BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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Stock Markets celebrated Labor Day 2024 and the end of summer with the Dow Jones Industrial Average closing at another record high and the S&P 500 clinching its fourth straight winning month. The Fed’s favorite inflation gauge came in as expected, providing yet another sign pointing to a September interest rate cut.
And Intel rose on reports that the beleaguered micro chip maker is considering various options, including breaking up the business, to overcome its slump.
Posted on August 31, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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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.
Elastic NV plummeted 26.49% after the software maker announced a weak quarterly report and forecast worse quarters ahead.
Alnylam Pharmaceuticals stumbled 8.47% in spite of announcing positive Phase 3 trial results for its new heart disease drug. Shareholders don’t think the new drug is as groundbreaking as it could’ve been compared to offerings from competitors like BridgeBio, which popped 13.12% on the news.
The SPX climbed 56.44 points (1.01%) to 5,648.40, roughly flat for the week; the $DJI rose 228.03 points (0.55%) to 41,563.08, up almost 1% for the week; the NASDAQ Composite®($COMP) added 197.19 points (1.13%) to 17,713.62, down nearly 1% from a week ago.
The 10-year Treasury note yield (TNX) climbed three basis points to 3.91% but fell about 20 basis points in August.
The CBOE Volatility Index® (VIX) fell moderately to 14.96, well below levels above 30 recorded earlier this month.
The Centers for Medicare and Medicaid Services (CMS) has been doing victory laps since announcing discounts on August 15 for 10 of the most expensive Medicare Part D drugs, a change that is set to go into effect in 2026. These discounts, called maximum fair prices (MFPs), kick off annual negotiations between the CMS and drug manufacturers. The negotiations were made possible by the Inflation Reduction Act (IRA), which also brings other changes such as Medicare Part D benefit redesign.
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
And, Remember NFTs? This is an excellent history of OpenSea, the largest NFT marketplace, and all the chaos within its walls.
Posted on August 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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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.
Affirm Holdings soared 31.92% due to a beat-and-raise quarter for the buy-now-pay-later company.
Nutanix gained 20.31% after the cloud infrastructure company took advantage of a rival’s recent acquisition to gobble up market share.
What’s down
Okta, the security software maker that never lets you get into your company files when you really need to, dropped 17.64% after issuing mixed guidance for the coming quarter.
Salesforce sank at the open but recovered a bit, falling 0.94% after the cloud computing company announced solid earnings.
Pure Storage plunged 15.84% after beating estimates but announcing that full-year earnings will come in lower than expected.
An early rally lost steam, once again victimized by selling in semiconductors and mega caps despite signs of progress elsewhere. That progress helped lead the Dow Jones Industrial Average® ($DJI) to a new all-time high for the third time in four sessions.
The SPX fell 0.22 points (0.00%) to 5,591.96; the $DJI rose 243.63 points (0.59%) to 41,335.05; the NASDAQ Composite®($COMP) dropped 39.59 points (–0.23%) to 17,516.43.
The 10-year Treasury note yield (TNX) climbed two basis points to 3.86%.
Posted on August 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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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.
McKesson plans to grow its oncology platform by investing nearly $2.5 billion for a 70% stake in Community Oncology Revitalization Enterprise Ventures (Core Ventures), which was launched earlier this year by Florida Cancer Specialists & Research Institute (FCS). The institute is a group practice of more than 250 physicians, 280 advanced practice providers and almost 100 Florida locations that will remain independent following the deal’s close. The deal will bring advanced treatments and improved care to patients while reducing the overall cost of care, McKesson’s chief executive said.
The Centers for Medicare & Medicaid Services (CMS) issued a new report detailing total complaints related to the No Surprises Act and Affordable Care Act compliance. Providers and consumers earned $4.18 million in relief. More than 12,000 complaints were tied to the No Surprises Act compliance, 10,300 of which were against providers, facilities and air ambulance services. Most of such complaints were about surprise billing for non-emergency services at an in-network facility, followed by surprise billing for emergency services and good faith estimates.
And…Electronic health records giant Epic recently announced plans to transition its customers to TEFCA, the Trusted Exchange Framework and Common Agreement, a nationwide network to exchange patient data that was mandated by the 21st Century Cures Act back in 2016. On the same day, Carequality, an interoperability network that Epic belongs to, also announced that it plans to align with TEFCA. As one of the largest health IT vendors in the industry, Epic’s commitment to moving customers over to TECFA is noteworthy and will likely help to drive adoption, health IT experts say.
Box rose 10.83% with the cloud company upping its sales outlook for the year.
AeroVironment was up 9.06% after the defense firm secured a $990 million five-year contract with the US Army.
What’s down
Super Micro Computer plunged 19.02% after announcing it would delay filing its annual financial disclosures with the SEC. Yesterday, short-seller Hindenburg Research accused the high-flying server maker of “glaring accounting red flags” and other sketchy business practices.
Abercrombie & Fitch’s 21% revenue growth last quarter wasn’t enough to impress investors, who sent the retailer’s stock down 16.99%. They got spooked when CFO Fran Horowitz mentioned the “increasingly uncertain environment” in the second half of the year.
Trump Media stock dipped below $20/share for the first time since the Truth Social owner went public in March. It’s down more than 75% from its intraday peak set that month.
Foot Lockerbeat top and bottom line estimates for the second quarter. But its stock dropped 10.24% when it kept its full-year outlook steady and announced store closures in Asia and Europe.
The S&P 500® index (SPX) fell 33.62 points (–0.60%) to 5,592.18; the Dow Jones Industrial Average® ($DJI) declined 159.08 (–0.39%) to 41,091.42; the NASDAQ Composite®($COMP) dropped 198.79 points (–1.12%) to 17,556.03.
The 10-year Treasury note yield (TNX) rose about one basis point to 3.84%.
The CBOE Volatility Index® (VIX) climbed to 16.95, back toward levels seen nearly a week ago.
Posted on August 28, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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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.
The National Football League is expected to vote to allow private equity ownership of franchises, marking a significant change to its ultra-exclusive ownership club. The vote, all but guaranteed to pass, is a historic softening by the NFL, which will be the last of the major sports leagues in North America to permit private equity ownership. The NBA, MLB and NHL currently allow PE to own up to 30% of a team, while the NFL’s expected cap is 10%.
And, the stock of PDD Holdings, parent company of the fast-growing Temu shopping app, sank more than 30% on Monday, losing more than $50 billion in market value, after the e-commerce giant posted disappointing revenue results and executives warned of rapid competition and non-business challenges that may dampen growth and profits going forward.
Costco (+1.84%) hit an all-time high and topped $900/share for the first time. Don’t be surprised if it becomes the latest retailer to announce a stock split after Chipotle, Walmart, and Williams-Sonoma, according to Barron’s.
Hain Celestial Group, the better-for-you food company that makes those veggie straw snacks in your office pantry, popped 18.59% after beating profit expectations for the latest quarter.
What’s down
Hims & Hers, the direct-to-consumer provider of generics, fell 7.51% after Eli Lilly announced a cheaper version of its weight loss drug Zepbound.
Paramount Global dropped 7.15% after billionaire Edgar Bronfman Jr. decided he wouldn’t pursue an acquisition of the legacy media company. That leaves Skydance Media poised for an $8 billion takeover.
Cannabis stocks including Curaleaf Holdings (-13.52%), Canopy Growth (-9.56%), and Green Thumb Industries (-10.76%) went up in smoke when the DEA said it would hold its hearing over changing the classification of cannabis on Dec. 2—after the election.
Cava got bowled over 6.10% after its CEO and other insiders revealed stock sales.
The S&P 500® index (SPX) rose 8.96 points (0.16%) to 5,625.80; the Dow Jones Industrial Average® ($DJI) rose 9.98 (0.02%) to 41,250.50; the NASDAQ Composite®($COMP) added 29.05 points (0.16%) to 17,754.82.
