 26.49% after the software maker announced a weak quarterly report and forecast worse quarters ahead.
Alnylam Pharmaceuticals stumbled 8.47% in spite of announcing positive Phase 3 trial results for its new heart disease drug. Shareholders don’t think the new drug is as groundbreaking as it could’ve been compared to offerings from competitors like BridgeBio, which popped 13.12% on the news.

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

Here’s where the major benchmarks ended:

The SPX climbed 56.44 points (1.01%) to 5,648.40, roughly flat for the week; the $DJI rose 228.03 points (0.55%) to 41,563.08, up almost 1% for the week; the NASDAQ Composite^®($COMP) added 197.19 points (1.13%) to 17,713.62, down nearly 1% from a week ago.
The 10-year Treasury note yield (TNX) climbed three basis points to 3.91% but fell about 20 basis points in August.
The CBOE Volatility Index^® (VIX) fell moderately to 14.96, well below levels above 30 recorded earlier this month.

CITE: https://tinyurl.com/tj8smmes

The Centers for Medicare and Medicaid Services (CMS) has been doing victory laps since announcing discounts on August 15 for 10 of the most expensive Medicare Part D drugs, a change that is set to go into effect in 2026. These discounts, called maximum fair prices (MFPs), kick off annual negotiations between the CMS and drug manufacturers. The negotiations were made possible by the Inflation Reduction Act (IRA), which also brings other changes such as Medicare Part D benefit redesign.

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

And, Remember NFTs? This is an excellent history of OpenSea, the largest NFT marketplace, and all the chaos within its walls.

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DAILY UPDATE: Record DJIA High

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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What’s up

CrowdStrike popped 2.82% off strong quarterly earnings for the beleaguered cybersecurity company.
Best Buy jumped 14.09% thanks to impressive profit growth in spite of a slowdown in sales.
Affirm Holdings soared 31.92% due to a beat-and-raise quarter for the buy-now-pay-later company.
Nutanix gained 20.31% after the cloud infrastructure company took advantage of a rival’s recent acquisition to gobble up market share.

What’s down

Okta, the security software maker that never lets you get into your company files when you really need to, dropped 17.64% after issuing mixed guidance for the coming quarter.
Salesforce sank at the open but recovered a bit, falling 0.94% after the cloud computing company announced solid earnings.
Pure Storage plunged 15.84% after beating estimates but announcing that full-year earnings will come in lower than expected.
Speaking of data storage companies, NetApp fell 9.64% in spite of beating on the top and bottom lines last quarter.
Birkenstock slipped 16.09% after the company that makes the ugliest shoes on the market missed on earnings estimates.

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

Here’s where the major benchmarks ended:

An early rally lost steam, once again victimized by selling in semiconductors and mega caps despite signs of progress elsewhere. That progress helped lead the Dow Jones Industrial Average^® ($DJI) to a new all-time high for the third time in four sessions.

The SPX fell 0.22 points (0.00%) to 5,591.96; the $DJI rose 243.63 points (0.59%) to 41,335.05; the NASDAQ Composite^®($COMP) dropped 39.59 points (–0.23%) to 17,516.43.
The 10-year Treasury note yield (TNX) climbed two basis points to 3.86%.
The CBOE Volatility Index^® (VIX) eased to 15.99.

CITE: https://tinyurl.com/tj8smmes

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

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DAILY UPDATE: McKesson, CMS and Epic as Stocks Lost Ground

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

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McKesson plans to grow its oncology platform by investing nearly $2.5 billion for a 70% stake in Community Oncology Revitalization Enterprise Ventures (Core Ventures), which was launched earlier this year by Florida Cancer Specialists & Research Institute (FCS). The institute is a group practice of more than 250 physicians, 280 advanced practice providers and almost 100 Florida locations that will remain independent following the deal’s close. The deal will bring advanced treatments and improved care to patients while reducing the overall cost of care, McKesson’s chief executive said.

The Centers for Medicare & Medicaid Services (CMS) issued a new report detailing total complaints related to the No Surprises Act and Affordable Care Act compliance. Providers and consumers earned $4.18 million in relief. More than 12,000 complaints were tied to the No Surprises Act compliance, 10,300 of which were against providers, facilities and air ambulance services. Most of such complaints were about surprise billing for non-emergency services at an in-network facility, followed by surprise billing for emergency services and good faith estimates.

