DAILY UPDATE: Stock Markets, Netflix and Medicare Part C as CVS Closes Stores

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

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Markets: The S&P 500 hit an all-time high yesterday, closing out its sixth consecutive week of gains for its longest streak of 2024. The Dow and NASDAQ also closed in the green.

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The largest Medicare Advantage insurers have prioritized profits over patient care by increasing the use of prior authorization in recent years to frequently deny post-acute care services to older adults, according to a report published Oct. 17th by the Senate Permanent Subcommittee on Investigations.

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The drugstore chain CVS is in the process of shuttering “roughly 300” locations across the country in 2024, a spokesperson confirmed to Good Housekeeping. That includes the dozens of pharmacies in Target stores.

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Stock spotlight: Netflix stock jumped on Friday, a day after its earnings report beat expectations.

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DAILY UPDATE: CVS Health and AI Healthcare Chatbots as Stocks Reach New Highs

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

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CVS Health may be breaking up…with itself. The board of directors at CVS Health—the parent company of CVS Pharmacy, pharmacy benefit manager CVS Caremark, and insurance unit Aetna—are working with a group of bankers to review the company’s strategy, which according to Reuters, may lead to a split between its pharmacy division and Aetna.

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Stocks Up

  • Apple climbed 1.23% on a Bloomberg report that iPhone 16 demand has been shockingly strong in China.
  • Verizon Communications will purchase $1 billion worth of US Cellular’s wireless spectrum licenses. Verizon rose just 0.34%—but it’s a huge deal for US Cellular, which popped 7.22%, and Telephone and Data Systems, which owns 82% of US Cellular, and soared 15.40%.
  • Intuitive Surgical rose to a new all-time high, climbing 10.01% on strong earnings powered by sales of its da Vinci device.
  • Lamb Weston, the company behind the french fries you overindulge in every time you go out to dinner, is being pushed by activist investor Jana Partners toward exploring a sale. Shareholders rejoiced, and the stock rose 10.17%.

Stocks Down

CVS Health sank 5.23% on the news that CEO Karen Lynch will be replaced by David Joyner after three years at the helm of the struggling pharmacy/retailer. Joyner ran the company’s pharmacy service business for the last two years.

  • WD-40 seems like the staple of all consumer staples, but the company missed on both revenue and earnings estimates last quarter. Shares fell 4.79% on the news.
  • American Express dropped 3.15% after the credit card company reported a rare miss today, beating bottom-line estimates but missing revenue forecasts last quarter.
  • MGP Ingredients makes all the booze you drink under different brand names, but people aren’t drinking enough. The beverage maker issued preliminary earnings that included a 24% drop in sales. Shares tanked 24.16%.

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Here’s where the major stock market benchmarks ended:

  • The S&P 500® index (SPX)rose 23.20 points (0.40%) to 5,864.67, a new record high close, to end the week up 0.85%; the Dow Jones Industrial Average® ($DJI) added 36.86 points (0.09%) to 43,275.91, also another record high finish, to end the week up 0.96%; and the $COMP gained 115.94 points (0.63%) to 18,489.55 to end the week up 0.80%.
  • The 10-year Treasury note yield (TNX) fell two basis points to 4.07%.
  • The CBOE Volatility Index® (VIX) fell to 18.17, the lowest since September 30.

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A new survey results may prompt health systems to second-guess some of their future plans. A recent University of Michigan survey found 74% of adults ages 50+ have “very little or no trust” in health info generated by AI. Maybe it’s not time to roll out chatbots on patient portals just yet.

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DAILY UPDATE: UnitedHealth, PBMs, Walgreens and Edmunds as Stock Climb

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

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UnitedHealth posted $6 billion in profit and $100 billion in revenue, but the company’s stock is dipping this morning.

Walgreens is closing 1,200 stores by 2027 and a net loss of $3 billion, though the company beat Wall Street’s expectations.

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Stocks Up

  • Chip stocks recovered lost ground today thanks to a strong earnings report from TSMC (more on that below). Nvidia led the group higher, rising 0.89% to yet another new all-time high.
  • Blackstone rose 6.30% to a new record high after the world’s largest alternative asset manager reported an excellent quarter.
  • Expedia popped 4.75% after a report by the Financial Times revealed that Uber had explored an acquisition of the travel site. Expedia shareholders cheered the news, while Uber shares sank 2.45%.

Stocks Down

  • Robinhood fell 2.27% after announcing its new Legend trading platform geared specifically toward advanced traders.
  • Lucid Group plummeted 17.99% on the news that the EV automaker is offering over 262 million shares of its common stock in an attempt to raise funds.
  • CSX dropped 6.71% after missing both top- and bottom-line estimates last quarter thanks in no small part to hurricanes Helene and Milton.
  • Health insurance stocks took a beating today due to a not-great earnings report from Elevance Health (more on that below, too). Centene Corp. fell 9.09%, while Molina Healthcare tumbled 12.55%.