The 10-year Treasury note yield (TNX) increased nearly two basis points to 3.83%.
The CBOE Volatility Index® (VIX) slipped to 15.42.
About half of S&P 500 sectors finished in the green today. Financials have been on a roll lately amid rate cut hopes and continued their solid performance Tuesday, while energy did a 180 Tuesday as crude oil lost ground.
Treasury yields remained in their recent trading range, with the gap narrowing further between the 2-year and 10-year Treasury note yields to roughly seven basis points. The inversion, in which two-year yields hold a premium to 10-year yields, reached 100 basis points a year ago as the Fed rapidly raised rates. The 10-year yield got some traction today from a solid Consumer Confidence report.
Applehas announced “it’s glowtime” for a Sept. 9th event during which the company is expected to debut the iPhone 16.
And,Uberwas fined 290 million euros ($347 million) by Dutch regulators for transferring driver data from the EU to the US. It’s one of the biggest fines ever issued under the EU’s data privacy law.
Icahn Enterprises L.P.’s stock tumbled 11.5% Monday to close at a roughly 21-year low, after billionaire Carl Icahn’s publicly traded investing arm filed to sell up to $400 million of its depositary units in an “at-the-market offering.” The news comes after Icahn and his company agreed last week to pay $2 million in civil penalties for failing to make required disclosures relating to personal margin loans worth billions of dollars. The stock closed at $14.07, its lowest level since it closed at $14.04 on Nov. 25, 2003.
Papa John’s (NASDAQ:PZZA) rose 4% and then surged amid some takeover speculation concerning Restaurants Brands (QSR), the parent of Burger King and Tim Hortons.
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on August 27, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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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.
Nvidia will drop its Q2 numbers on Wednesday. Investors will also look for an update from CEO Jensen Huang about reported delays in production of the company’s highly anticipated new Blackwell chips.
Andersen, the US unit of Andersen Global, is considering an IPO in 2025, the Wall Street Journal reported. Andersen Global, an association of consulting firms, was formed in the wake of the 2002 collapse of Big Five accounting firm Arthur Andersen. The parent company has more than 17,000 employees worldwide and earned around $1.9 billion in revenue last year.
Kroger gained 1.6% as the antitrust trial began over its plan to merge with rival Albertsons in a $25 billion deal.
XPeng ADRs (American Depositary Receipts) spiked 7.90% on news that the Chinese EV maker’s CEO bought more than 2 million of the company’s shares. Those ADRs are still down nearly 50% this year. Here’s what an ADR is, by the way.
What’s down
Nvidia (-2.25%), Super Micro Computer (-8.27%), and Broadcom (-4.05%) stunk up the joint today. Investors are biting their nails ahead of Nvidia’s earnings report on Wednesday.
Uber dropped 2.30% on a day it was hit with a record $324 million fine by the Dutch data protection regulator for violating EU personal data rules.
Intel plopped 2% after CNBC reported on Friday that the chipmaker has hired advisors to help defend the castle against activist investors.
The SPX dropped 17.77 points (–0.32%) to 5,616.84; the Dow Jones Industrial Average® ($DJI) rose 65.44 points (0.16%) to 41,240.52; the NASDAQ Composite®($COMP) fell 152.02 points (–0.85%) to 17.725.77.
The 10-year Treasury note yield (TNX) inched up about one basis point to nearly 3.82%.
The CBOE Volatility Index® (VIX) edged up to 16.09 but remains below its historic average.
Americans can receive free Covid-19 tests through the mail beginning next month.
Posted on August 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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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“
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Telehealth has taken more hits lately than a piñata at a birthday party. For example:
In April, UnitedHealth Group announced it was shutting down its Optum Virtual Care program. Days later, Walmart announced it would shutter both Walmart Health and Walmart Health Virtual Care.
And in July, Teladoc posted a net loss of $838 million in Q2. The drop was largely driven by an impairment charge of ~$800 million for BetterHelp, the virtual mental health platform it acquired in 2015, Fierce Healthcare reported. Executives attributed the decline to increased customer acquisition costs, among other factors.
The Justice Department and the attorneys general of eight states sued RealPage, an apartment-pricing tool widely used by corporate landlords, alleging that it lowers competition by allowing property owners to coordinate higher rents.
Posted on August 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
The S&P 500® index (SPX) rose 63.97 points (1.15%) to 5,634.61, up 1.5% on the week; the Dow Jones Industrial Average® ($DJI) added 462.30 points (1.14%) to 41,175.08, up 1.3% for the week; the NASDAQ Composite®($COMP) advanced 258.43 points (1.47%) to 17,877.79, up 1.4% for the week.
The 10-year Treasury note yield (TNX) fell nearly six basis points to just under 3.81%.
The CBOE Volatility Index® (VIX) dropped sharply to 15.79, the lowest close since Monday.
As Medicare Advantage (MA) enrollment grows, hospitals are breaking up with MA [Part C] insurance plans. Becker’s Healthcare reported that, so far in 2024, at least 17 systems ended a contract with an MA insurer.
Posted on August 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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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.
Zoom Video Communications zoomed 12.97% higher after beating earnings estimates and raising its revenue forecast for the year.
Crocs gained 1.04% after Williams Trading upgraded the company from Hold to Buy and boosted its price target to $163 from $135.
Deutsche Bank climbed 3.38% thanks to an announcement that it has reached a settlement with the majority of plaintiffs in its long-running case regarding its Postbank acquisition a decade ago.
Paramount Global rose 0.81% after its special committee extended its “go shop” period ahead of its potential merger with Skydance.
What’s down
Advance Auto Parts plummeted 17.47% thanks to a massive earnings miss this quarter and management’s prediction that earnings will drop for the rest of the year.
Nvidia fell 3.70% after it came to light that investors and insiders like CEO Jensen Huang keep selling their shares of the company.
Charles Schwab dropped 0.46% after TD Bank announced it will sell part of its stake in the company to cover recent fines.
Williams-Sonoma sank 9.21% due to a poor earnings report as consumers slow their spending with the home goods retailer.
Wolfspeed declined 5.38% after the chipmaker revealed that slowing EV sales had hurt its bottom line and that it’s closing one of its manufacturing plants to cut costs.
The S&P 500 index (SPX) lost 50.21 points (–0.89%) to 5,570.64; the Dow Jones Industrial Average® ($DJI) fell 177.71 points (–0.43%) to 40,712.78; the NASDAQ Composite®($COMP) dropped 299.63 points (–1.67%) to 17,619.35.
The 10-year Treasury note yield rose about eight basis points to 3.86%, roughly the midpoint of its recent range.
The CBOE Volatility Index® (VIX) climbed moderately to 17.66, the highest close since August 13.
Posted on August 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
Stat: 2.4%. That’s the percentage of US emergency department visits that involved patients positive with Covid during the week ending August 16th, down from the prior week (but still high). (Becker’s Clinical Leadership)
Quote: “The pandemic was destructive and concerning and clearly demonstrated that Medicaid is so crucially important for our national safety net.”—Jennifer Babcock, SVP for Medicaid policy at the Association for Community Affiliated Plans, on state efforts to expand Medicaid (KFF Health News)
Read: Here are the healthcare-related topics to keep tabs on during the Democratic National Convention. (Stat)
La-Z-Boy fell 3.51% after the company missed earnings expectations and warned that sales will continue to sag like the cushions on an old recliner this year.
The S&P 500® index (SPX) rose 23.73 points (0.42%) to 5,620.85; the Dow Jones Industrial Average® ($DJI) advanced 55.22 points (0.14%) to 40,890.49; the NASDAQ Composite®($COMP) added 102.04 points (0.57%) to 17,918.99.
The 10-year Treasury note yield (TNX) fell three basis points to just under 3.78%, near recent lows.
The CBOE Volatility Index® (VIX) increased to 16.27.