And…Electronic health records giant Epic recently announced plans to transition its customers to TEFCA, the Trusted Exchange Framework and Common Agreement, a nationwide network to exchange patient data that was mandated by the 21st Century Cures Act back in 2016. On the same day, Carequality, an interoperability network that Epic belongs to, also announced that it plans to align with TEFCA. As one of the largest health IT vendors in the industry, Epic’s commitment to moving customers over to TECFA is noteworthy and will likely help to drive adoption, health IT experts say.

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

What’s up

Chewy gained 11.06% today as profits at the online pet supplies retailer surged last quarter, easily beating projections.
Ambarella, a semiconductor company, jumped 10.63% after topping Q2 revenue estimates.
Box rose 10.83% with the cloud company upping its sales outlook for the year.
AeroVironment was up 9.06% after the defense firm secured a $990 million five-year contract with the US Army.

What’s down

Super Micro Computer plunged 19.02% after announcing it would delay filing its annual financial disclosures with the SEC. Yesterday, short-seller Hindenburg Research accused the high-flying server maker of “glaring accounting red flags” and other sketchy business practices.
Abercrombie & Fitch’s 21% revenue growth last quarter wasn’t enough to impress investors, who sent the retailer’s stock down 16.99%. They got spooked when CFO Fran Horowitz mentioned the “increasingly uncertain environment” in the second half of the year.
Trump Media stock dipped below $20/share for the first time since the Truth Social owner went public in March. It’s down more than 75% from its intraday peak set that month.
Foot Locker beat top and bottom line estimates for the second quarter. But its stock dropped 10.24% when it kept its full-year outlook steady and announced store closures in Asia and Europe.

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

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) fell 33.62 points (–0.60%) to 5,592.18; the Dow Jones Industrial Average^® ($DJI) declined 159.08 (–0.39%) to 41,091.42; the NASDAQ Composite^®($COMP) dropped 198.79 points (–1.12%) to 17,556.03.
The 10-year Treasury note yield (TNX) rose about one basis point to 3.84%.
The CBOE Volatility Index^®(VIX) climbed to 16.95, back toward levels seen nearly a week ago.

CITE: https://tinyurl.com/tj8smmes

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

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Filed under: "Ask-an-Advisor", Career Development, Drugs and Pharma, Ethics, Experts Invited, Financial Planning, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors | Tagged: ACA, CMS, DJIA, DOW, eHR, eMR, Epic, Marcinko, McKesson, NASA, NASDAQ, No Surprise Act, S&P 500, textbooks, TNX, VIX, WSJ | Leave a comment »

ECONOMIC INDICATORS: “Lipstick Index” and “Cosmetic” Others?

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

By Staff Reporters

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DEFINITION: According to Wikipedia, the lipstick index is a term coined by Leonard Lauder, chairman of the board of Estee Lauder, used to describe increased sales of cosmetics during the early 2000s recession. Lauder made the claim that lipstick sales could be an economic indicator, in that purchases of cosmetics – lipstick in particular – tend to be inversely correlated to economic health. The speculation was that women substitute lipstick for more expensive purchases like dresses and shoes in times of economic distress.

Lauder identified the Lipstick index as sales across the Estee Lauder family of brands. Subsequent recessions, including the late-2000s recession, provided controverting evidence to Lauder’s claims, as sales have actually fallen with reduced economic activity. Conversely, lipstick sales have experienced growth during periods of increased economic activity. As a result, the lipstick index has been discredited as an economic indicator. The increased sales of cosmetics in 2001 has since been attributed to increased interest in celebrity-designed cosmetics brands.

In the 2010s, many media outlets reported that with the rise of nail art as fad in the English-speaking countries and as far afield as Japan and the Philippines, nail-polish had replaced lipstick as the main affordable indulgence for women in place of bags and shoes during recession, leading to talk of a Nail Polish index. Similar sentiment was noted during the coronavirus pandemic, when the mandated use of face masks to prevent the spread of the disease resulted in an increase of eye makeup purchases, suggesting a Mascara index.

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

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Now, decades after former Estée Lauder chairman Leonard Lauder first recognized the infamous “lipstick index”—the idea that cosmetics sales hold steady and sometimes spike during economic downturns—the same company posted a relatively downbeat earnings report.

Currently, the economy’s not great, but not abysmal, which makes for two possible interpretations of Estée Lauder’s latest report: Either the economy’s better than it seems, or the lipstick index was always a bit off.

The cosmetics giant reported declining sales figures, while weakening its full-year forecast. “For full-year fiscal 2023, we delivered organic sales growth and prestige beauty share gains in many developed and emerging markets, but Asia travel retail pressured results, particularly in skin care, and we continued to experience softness in North America,” the report said.