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) slipped 1.00point (–0.02%) to 5,841.47; the $DJI added 161.35 points (0.37%) to 43,239.05; and the NASDAQ Composite®($COMP) rose 6.53 points (0.04%) to 18,373.61. 
  • The 10-year Treasury note yield (TNX) climbed eight basis points to 4.1%.
  • The CBOE Volatility Index® (VIX) sank to 18.97 by late Thursday, a two-week low.

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The average amount owed on “upside down” auto loans, in which the balance is more than the car is worth, hit a record high of $6,458 in the third quarter, according to Edmunds, a site that helps consumers research and buy cars

Diabetes advocates have officially joined the fight against pharmacy benefit managers (PBMs).

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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%.

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

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.

CITE: https://tinyurl.com/tj8smmes

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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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 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.

CITE: https://tinyurl.com/tj8smmes

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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COLUMBUS DAY 2024: Stocks, Bonds, Gold & Oil

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

By Staff Reporters

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U.S. stock markets, including the New York Stock Exchange and the NASDAQ remain open and follow a regular schedule today.

The bond markets will be closed, however.

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  • Stocks ended last week on a high note, closing out their fifth straight week of gains. The Dow was pushed to yet another new all-time high by strong earnings from JPMorgan, while the S&P 500 was in the green and rose to its own record close, and the NASDAQ clawed its way out of the red by early Friday afternoon.
  • Bond yields took a breather, falling below 4.1% thanks to a better-than-expected PPI report that helped offset inflation fears that had re-arisen after a worse-than-expected CPI report.
  • Gold rose as well on PPI news, since the data pointed to a better chance of more rate cuts ahead.
  • Oil fell a bit but gained over the last two weeks on geopolitical tensions and destruction in the Gulf of Mexico following the two major hurricanes.

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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

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.

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

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.

CITE: https://tinyurl.com/tj8smmes

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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ME-P READERS: You Are a 10/10 Today!

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

By Staff Reporters

Today is the only day of the year we can use the line: “Hey ME-P readers – you’re a 10/10.”

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Markets: Another day, more all-time highs for the S&P 500 and the Dow Jones Industrial Average.

Whether this two-day rally could extend to three will likely depend on this morning’s consumer price index inflation report for September, which will help shape the path of future Federal Reserve interest rate cuts. While most Big Tech stocks gained, Alphabet sank after the Department of Justice said it was considering asking a judge to break it up as we previously reported on this ME-P.

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UNITEDHEALTHGROUP: Recent Pros and Cons of UNH

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

By Staff Reporters

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A class action lawsuit has been filed in Minnesota against UnitedHealth Group (NYSE:UNH) over allegations that the health insurer and its subsidiary, NaviHealth, used a faulty algorithm to deny rehabilitation care for Medicare Advantage beneficiaries. California-based Clarkson Law Firm filed the lawsuit in the U.S. District Court of Minnesota on Tuesday following an investigative report published by the health-focused news site Stat.

It alleges that UnitedHealth and its subsidiary, NaviHealth, used the computer algorithm named nH Predict to “systematically deny claims” of patients recovering from debilitating illnesses in nursing homes. According to the lawsuit, despite its 90% error rate, the company used the algorithm to deny claims, knowing that only 0.2% would appeal its decision. According to Stat, Humana (HUM), the nation’s second-largest player in the Medicare Advantage market behind UnitedHealth (UNH), also uses nH Predict. UnitedHealth (UNH) denied it used the NaviHealth predict tool to arrive at coverage decisions.

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Ironically, UnitedHealth’s (NYSE:UNH) Optum Rx unit announced plans to move eight insulin products to “preferred” status on formularies to further expand the number of patients benefiting from $35 or less monthly out-of-pocket costs for the lifesaving therapy.

Optum Rx, UNH’s pharmacy benefit manager (PBM), said that effective January 1, 2024, all short- and rapid-acting insulins will move to Tier 1 in commercial formularies, a list of drugs the company maintains to indicate coverage for insured patients.

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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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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.

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

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.

CITE: https://tinyurl.com/tj8smmes

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™

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

“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“

A Partner of the Institute of Medical Business Advisors , Inc.

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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.

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

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.

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

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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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.

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

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.

CITE: https://tinyurl.com/tj8smmes

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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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.

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

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%.

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

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.

CITE: https://tinyurl.com/tj8smmes

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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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.

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

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%.

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

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.