Tesla cars manufactured in China were slapped with a new tariff by the European Union as part of the group’s crackdown on Chinese green-energy exports.
And, The UAW threatened to strike against Stellantis for allegedly reneging on its promise to reopen an Illinois factory, which the carmaker denies.
Finally, Boeing was forced to pause progress on its oft-delayed 777X aircraft after discovering a structural problem during test flights.
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on August 21, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
Unlike previous election cycles, members of both political parties are skeptical of Medicare Advantage, prompting former HHS Secretary Alex Azar to say plans need to engage in “myth busting.”
Palo Alto Networks climbed 7.13% thanks to far stronger than expected earnings from the cybersecurity company and an upbeat forecast.
Eli Lilly gained 2.97% after the pharma giant announced that its weight-loss drug cuts the risk of Type 2 diabetes by 94% in obese or overweight adults.
The SPX fell 11.13 points (–0.20%) to 5,597.12; the Dow Jones Industrial Average® ($DJI) dropped 61.56 points (–0.15%) to 40,834.97; the NASDAQ Composite®($COMP) ended 59.83 points lower (–0.33%) to 17,816.94.
The 10-year Treasury note yield (TNX) fell five basis points to 3.82%.
The CBOE Volatility Index® (VIX) climbed 8% to 15.84
Posted on August 20, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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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.
On last Saturday, a class-action settlement with the National Association of Realtors (NAR) went into effect, ripping up the playbook on how real estate agents are compensated. The NAR was accused of artificially inflating commission rates, which have historically ranged from 5% to 6%, a higher fee than the rest of the world. Consumer advocates hope the new rules will lead to lower commissions, shift power away from agents, and add transparency into what’s been an opaque system.
AMD rose 4.52% on the news that it will acquire server manufacturer ZT Systems for $4.9 billion. While this escalates the AI arms race, competitor Nvidia rose 4.35% regardless.
FuboTV soared yet another 17.65% after a judge temporarily blocked the launch of a sports streaming service created by Disney, Warner Bros. Discovery, and Fox last week.
McDonald’s climbed 3.25% after Evercore ISI analysts raised their price target for the stock to $320 per share.
Zim Integrated Shipping Services rocketed 16.74% higher after the marine shipping company posted impressive earnings and raised its full-year guidance.
What’s down
Trump Media & Technology Group fell 3.56% as the Democratic National Convention kicks off in Chicago today, with investors fretful that the stock could be more volatile than usual during the event.
HP sank 3.65% after Morgan Stanley analysts downgraded the stock from Equal Weight to Overweight, though they kept their price target the same.
Sweetgreen dropped 6.82% thanks to Piper Sandler analysts downgrading the stock from Overweight to Neutral after the company’s big pop last week made shares too pricey.
The S&P 500 index rose 54.00 points (0.97%) to 5,608.25; the Dow Jones Industrial Average® ($DJI) added 236.77 points (0.58%) to 40,896.53; the NASDAQ Composite®($COMP) points increased 245.05 (1.39%) to 17, 876.77.
The 10-year Treasury note yield (TNX) fell about two basis points to just under 3.87%.
The CBOE Volatility Index® (VIX) fell to 14.61, near one-month lows.
Posted on August 18, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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In April, UnitedHealth Group announced it was shutting down its Optum Virtual Care program. Days later, Walmart announced it would shutter both Walmart Health and Walmart Health Virtual Care.
And in July, Teladoc posted a net loss of $838 million in Q2. The drop was largely driven by an impairment charge of ~$800 million for BetterHelp, the virtual mental health platform it acquired in 2015, Fierce Healthcare reported. Executives attributed the decline to increased customer acquisition costs, among other factors.
Finally, Stocks are way out of whack with reality, the WSJ argues. Nevertheless, a slew of encouraging economic data helped propel the S&P 500 to its best week of the year—a welcome change from the whiplash volatility of the week before. Bayer jumped after scoring an appeals court victory in a case over claims its Roundup weed killer causes cancer.
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on August 17, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
Here’s where the major stock market benchmarks ended:
The S&P 500® index (SPX) rose slightly, up 11 points (0.2%) to end the day at 5,554.25, finishing up 3.9% for the week; the Dow Jones Industrial Average® ($DJI) jumped 96.7 points (0.24%) to close the week at 40,659.76, up 2.9% from last Friday; the NASDAQ Composite®($COMP) gained 37.2 points (0.21%) to 17,631.72, up 5.3% for the week.
The 10-year Treasury note yield (TNX) fell three basis points to just above 3.89%.
Bavarian Nordic, which makes an m-pox vaccine, jumped 15.64%, continuing its surge after the World Health Organization on Wednesday declared a public emergency over the disease’s spread in Africa.
Bayer popped 8.36% after the firm won a legal dispute against claims that its weedkiller Roundup causes cancer.
Rocket Lab rose 12.52% after the aerospace company announced it shipped two spacecraft to Cape Carnival in preparation for a launch to Mars.
H&R Block had its best day since 2022 (up 12.24%) after raising its dividend by 17% and announcing a $1.5 billion share buyback.
Maravai LifeSciences leaped 21.46% on reports that the drugmaker received a takeover offer from Repligen Corp.
What’s down
On the flip side of that last gainer, Repligen Corp. plummeted 9.26% on the takeover news.
Astera Labs dropped 5.52% after several investment firms, including Evercore and JPMorgan, lowered their price target for the chipmaker.
ReNew Energy Global dropped 5.91% after the company reported it missed earnings and revenue expectations yesterday.
The Biden administration announced yesterday that Medicare used its newfound power to negotiate with drug makers to win landmark discounts for 10 widely prescribed drugs to treat ailments like heart disease, cancer, and diabetes. The Inflation Reduction Act, signed into law two years ago, allows the federal health insurance program to directly bargain with pharma companies for the first time.
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on August 16, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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The S&P 500 index rose 88.02 points (1.61%) to 5,543.23; the Dow Jones Industrial Average® ($DJI) added 554.67 points (1.39%) to 40,563.06; the NASDAQ Composite advanced 401.89 points (2.34%) to 17,594.50.
The 10-year Treasury note yield (TNX) rebounded about 10 basis points to nearly 3.93%, lifted by strong U.S. data.
The CBOE Volatility Index® (VIX) finished at 15.45, the lowest since July 23 and back under the historic average near 19.
Posted on August 15, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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Private equity (PE) firms might make it rain cash for investors, but hospitals under their ownership are facing an asset drought, according to a research letter published in JAMA on July 30th. While fans of PE argue it can bring much-needed financial resources to struggling hospitals, the data disagrees. “Private equity acquisitions appear to have depleted, rather than augmented, hospital assets,” the authors, a group of physicians from medical institutions across the US, wrote.
The S&P 500 rose 20.78 points (0.38%) to 5,455.21; the Dow Jones Industrial Average® ($DJI) added 242.75 points (0.61%) to 40,008.39; the NASDAQ Composite®($COMP) squeaked out a slight gain of 4.99points (0.03%) to 17,192.60.
The 10-year Treasury note yield (TNX) dropped three basis points to 3.82%, the lowest close in more than a week.
The Cboe Volatility Index® (VIX) fell to 16.22, the lowest since July 23.
Stat: 21%. That’s the percentage of US physicians who are still paying off student loan debt. (Becker’s Hospital Review)
Quote: “The federal government is particularly ineffective and slow these days.”—Rep. Brianna Titone, a Colorado Democrat, on why states need to “step up” and make their own laws regulating the use of artificial intelligence in healthcare (Axios)
Read: A US Olympic athlete is taking advantage of free healthcare to catch up on preventive care while in Paris. (the Washington Post)
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on August 14, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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The Fierce Healthcare team recapped second quarter earnings for the country’s biggest payers and health tech companies. See how UnitedHealth, CVS, Talkspace and Health Catalyst fared.
