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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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

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

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

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

Here’s where the major benchmarks ended:

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

What’s up

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

What’s down

• CrowdStrike sank 9.72% after its comeback stalled thanks to Delta’s declaration that it will seek damages from the cybersecurity company after canceling 7,000 flights.
• Nvidia fell 7.04% as investors continue to rotate out of big tech and into smaller stocks.
• Merck tanked 9.84% in spite of strong second-quarter earnings, as investors balked at lower sales of the key product Gardasil.
• Diageo slumped 4.66% thanks to the first decline in company sales since the pandemic as customers cut back on alcohol.
• Tesla tumbled 4.08% after announcing a recall of 1.8 million cars across the US due to issues with their hoods.

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

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Filed under: Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors | Tagged: AARP, AHA, DJIA, DOW, health over wealth, healthcare costs, healthcare lobbyists, Marcinko, NASA, NASDAQ, Private Equity, PwC, S&P 500, SPX, technology stocks down, textbooks, TNX, VIX, WSJ | Leave a comment »