CITE: https://tinyurl.com/tj8smmes

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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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: Health Plan Costs Up and Stock Markets Upbeat

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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

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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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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TROPICAL STORM HELENE: And “Stonk” Stocks

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

BREAKING NEWS

By Staff Reporters

Tropical Storm Helene made landfall in Florida last night as a Category 4 hurricane, the strongest to ever hit the state’s Big Bend. It is a huge and powerful storm—with a wind field that could span the distance between tjhe State of Maryland/Washington, DC, and Indianapolis/Chicago—that has already caused historic flooding to some of Florida’s coastal communities.

How bad is it? The Waffle House Index, which has been used by FEMA as an indicator of a storm’s severity, closed all of its locations in Tallahassee, Florida. The Waffle House Index [WHI] is an informal metric named after the Waffle House restaurant chain, headquartered in Georgia, and used by the Federal Emergency Management Agency (FEMA) to determine the effect of a storm and the likely scale of assistance required for disaster recovery.

And, as of 8am EST, Helene has weakened to a Category 1 as it’s moved into Atlanta, Georgia. Nearly 2 million customers are without power across Florida, Georgia, and North/South Carolina. You can get real-time updates here, as we hope everyone in the region is staying safe.

***

Stock market yesterday: The S&P 500 clinched a fresh new record amid GDP data and micro chip stock gains.and Stonk Stocks. Stonk, a deliberate misspelling of stock (meaning “a share of the value of a company which can be bought, sold, or traded as an investment”), was coined in a 2017 meme. The word is often used humorously on the internet to imply a vague understanding of financial transactions or poor financial decisions.

Upbeat GDP data and new stimulus measures in China were largely to thank. One of the day’s big winners was Southwest Airlines, which soared after executives announced plans to revitalize the business.

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Designated a Doody’s Core Title!

To keep up with the ever-changing field of health care, we must learn new and re-learn old terminology in order to correctly apply it to practice. By bringing together the most up-to-date abbreviations, acronyms, definitions, and terms in the health care industry, the Dictionary offers a wealth of essential information that will help you understand the ever-changing policies and practices in health insurance and managed care today.

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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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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.

CITE: https://tinyurl.com/tj8smmes

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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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.

CITE: https://tinyurl.com/tj8smmes

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.

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

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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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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.

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

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™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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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)

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

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.

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

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.

CITE: https://tinyurl.com/tj8smmes

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)

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

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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.

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

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

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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.

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

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.

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: 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)

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

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.

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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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MARKETS: Best Week in 2024

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

By Staff Reporters

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What a difference a week makes: The S&P 500 and the NASDAQ just had their best weeks of the year—only one week after suffering their worst weeks of 2024. Investors are gaining confidence as they wait for the Federal Reserve and Jerome Powell to cut interest rates next week.

Warner Bros. Discovery jumped following the news that it clinched a renewal deal with Charter Communications that’ll give the cable company’s subscribers access to its streamer Max.

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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.

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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.

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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.

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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™

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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.

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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.

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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.

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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™

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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™

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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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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.

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What’s up

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.

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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.

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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.

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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™

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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.

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What’s up

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.

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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.

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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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SEPTEMBER: Stock Market Effect?

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

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Yesterday was only the first trading day of what’s traditionally Wall Street’s weakest month of the year, and September’s already living up to its reputation.

U.S. stocks tumbled Tuesday to their worst day since an early August sell-off, as a week full of updates on the economy got off to a discouragingly weak start. The S&P 500 sank 2.1% to give back a chunk of the gains from a three-week winning streak that had carried it to the cusp of its all-time high. The Dow Jones Industrial Average dropped 626 points, or 1.5%, from its own record set on Friday before Monday’s Labor Day holiday. The NASDAQ composite fell 3.3% as Nvidia and other Big Tech stocks led the way lower.

Understanding the September Effect

From 1928 through 2023, the S&P 500 index has averaged a decline during the month of September.

Stock Trader’s Almanac. “September Almanac: Worst Month of the Year since 1950.” This is, however, an average observed over many nearly a century, and September is certainly not the worst month of stock-market trading every year. In fact, for some years September has been among the best-performing months. Moreover, while the average return for September is negative, the median return for that month has turned positive.

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While the September Effect might present a market anomaly in the sense that it violates the assumption of market efficiency, the effect is not overwhelming and, more importantly, is not predictive in any useful sense. This is because the time period under consideration will matter a great deal.

For instance, if an individual had bet against September over the last 100 years, that individual would have made an overall profit. If the investor had made that bet only since 2014, though, that investor would have lost money.  

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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™

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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)

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What’s up

What’s down

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.

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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: Softening U.S. Labor Market

Posted on September 3, 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

“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“

A Partner of the Institute of Medical Business Advisors , Inc.

http://www.MedicalBusinessAdvisors.com

SPONSORED BY: Marcinko & Associates, Inc.

***

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Daily Update Provided By Staff Reporters Since 2007.
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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.

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

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