And … Texas Children’s Hospital reduced its workforce by 5%, or approximately 1,000 jobs. Keep up with other cuts with Fierce Healthcare’s layoff tracker.
The S&P 500® index (SPX)rose 90.04points (1.68%) to 5,434.43; the Dow Jones Industrial Average® ($DJI) added 408.63 points (1.04%) to 39,765.64; the NASDAQ Composite®($COMP)rallied406.99points (2.43%) to 17,187.61.
The 10-year Treasury note yield (TNX) fell about six basis points to 3.85%.
The CBOE Volatility Index dropped nearly 13% to 18.04, its lowest close since July 31.
Every S&P sector besides energy finished higher today, with info tech and consumer discretionary in the lead and both gaining more than 2%.
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on August 13, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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Aetna, CVS’s health insurance arm and the third largest payer in the US, is struggling amid higher medical costs and lower Medicare Advantage star ratings. After CVS reported a nearly 40% YoY drop in operating income in its Q2 2024 earnings released on August 7th, President and CEO Karen Lynch announced the company will replace Aetna’s president, Brian Kane, and initiate a $2 billion cost-savings plan.
Keycorp leaped 9.24% on the news that the Bank of Nova Scotia will invest $2.8 billion in the company.
Robinhood Markets rose 3.46% due to an upgrade from Piper Sandler analysts who say the company’s sudden decline gives it an attractive entry point.
Monday.com popped 14.78% thanks to a strong earnings report from the software maker, due in no small part to sealing the largest deal in company history.
Barrick Gold soared 9.36% after beating earnings estimates on both the top and bottom lines thanks to the rising price of gold.
What’s down
Jetblue Airways descended 20.66% after 1) it unveiled plans to raise $3 billion in debt, and 2) it was downgraded by both S&P and Moody’s.
Qualcomm slid 0.97% thanks to a downgrade by Wolfe Research due to fears of oncoming competitions from Apple.
Hawaiian Electric Industries sank 14.06% on the news that it has issued a going-concern warning—meaning it’s probably going out of business.
The S&P 500®index (SPX)added 0.23(0.00%) to 5,344.39; the Dow Jones Industrial Average® ($DJI) fell 140.53 points (–0.36%) to 39,357.01; the NASDAQ Composite rose 35.30points (0.21%) to 16,780.61.
The 10-year Treasury note yield (TNX) fell three basis points to just under 3.91%.
The CBOE Volatility Index® (VIX) increased 0.34 points (1.67%) to 20.71.
Posted on August 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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US consumers in the spotlight: How much have you been shopping? We’ll find out this week when crucial July retail sales data is released on Thursday, and Walmart and Home Depot report earnings. The resilience of the US consumer is at the heart of recent concerns over a potential downturn since consumer spending drives 70% of the US economy. So far this earnings season, companies have given more mixed signals than a menu offering jumbo shrimp.
Tech giant Intel will be shedding more than 15% of its workforce—or over 19,000 employees—as part of a plan to cut $10 billion in costs after it failed to meet quarterly expectations.
Intel reported revenue of $12.83 billion on expectations of $12.94 billion in revenue in its second quarter 2024 earnings, reported CNBC. The company reported plunging from a net income of $1.48 billion in Q2 2023 to a net loss of $1.61 billion YOY.
Posted on August 11, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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The FDA declined to approve MDMA as a PTSD treatment, which would have been a big step forward for psychedelics use in mental health care, saying further study is needed. But the agency did approve a nasal spray to treat severe allergic reactions as an alternative to shots like EpiPen.
Stellantis will lay off 2,450 factory workers this year as it phases out an older version of its Ram pickup truck.
Scams via Zelle, the payment service you turn to when you run out of wedding gift ideas, are the subject of an ongoing inquiry by the Consumer Financial Protection Bureau (CFPB), the Wall Street Journal reported this week. Zelle was founded in 2017 by seven of the biggest US banks to compete with peer-to-peer payment apps like Venmo and Cash App. It outgrew its rivals but became a magnet for scams, which customers typically don’t get reimbursed for.
Thirty one years ago yesterday, the first exchange-traded fund (ETF) in the US launched. In the decades since, these once-niche investment products have become ubiquitous on Wall Street, disrupting the mutual fund industry and transforming people’s relationship with the stock market.
On January 29th, 1993, a spider decoration hanging in the American Stock Exchange heralded the arrival of the first US ETF—what’s now called the SPDR S&P 500 ETF Trust. It had a measly $6.5 million in assets and no one really paid much attention to it. The first US ETF is now the world’s biggest, with $375 billion in assets, and the ETF sector in total had amassed $6.5 trillion in assets by the end of 2022. While mutual funds still have 3x the amount of assets that ETFs have, the tide is turning: Investors poured $600 billion into US ETFs on a net basis last year, but pulled out almost $1 trillion from mutual funds.
Definition: An ETF is simply a security that tracks the performance of a particular basket of investments, like stocks. The SPDR S&P 500 ETF, for example, tracks the performance of companies in the S&P 500. Many other ETFs also track indexes, allowing people to park their money in funds that follow the ebbs and flows of the broader market.
If that sounds like a mutual fund…it’s similar. But ETFs have a few advantages over its stuffy, older cousin.
ETFs generally have lower fees than mutual funds.
They have built-in tax benefits.
They’re accessible to anyone with a brokerage account—you can buy or sell them like you would a stock.
Finally,all these advantages aside, the rise of ETFs has been also fueled by the growing recognition that trying to invest in individual stocks is foolish. Passive index funds, which aren’t designed for frequent trading, have surged to represent almost half of US fund assets, compared to less than 2% in the early ’90s.
Posted on August 10, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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FTX was ordered to pay $12.7 billion to customers. All customers will recoup their deposits that were locked when the crypto exchange went under in 2022, the Commodity Futures Trading Commission just said last Thursday.
Take-Two Interactive Software surged 4.35% after it beat earnings estimates last quarter, but no word yet on how its Gearbox acquisition is helping its bottom line, nor when GTA 6 is going to be released.
Expedia traveled 10.21% higher due to an earnings beat, with the company sidestepping a consumer spending slowdown quite nicely.
What’s down
e.l.f. Beauty tanked 14.46% despite beating earnings estimates and guiding for a better fiscal year than expected, as investors worry about tough competition.
Capri Holdings slid 4.86% as the company founded by Michael Kors faces slowing sales from cash-strapped consumers.
The S&P 500® index (SPX) rose 25 points (0.5%) to 5,344.16, ending the week little changed; the Dow Jones Industrial Average® ($DJI) rose 51 points (0.1%) to 39,497.54 to end the week down about 0.6%; the NASDAQ Composite® ($COMP) ended 85 points higher (0.5%) at 16,745.30, leaving it about 0.2% lower for the week.
The 10-year Treasury note yield (TNX) dropped five basis points to 3.944%.
The Cboe Volatility Index (VIX) declined three points (13%) to 20.7.
Google and Meta teamed up to target teens with ads for Instagram on YouTube, going against Google’s own rules, the Financial Times reported.
Posted on August 9, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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Almost 40,000 seniors will be forced to change Medicare Advantage plans after yet another insurer decides to exit markets over cost concerns. Centene Corp announced it would be ending its Medicare Advantage plans in at least six states this year as the company faces cost pressures.
Hanesbrands surged 18.17% in spite of sales sagging faster than the waistband of your favorite old pair of undies. Shareholders liked that the company has become more lean and efficient after selling its Champions brand.
SolarEdge Technologies fell 3.05% despite beating revenue forecasts, but its bottom line was weaker than expected.
JFrog tanked 27.52% after beating profit estimates, missing revenue estimates, and guiding for a much worse third quarter and fiscal year than expected.
