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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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UnitedHealth confirmed it’s being investigated. The healthcare giant said in a securities filing that it’s cooperating with the Justice Department in civil and criminal investigations following recent reports from the Wall Street Journal that the DOJ was looking into the company’s Medicare billing practices. WSJ reported that UnitedHealth had added unnecessary diagnoses to Medicare patients’ records that increased payments. It’s the latest setback for a company that ousted its CEO in May after its stock price cratered.

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What’s up

• Tesla arrested its latest decline and gained 3.52% on the news that it will roll out its new robotaxi program in San Francisco as soon as this weekend.
• Palantir rose 2.54% to become the 20th most valuable company in the country by market value.
• Deckers Outdoor, the maker of Hoka and Ugg shoes, soared 11.35% on the back of stronger-than-expected earnings thanks to impressive international sales.
• Newmont climbed 6.89% after a quarter of surging gold prices helped propel the miner’s earnings to new heights.
• Managed care provider Centene added 6.09% despite marked declines in its Medicaid and Medicare membership, as well as soaring costs.
• Boston Beer rose 6.54% as shareholders raised a toast to management’s effort to keep tariff costs low.

What’s down

• Intel fell 8.53% on the news that it’s cutting costs by laying off 15% of its workforce and scaling back its chip foundry plans.
• Puma plummeted 15.67% after the European footwear company warned of the high cost of tariffs.
• Charter Communications plunged 18.49% in its worst day of trading ever after reporting that it lost 117,000 broadband subscribers last quarter. It was so bad that other cable stocks like Comcast sank 4.78% and Altice lost 9.46%.
• Lyft announced it’s rolling out new autonomous shuttles, but shares still fell 0.56% as shareholders realized it’s just trying to keep up with Uber.

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

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