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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Private equity (PE) firms might make it rain cash for investors, but hospitals under their ownership are facing an asset drought, according to a research letter published in JAMA on July 30th. While fans of PE argue it can bring much-needed financial resources to struggling hospitals, the data disagrees. “Private equity acquisitions appear to have depleted, rather than augmented, hospital assets,” the authors, a group of physicians from medical institutions across the US, wrote.

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What’s up

• Kellanova, maker of Eggo Waffles, popped 7.73% on the news that Mars, maker of M&Ms, will buy the company for $83.50 per share.
• Victoria’s Secret rallied 16.20% due to the appointment of Hillary Super as CEO.
• Allstate leapt 5.19% on the news that it will sell its employer voluntary benefits business to StanCorp Financial Group for $2 billion.
• Cardinal Health jumped 3.52% thanks to an impressive earnings report and a glowing forecast for fiscal year 2025.
• Flutter, parent company of FanDuel, rose 7.94% after a strong beat-and-raise earnings report.

What’s down

• Peloton Interactive stumbled 4.64% on the news of a deal allowing Google’s Fitbit users to have access to Peloton classes.
• Brinker International sank 10.51% after the parent company of Chili’s announced lower-than-expected earnings last quarter.
• Ouster plummeted 27.44% after the lidar manufacturer reported disappointing revenue last quarter and forecast for worse to come next quarter.
• Starbucks fell 2.09% as investors took some profits after yesterday’s gigantic pop.

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Here’s where the major benchmarks ended:

• The S&P 500 rose 20.78 points (0.38%) to 5,455.21; the Dow Jones Industrial Average^® ($DJI) added 242.75 points (0.61%) to 40,008.39; the NASDAQ Composite^®($COMP) squeaked out a slight gain of 4.99points (0.03%) to 17,192.60.
• The 10-year Treasury note yield (TNX) dropped three basis points to 3.82%, the lowest close in more than a week.
• The Cboe Volatility Index^® (VIX) fell to 16.22, the lowest since July 23.

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Stat: 21%. That’s the percentage of US physicians who are still paying off student loan debt. (Becker’s Hospital Review)

Quote: “The federal government is particularly ineffective and slow these days.”—Rep. Brianna Titone, a Colorado Democrat, on why states need to “step up” and make their own laws regulating the use of artificial intelligence in healthcare (Axios)

Read: A US Olympic athlete is taking advantage of free healthcare to catch up on preventive care while in Paris. (the Washington Post)

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

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