Here’s where the major stock market benchmarks ended:
The SPX rose 119.81 points (2.3%) to 5,319.31; the Dow Jones Industrial Average® ($DJI) climbed 683.04 points (1.76%) to 39,446,49; the NASDAQ Composite® ($COMP) rose 464.21 points (2.9%) to 16,660.02.
The 10-year Treasury note yield (TNX) rose to just under 4%.
Posted on August 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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You might be affected by one of the biggest data breaches ever and not even know it. A recent class action lawsuit filed against Jerico Pictures Inc., a background check company that does business under the name National Public Data, claims that the company was breached by hackers earlier this year.
The SPX dipped 40.5 points (0.8%) to 5,199.5; the Dow Jones Industrial Average® ($DJI) fell 234.2 points (0.6%) to 38,763.45 the NASDAQ Composite ($COMP) fell 171 points (1.1%) to 16,195.8.
The 10-year Treasury note yield (TNX) rose to 3.96%.
Fortinet skyrocketed 25.30% after the cybersecurity company posted strong second-quarter earnings that only served to underline its potential as a CrowdStrike alternative.
Lumen Technologies continued to power higher, rising another 32.90% today as the investors poured money into the telecom due to its AI business boom.
Shopify tore 17.80% higher after posting a beat-and-raise earnings report highlighted by strong demand despite weak consumer spending.
Lyft drove 17.23% lower in spite of strong ridership in the second quarter. Shareholders, however, did not like management’s dour financial forecast for the third quarter.
CVS Health sank 3.19% after it slashed its profit guidance for the full year, though it also announced a new cost-cutting program.
TripAdvisor took a trip south today, falling 16.61% due to a mixed earnings report and dire warnings of lower revenue in the coming quarter.
Novo Nordisk sales thinned on Ozempic earnings miss. Shares of Danish pharmaceutical giant Novo Nordisk sank 8.27% today after the company missed expectations on its sales of popular weight-loss drugs Ozempic and Wegovy. Novo reported $1.7 billion in Wegovy sales, below the $2 billion analysts expected, while Ozempic sales came in $0.2 billion lower than analyst estimates. Overall, the company reported a net profit of $1.86 billion in the second quarter.
Posted on August 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stock Marketsseesawed up yesterday, making back some of the ground lost to Monday’s sell-off. Analysts say the market could remain volatile until September, when the Fed is widely expected to cut interest rates—barring an emergency cut before then. One of the day’s big winners was Uber, which revved up after smashing Q2 revenue expectations thanks to unexpectedly strong consumer demand.
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One day after the S&P 500’s worst session since 2022, stocks partially rebounded, putting fears of a recession on hold. Tuesday started well, with Japan’s Nikkei—which had cratered on Monday—logging its best day since 2008, giving US investors some positive energy From there, US stocks, including Magnificent Seven stalwarts like Microsoft and Nvidia, and both major cryptocurrencies, moved up. “Get used to the volatility,” one Bank of America analyst told Bloomberg. The S&P 500 is still up over 10% this year despite this week’s turbulence.
Finally, DuckDuckGo might soon get its time to shine. A federal judge just ruled that Google has a monopoly over the search engine business, creating the potential for curbs to its power that could change how you look up people you just met online. Google said it will appeal the ruling, but that’s just on one front. It faces another lawsuit questioning whether it abused its monopoly on online advertising technology.
Posted on August 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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Health tech startup Guidehealth, which assists health systems with value-based care coordination, has raised $14 million in its seed round to make further investments in technology.
Clover Health reported a net income of $7.2 million during the second quarter and raised its full-year guidance.
And … Tenet Healthcare is selling five Alabama hospitals to Orlando Health and is entering into a new revenue cycle management arrangement through Conifer Health Solution
Chegg plummeted 22.45% despite beating revenue expectations in the second quarter. Shareholders didn’t like the slower growth and the decline in users.
Vulcan Materials stumbled 4.51% thanks to a poor earnings report highlighted by lower demand for construction materials.
Here’s where the major stock market benchmarks ended:
The S&P 500 index (SPX) rose 53.7 points (1%) to 5,240.03; the Dow Jones Industrial Average® ($DJI) climbed 294.39 points (0.76%) to 38,997.66; the NASDAQ Composite ($COMP) advanced 166.77 points (1%) to 16,366,85.
The 10-year Treasury note yield (TNX) increased about 10 basis points to 3.88%.
The CBOE Volatility Index® (VIX) ended at 27.7, well above lows below 11 last month.
A new coronavirus variant named KP.3.1.1 has risen to dominance in the U.S., almost doubling in prevalence in just two weeks, the Centers for Disease Control and Prevention reports. Experts are warning that the new variant—which, as of August 3, accounts for more than 1 in 4 U.S. COVID-19 cases—is “more of a challenge” to our immune systems compared to previous variants.
Posted on August 6, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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A federal judge ruled that Google engaged in illegal practices to preserve its search engine monopoly, delivering a major antitrust victory to the Justice Department in its effort to rein in Silicon Valley technology giants. Google, which performs about 90 percent of the world’s internet searches, exploited its market dominance to stomp out competitors, U.S. District Judge Amit P. Mehta said in the long-awaited ruling.
Stat: $900 billion. That’s the potential market value loss of the Magnificent Seven tech companies as investors shed tech stocks. The selloff comes as investors are looking for safer bets in the event of a recession. (Reuters)
The S&P 500 index tanked 160.23 points (–3.00%) to 5,186.33; the Dow Jones Industrial Average® ($DJI) plunged 1,033.99 points (–2.60%) to 38,703.27; the NASDAQ Composite plummeted 576.08 points (–3.43%) to 16,200.08.
The 10-year Treasury note yield (TNX) dropped to 3.78%, the lowest close since June 2023.
The CBOE Volatility Index® (VIX) ended at 37.04, a four-year high but well-off intraday peaks above 60.
Today, the VIX reached levels not seen since early 2020 during the pandemic panic. This type of volatility can suggest oversold conditions. A higher VIX, sometimes called the “fear index,” reflects uncertainty and can suggest quicker, more intense market swings.
What’s up
Kellanova popped 16.23% on a report that the company is preparing to be acquired by fellow snackfoods maker Mars.
Apple stumbled 4.82% after Warren Buffett’s Berkshire Hathway revealed it has cut its position in the tech company by nearly 50%.
Nvidia fell 6.36% after a report this weekend revealed that its brand new chips will be delayed by three months or more due to design flaws.
Tesla sank 4.23% due to concerns about the auto maker’s global growth, despite Elon Musk’s recent positivity.
Intel continued to crumble, sliding 6.38% as the after-effects of its terrible second-quarter earnings report continue to be felt.
Bitcoin-related stocks plummeted today as cryptocurrencies were unable to avoid a major selloff. Coinbase plunged 7.32%, while MicroStrategy dropped 9.60%, and even Robinhood tumbled 8.17%.
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on August 5, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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Markets: After a bright start to the year, dark and stormy clouds have gathered above Wall Street. Friday’s weaker-than-expected jobs report raised concerns that cracks have formed in the US economy and the Fed is waiting too long to cut interest rates. Meanwhile, a slew of disappointing Big Tech earnings last week showed how their ginormous AI investments are not yet paying off as investors had hoped. Global stocks are getting routed this morning—Japan’s Nikkei 225 index plunged 12.4% for its worst day since “Black Monday” of 1987.
The second-largest Medicare Advantage insurer is preparing to lose several hundred thousand members next year as Medicare Advantage benefits shrink under higher prices. Louisville, Kentucky-based Humana said it expects to lose the patients as it limits the benefits available and leaves several markets in 2025. The insurance company is making the changes in hopes to increase its profits as the government increases costs.
Health savings account (HSA) provider HealthEquity experienced a massive data breach that has put over 4.3 million Americans’ information at risk. The company, which specializes in providing HSAs, flexible spending accounts (FSAs), health reimbursement arrangements (HRAs) and 401(k) retirement plans, confirmed threat actors stole sensitive health data using a partner’s compromised credentials.