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Waffle House Index: https://medicalexecutivepost.com/2022/10/08/what-is-the-waffle-house-index/

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Filed under: "Ask-an-Advisor", Career Development, CMP Program, Experts Invited, Glossary Terms, Health Economics, Interviews, Op-Editorials, Sponsors | Tagged: cosmetics, Estee Lauder, Lipstick Index, Mascara Index, Nail Polish Index, Waffle House Index | Leave a comment »

DAILY UPDATE: Apple, Uber, Temu, Papa John’s, Icahn Enterprises & NFL Private Equity as Stock Markets Nudge Upward

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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The National Football League is expected to vote to allow private equity ownership of franchises, marking a significant change to its ultra-exclusive ownership club. The vote, all but guaranteed to pass, is a historic softening by the NFL, which will be the last of the major sports leagues in North America to permit private equity ownership. The NBA, MLB and NHL currently allow PE to own up to 30% of a team, while the NFL’s expected cap is 10%.

And, the stock of PDD Holdings, parent company of the fast-growing Temu shopping app, sank more than 30% on Monday, losing more than $50 billion in market value, after the e-commerce giant posted disappointing revenue results and executives warned of rapid competition and non-business challenges that may dampen growth and profits going forward.

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

What’s up

Costco (+1.84%) hit an all-time high and topped $900/share for the first time. Don’t be surprised if it becomes the latest retailer to announce a stock split after Chipotle, Walmart, and Williams-Sonoma, according to Barron’s.
Hain Celestial Group, the better-for-you food company that makes those veggie straw snacks in your office pantry, popped 18.59% after beating profit expectations for the latest quarter.

What’s down

Hims & Hers, the direct-to-consumer provider of generics, fell 7.51% after Eli Lilly announced a cheaper version of its weight loss drug Zepbound.
Paramount Global dropped 7.15% after billionaire Edgar Bronfman Jr. decided he wouldn’t pursue an acquisition of the legacy media company. That leaves Skydance Media poised for an $8 billion takeover.
Cannabis stocks including Curaleaf Holdings (-13.52%), Canopy Growth (-9.56%), and Green Thumb Industries (-10.76%) went up in smoke when the DEA said it would hold its hearing over changing the classification of cannabis on Dec. 2—after the election.
Cava got bowled over 6.10% after its CEO and other insiders revealed stock sales.

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

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 8.96 points (0.16%) to 5,625.80; the Dow Jones Industrial Average^® ($DJI) rose 9.98 (0.02%) to 41,250.50; the NASDAQ Composite^®($COMP) added 29.05 points (0.16%) to 17,754.82.
The 10-year Treasury note yield (TNX) increased nearly two basis points to 3.83%.
The CBOE Volatility Index^® (VIX) slipped to 15.42.

About half of S&P 500 sectors finished in the green today. Financials have been on a roll lately amid rate cut hopes and continued their solid performance Tuesday, while energy did a 180 Tuesday as crude oil lost ground.

Treasury yields remained in their recent trading range, with the gap narrowing further between the 2-year and 10-year Treasury note yields to roughly seven basis points. The inversion, in which two-year yields hold a premium to 10-year yields, reached 100 basis points a year ago as the Fed rapidly raised rates. The 10-year yield got some traction today from a solid Consumer Confidence report.

CITE: https://tinyurl.com/tj8smmes

Apple has announced “it’s glowtime” for a Sept. 9th event during which the company is expected to debut the iPhone 16.

And, Uber was fined 290 million euros ($347 million) by Dutch regulators for transferring driver data from the EU to the US. It’s one of the biggest fines ever issued under the EU’s data privacy law.

Icahn Enterprises L.P.’s stock tumbled 11.5% Monday to close at a roughly 21-year low, after billionaire Carl Icahn’s publicly traded investing arm filed to sell up to $400 million of its depositary units in an “at-the-market offering.” The news comes after Icahn and his company agreed last week to pay $2 million in civil penalties for failing to make required disclosures relating to personal margin loans worth billions of dollars. The stock closed at $14.07, its lowest level since it closed at $14.04 on Nov. 25, 2003.

Papa John’s (NASDAQ:PZZA) rose 4% and then surged amid some takeover speculation concerning Restaurants Brands (QSR), the parent of Burger King and Tim Hortons.

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

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Filed under: Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors | Tagged: consumr confidence, DJIA, DOW, EU, Icahn Enterprises L.P.’s, Marcinko, MLB, NASA, NASDAQ, NBA, NFL, NHL, Papa John's, pe, Private Equity, S&P 500, SPX, Temu, textbooks, TNX, Treasury yields, VIX, WSJ | Leave a comment »

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