Posted on August 3, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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The S&P 500® (SPX) index dropped 100.12 points (-1.8%) to 5,346.56, and finished down 2.1% for the week; the Dow Jones Industrial Average® ($DJI) dropped 610.71 points (-1.5%) to 39,737.26, and finished down 2.1% for the week; the NASDAQ Composite®($COMP) fell 417.98 points (-2.4%) to 16,776.16, and ended down 3.4% for the week.
The 10-year Treasury note yield (TNX) fell to 3.79%, the lowest close since last December 27.
The CBOE Volatility Index® (VIX) rose to 23.66, the highest close since March 2023 after topping 29, a nearly two-year high, intraday.
VSee Health skyrocketed 74.90% due to its announcement that it’s developed a robot to assist patients in intensive care units.
What’s down
Snap plummeted 26.97% after management forecast revenue will fall to the lower end of its expected range in spite of monthly active users continuing to increase.
Prudential Financial fell 10.02% despite reporting stronger-than-expected earnings last quarter, but those numbers still missed Wall Street’s forecasts.
Booking Holdings sank 9.17% as the online travel agency reported lower room nights than analysts anticipated.
Atlassian plunged 17.06% in spite of strong earnings this quarter. The problem was poor revenue guidance for the rest of the year.
Wells Fargo wealth management client is suing the company for alleged breach of fiduciary duty related to its cash sweep program, which pays customers interest rates as low as 0.05% on their uninvested cash.
Posted on August 2, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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Stat: $895. That’s the out-of-pocket cost for a blood test that screens for colon cancer, which may receive more widespread insurance coverage now that it has FDA approval. (CNBC)
Quote: “There’s no question that the health statistics of rural America are worse than the health statistics of more urban America.”—Robert Harrington, a cardiologist and dean of Weill Cornell Medicine, on the lack of cardiologists in rural parts of the US (the Washington Post)
Read: Critics say that UnitedHealth has used questionable tactics and exploitation to achieve dominance in healthcare. (Stat)
Rolls-Royce revved 7.01% to a new all-time high after it reinstated its dividend and raised its profit forecast for the year.
C.H. Robinson Worldwide climbed 14.78% after impressing shareholders with strong cost-cutting measures that boosted earnings surprisingly well last quarter.
What’s down
Wayfair fared poorly after earnings, falling 6.97% as customers closed up their wallets and spent less on home goods.
Crocs tanked 2.65% after beating analyst expectations this quarter, with shareholders more concerned over a potential slowdown next quarter.
Posted on August 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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Five years after Theranos went dark, a couple of startups have managed to develop the futuristic tech, according to the Wall Street Journal.
Becton Dickinson developed a finger-prick device to collect drops of blood.
Babson Diagnostics made a machine that analyzes blood obtained through Becton’s device. It runs routine tests that you’d get at the doctor with one-tenth of the amount of blood that a traditional vein collection requires.
The S&P 500® (SPX) index climbed 85.86 points (1.6%) to 5,522.30; the Dow Jones Industrial Average® ($DJI) rose 99.46 points (0.2%) to 40,842.79; the NASDAQ Composite®($COMP) added 451.98 points (2.6%) to 17,599.40.
The 10-year Treasury note yield (TNX) dropped four basis points to just under 4.11%.
The CBOE Volatility Index® (VIX) fell to 16.36.
What’s up
Starbucks rose 2.65% despite missing sales forecasts, with shareholders instead focusing on bullish business projections from management.
Boeing ascended 2.05% in a surprise turnaround after announcing subpar earnings. Investors are enthusiastic about the appointment of Robert Ortberg as the new CEO.
Match Group swiped right 13.21% after the company announced plans to reduce headcount in order to help offset lower subscriber numbers.
DuPont rallied 4.10% as the chemical company’s turnaround plans seem to be bearing fruit.
AutoNation revved 6.30% higher due to impressive growth in spite of a massive car dealership cyberattack earlier this year.
What’s down
Microsoft sank 1.08% after announcing earnings that illustrated just how long its AI investments will take to pay off.
Humana tumbled 10.60% despite beating earnings expectations—but investors are far more focused on the rising proportion of premiums paid to cover medical expenses.
Rite Aid has been in Chapter 11 bankruptcy since October and has closed nearly 700 locations. CVS (CVS) and Walgreens (WBA) have managed to stay solvent, but both companies have been closing stores as well.
Posted on July 31, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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In the second quarter, 14 healthcare organizations spent more than a million dollars lobbying the federal government for healthcare policy change, led by the American Hospital Association and AARP.
Sen. Ed Markey (D-Massachusetts) and Rep. Pramila Jayapal (D-Washington) introduced strengthened legislation to rein in the actions of private equity firms that invest in healthcare facilities. The Health Over Wealth Act would require PE firms to put out reports on the facilities’ pay of executives, set up escrow accounts and receive a license from the Department of Health & Human Services prior to investing in healthcare facilities.
The Federal Open Market Committee (FOMC) meeting ending tomorrow is widely expected to conclude with no interest rate move. Instead, it could serve as a platform to help prepare market participants for a possible cut at the September meeting.
Here’s where the major benchmarks ended:
The S&P 500® (SPX) index lost 27.1 points (–0.5%) to 5,436.44; the Dow Jones Industrial Average® ($DJI) climbed 203.4 points (0.5%) to 40,743.33; the NASDAQ Composite®($COMP) fell 222.78 points (–1.3%) to 17,147.42.
The 10-year Treasury note yield (TNX) dropped about two basis points to 4.14%.
The CBOE Volatility Index® (VIX) jumped to 17.77, not far below last week’s highs.
What’s up
Paypal popped 8.59% after announcing impressive earnings and proving it’s got nothing to fear from Apple’s moves into the online payment world.
JetBlue Airways soared 12.31% thanks to a surprise profit last quarter rather than the loss analysts expected.
Affirm Holdings rose 2.31% due to an upgrade from “neutral” to “buy” from Bank of America analysts.
F5 jumped 12.99% thanks to a beat-and-raise earnings report.
What’s down
CrowdStrike sank 9.72% after its comeback stalled thanks to Delta’s declaration that it will seek damages from the cybersecurity company after canceling 7,000 flights.
Nvidia fell 7.04% as investors continue to rotate out of big tech and into smaller stocks.
Merck tanked 9.84% in spite of strong second-quarter earnings, as investors balked at lower sales of the key product Gardasil.
Visualize: A key measure of employer healthcare costs is poised for its biggest annual increase in more than a decade as more people use mental health care and get prescriptions for new, expensive drugs—yes, including Ozempic—according to a new PwC report.
Posted on July 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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The S&P 500® (SPX) index rose 4.44 points (0.1%) to 5,463.54; the Dow Jones Industrial Average® ($DJI) slipped 49.41 points (–0.1%) to 40,539.93; the NASDAQ Composite®($COMP) gained 12.32 points (0.1%) to close at 17,370.20.
The 10-year Treasury note yield (TNX) fell roughly five basis points to just under 4.18%.
The CBOE Volatility Index® (VIX) finished nearly steady but still elevated at 16.59.
Tesla drove 5.60% higher after Morgan Stanley analysts named the company a top pick thanks to its strong cash flow after implementing cost-cutting measures.
ON Semiconductor popped 11.54% after beating analyst estimates on both the top and bottom lines last quarter.
Abbott Laboratories sank 0.45% after it was ordered to pay $495 million in damages for failing to warn of the risks to premature infants drinking its formula, a far higher number than analysts expected. Shares of its peer Reckitt Benckiser fell 8.65% in sympathy.
Arm Holdings slipped 5.07% after an HSBC analyst downgraded the company due to its sky-high valuation.
Heineken fell 8.18% thanks to slower beer sales in key markets, as well as the poor performance of its investment in Chinese brewer CR Beer.
You can also listen to a professional narration of this article on iTunes & online.
Despite the S&P 500 showing gains in the mid-teens, the average stock on the market is either up slightly or flat for the year. Most of the gains in the index came from the Magnificent 7 stocks, which constitute 35% of the index! The equal-weighted index, where the Magnicent 7 have only a 1.4% weight, is up only about 4% this year (as of this writing).
The Magnificent 7 are starting to look like the Nifty Fifty stocks from the 1970s (Kodak, Polaroid, Avon, Xerox, and others) – stocks you “had to own” or you were left behind – until all your gains were taken away or you faced a decade or two of no returns. Forty years later, it’s easy to dismiss these companies as has-beens. They’ve all either gone bankrupt or become irrelevant.
But back then, they were the stars of corporate America, just like the Magnificent 7 are today. As an investor, it’s crucial to know which games you play and which ones you don’t.
Posted on July 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Technology stocks were down last week but investors are encouraged by signs that 2024’s rally—which had been underpinned by a handful of Big Tech companies—is spreading to a broader swath of the market. For instance, the industrial focused Dow Jones Industrial Average has gained for four straight weeks, and the small-cap Russell 3000 is now up 14% this year. All eyes will be on the upcoming Federal Reserve meeting and the busiest earnings week of the season.
Donald Trump pledges to make the US “the crypto capital of the planet.” The former president pitched himself as the pro-crypto candidate in a keynote speech at the Bitcoin 2024 conference in Nashville. He told the audience that, if elected, he’d fire SEC Chair Gary Gensler (whom the crypto community accuses of waging a war on crypto) and install regulators friendly to digital tokens. He also said he’d create a strategic national crypto stockpile as part of a plan to make the US the “bitcoin superpower of the world.”
Consider two numbers: $568.34 and $60.09. The first is Zoom’s highest closing stock price, from October 2020; the second is its stock price today. That’s an 89% decline, caused by more workers heading back into the office (even Zoom employees) and competition from rival products by Microsoft and Google.
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on July 27, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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According to a recent report in the Washington Post, a $3 billion scam involving urinary catheters has brought to light serious flaws in Medicare, prompting strong calls for reform.
The S&P 500 rose about 60 points (1.1%) to 5,459.10; the Dow Jones Industrial Average was up 654 points (1.6%) at 40,589.34; the NASDAQ Composite ended 176 points higher (1.0%) at 17,357.88.
The 10-year Treasury note yield (TNX) fell five basis points to 4.197%.
The CBOE Volatility Index® (VIX) slipped 10% to 16.56.
3M flew nearly 30% higher today on a fantastic earnings report that saw the company put some major lawsuits behind it and refocus on profits.
Deckers Outdoor popped 6.32% due to strong sales growth for its HOKA and UGG brands in its recent quarter.
Norfolk Southern powered 10.95% higher after handily outperforming expectations, though those estimates were based on a quarter that had a major derailment.
Newell Brands shot 40.54% higher today as the turnaround plan for the maker of household brands like Yankee Candle comes to fruition. Smells like success!
What’s down
Dexcom plummeted 40.66% after management cut the diabetes monitoring company’s full-year revenue guidance.
Biogen sank 7.15% after European regulators denied marketing authorization for the pharma company’s new Alzheimer’s drug.
Weight Watchers fell 12.50% after Morgan Stanley analysts downgraded the company from overweight to equal weight based on the long-term headwinds it faces from obesity drugs.
The US is raising alarm bells about a North Korean hacking group that broke into NASA, two US Air Force bases, and several defense companies. The FBI, NSA and State Department just called out the North Korean hacking group “Andariel” for committing cyber espionage and using ransomware attacks on US hospitals to fund its operations.
Posted on July 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Dow Jones Industrial Average is a collection of 30 “blue-chip” U.S. stocks. Blue chip = big, established, and influential companies like Microsoft, JPMorgan, Disney, and McDonald’s. The Dow recently updated its roster, swapping ExxonMobil, Pfizer, and Raytheon for Salesforce, biotech Amgen, and manufacturing heavyweight Honeywell.
The Dow is weighted by share price, so higher-priced stocks have more influence on the index’s total value. Price-weighting also means that if the price of any stock in the Dow changes by $1, it has the same impact on the index, even though a $1 increase to a stock worth $20 is more significant (relatively) than a $1 change to a stock worth, say, $40.
During stock splits—when a company increases its number of outstanding shares and chops prices by the same factor—a company’s influence in the Dow can fall even if their market value doesn’t change. The Dow has some mechanisms to account for stock splits, but they can still lead to a shakeup in the index (like what happened last summer).
At 124 years old, the Dow has had plenty of time to cement its reputation as a leading indicator of the stock market. But with only 30 stocks representing a smattering of U.S. corporate titans, it’s not exactly representative.
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At one point the Dow Jones Industrial Average was up 585 points before it sold off later yesterday afternoon, though it wrapped the trading session with a small win. The S&P 500 fought its way into positive territory but struggled to stay there, eventually sinking into negative territory at the end of the day.
As for the NASDAQ, the tech selloff continued to punish the index for most of yesterday afternoon. Treasury yields fell a bit on positive GDP news, though the big PCE [personal consumption expenditures] announcement is the one investors have been waiting for.
Oil popped on a stronger than expected GDP reading, with traders banking on future economic growth and stronger oil demand.
Bitcoin sank a bit yesterday ahead of a major conference that could set the tone for the entire digital asset industry for years to come.
Posted on July 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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Here’s where the major stock market benchmarks ended:
The S&P 500® index (SPX) fell about 28 points (0.5%) to 5,399.22; the Dow Jones Industrial Average® ($DJI) rose 81 points (0.2%) to 39,935.07; the NASDAQ Composite ended 161 points lower (0.9%) at 17,181.72.
The 10-year Treasury note yield (TNX) dropped four basis points to 4.255%.
The CBOE Volatility Index® (VIX)declined 0.6% to 17.94.
What’s up
IBM popped 4.36% after it crushed earnings expectations thanks to high AI bookings.
Tesla recovered 1.97% after yesterday’s terrible day as investors continue to digest a mixed earnings report.
ServiceNow soared 13.19% thanks to a strong earnings report that solidified the software company’s position as beneficiary of the AI trade.
Airline stocks flew higher today thanks to good news from two big players. Southwest Airlines ascended 5.64% on better-than-expected earnings, while American Airlines rose 4.23% in spite of issuing a profit warning for the coming quarter.
Ford plummeted 18.40% for the automaker’s worst day of trading since 2009 after it missed profit expectations and provided no positive forecast for the quarters ahead.
Royal Caribbean sank 7.61% after the company indicated that it’s facing a slowdown in demand.
Edwards Lifesciences crashed 31.27% thanks to a mixed earnings report, as well as management’s guidance that sales for its key heart valve replacement therapy will sink next quarter.
Thousands of seniors are losing coverage at local hospitals as problems plague Medicare Advantage. Lower payout rates for Medicare and Medicaid are sparking insurance companies to leave certain areas and change coverage options across the country.
Posted on July 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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What it is: The NASDAQ Composite is an index composed of 2,500+ stocks as well as other equities such as American Depository Receipts [ADRs] and Real Estate Investment Trusts [REITs].
How it works: Unlike the DJIA, the NASDAQ weights by market cap (number of outstanding shares a company has multiplied by the share price), a setup that gives extra-large companies an extra-large impact. The NASDAQ is also heavily skewed toward tech companies, which account for nearly half the index’s total value.
Why it matters: As the world’s first electronic [e]-exchange, the NASDAQ has historically attracted more tech-focused companies. While the index tracks more stocks than the S&P and Dow combined, tech’s heavy influence means the NASDAQ doesn’t always illustrate how other industries are faring. The index can also be volatile because it includes more small, speculative companies.
And so, Big Tech and the NASDAQ suffered big losses yesterday after Tesla and Alphabet posted disappointing quarterly results the day before.
The Magnificent Seven tech stocks lost a combined $750 billion in market cap for their worst day ever, while the S&P 500 and the NASDAQ had their worst days since 2022—with the S&P ending its longest streak without a 2% dip since the financial crisis began in 2007, as per Bloomberg.
Posted on July 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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You’ve heard of an emergency department and an urgent care center, but have you heard of a freestanding emergency department (FSED)? While only 1% of FSEDs were freestanding in 2001, that figure jumped to 11% in 2016, totaling 566 facilities nationwide. The concept of FSEDs dates back to the 1970s, when these facilities provided emergency care to people in rural areas who didn’t have convenient access to hospitals. In 2001, there were only 50 FSEDs in the US—now there are about 745, according to 2018 research by the Emergency Medicine Network, which Herscovici worked on.
The S&P 500 fell about 129 points (2.3%) to 5,427.13; the Dow Jones Industrial Average shed 504 points (1.3%) to 39,853.87; the NASDAQ Composite ended 655 points lower (3.6%) at 17,342.41.
The 10-year Treasury note yield (TNX) rose four basis points to 4.291%.
The CBOE Volatility Index® (VIX) surged 23% to 18.13.
What’s up
Enphase Energy gained 12.80% despite missing earnings estimates as investors cheered management’s very positive forecast for the solar company’s future.
AT&T phoned in a 5.22% pop after reporting a stronger than expected increase in its number of wireless subscribers, a key metric its competitor Verizon recently missed on.
Mattel rose yet another 9.80% as takeover rumors continue to swirl, with reports that rival toy maker Hasbro could place a competing bid.
Lamb Weston dropped like a hot potato, plunging 28.24% after the frozen food supplier announced earnings well below expectations and forecast a terrible second half of the year.
The Centers for Medicare and Medicaid Services (CMS) proposed CPT payment codes for some digital therapeutics products for the first time, potentially paving a pathway toward widespread reimbursement for the nascent industry.
In 2025, medical costs are projected to increase 8% in the group market and 7.5% in the individual market—the highest levels seen in 13 years—according to an analysis from consulting firm PwC’s Health Research Institute. The anticipated rise is mainly pinned on inflationary pressure, expensive pharmaceuticals, and an increasing number of patients seeking mental health care, analysts found.
Posted on July 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Stat: 13%. That’s how much millennial and Gen Z spending increased year over year, according to American Express earnings released last week. Amex reported slower growth in travel and entertainment compared to the previous quarter, but restaurant spending “remained strong.” (PYMNTS)
Here’s where the major stock market benchmarks ended:
The S&P 500 fell about 9 points (0.16%) to 5,555.69; the Dow Jones Industrial Average shed 57 points (0.14%) to 40,358.09; the NASDAQ Composite ($COMP) ended 10 points lower (0.06%) at 17,997.35.
The 10-year Treasury note yield (TNX) was unchanged at 4.255%.
The CBOE Volatility Index® (VIX) decreased about 2% to 14.62.
What’s up
MSCI bounced 7.90% higher today thanks to a strong earnings announcement in which the financial company beat analyst expectations on both revenue and earnings.
UPS delivered a 12.05% dip, falling to new all-time lows after missing analyst earnings expectations, as well as cutting its revenue forecast.
NXP Semiconductors plunged 7.58% on management’s poor revenue forecast for the coming quarter, despite meeting expectations this quarter.
Comcast sank 2.58% on a mixed earnings announcement that saw the company beat on earnings but miss revenue thanks to a slow theme parks segment.
GM stalled 6.43% despite announcing solid earnings—investors didn’t like to hear management note that the second half of the year will be a lot tougher.
Kidney care giant DaVita has agreed to pay nearly $34.5 million to settle allegations that it paid kickbacks for referrals to its former DavitaRx subsidary.
And … Ardent Health was targeting a $300 million IPO but raised just $192 million.
Posted on July 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Standard & Poor’s 500 Stock Index
What it is: Investment company Standard & Poor’s maintains an index of 500 stocks from the largest companies listed on the NASDAQ and New York Stock Exchange. To be eligible for consideration, companies have to meet certain criteria—including a market cap of $8.2+ billion, a U.S. headquarters, and positive earnings for at least four consecutive quarters. They can be kicked out if they slip.
How it works: Companies are weighted by their market cap, specifically their float-adjusted market cap (which only counts shares that are theoretically available for retail investors to buy). That means the S&P skews toward larger cap companies, and tech stocks now account for over a quarter of the index’s total value.
Why it matters: With 500 stocks covering a broad range of industries, the S&P is widely considered the best indicator of large-cap stocks in the U.S. While the S&P’s weighting-by-market-cap method is more common than the Dow’s weighting by share price, it does introduce some risk that overvalued stocks will inflate the overall index.
Posted on July 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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A Partner of the Institute of Medical Business Advisors , Inc.
Here’s where the major stock market benchmarks ended:
The Cboe Volatility Index® (VIX) fell sharply to 14.91.
The S&P 500® index (SPX) rose 59.41 points (1.1%) to 5,564.41; the Dow Jones Industrial Average® ($DJI) climbed 127.91 points (0.3%) to 40,415.44; the NASDAQ Composite®($COMP)jumped 280.63 points (1.6%) to 18,007.57.
The 10-year Treasury note yield (TNX) added two basis points to 4.26%.
Crowdstrike withered another 13.46% as the fallout from what’s being hailed as the largest IT outage in history continues to punish the stock.
Trump Media & Technology Group dipped 0.83% during the trading session after President Biden’s announcement that he’s dropping out of the presidential race.
Verizon sank 6.04% after whiffing on its earnings report, missing on revenue thanks to customers holding on to their old phones for longer.
Ryanair crumbled 15.41% following an earnings report that revealed the company’s earnings after taxes sank an eye-watering 46% last quarter.
Starbucks dropped 3.43% on a report by the Wall Street Journal late last week that activist investor Elliott Investment Management has taken a stake in the coffee chain.
The US House of Representatives Committee on Oversight and Accountability is holding a hearing tomorrow, bringing in PBMs from around the US to testify on “their role in rising healthcare costs.” The hearing comes soon after an FTC report found PBMs to have an “outsized influence” on drug pricing.
The February cyberattack on a UnitedHealth Group subsidiary may have exposed the health data of one in three Americans, but the nation’s largest health insurance company by market cap and revenue returned to profitability in the second quarter, beating Wall Street expectations and reporting net income of $4.2 billion.
Posted on July 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Earnings announcements are a public statement of a company’s profitability for a specific period of time, such as a quarter (90 days) or a year. Equities research analysts will issue estimates of the company’s earnings numbers prior to its announcement date, which is generally set weeks or months in advance. If a company releases better results than analysts predict, its share price will generally rise after the announcement. Below you will find a list of public companies announcing their earnings results this week.
Earnings reports to feast on them this week. About one-quarter of S&P 500 companies will release their Quarter 2nd financials, including Alphabet, Coca-Cola, Tesla, UPS, Visa, Chipotle, Comcast, GM, and Southwest Airlines.
And if you have room for more economic data, the government will release its first estimate of Q2 GDP on Thursday and an important inflation gauge on Friday.
Posted on July 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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Shares of Charles Schwab (NYSE: SCHW) fell over 15% last week, according to data from S&P Global Market Intelligence. One of the largest brokerages posted slow growth and poor earnings as the company deals with low-yielding assets on its balance sheet. As of 1:31 p.m. ET on Friday, July 19th, Charles Schwab stock was down 17.5% this week.
Markets: The S&P 500 logged its worst week since April as investors pulled back from Big Tech stocks. CrowdStrike fell because causing a global IT outage is not good (more on that in a sec).
In a recent video, finance YouTuber Lena Petrova highlighted the troubling financial state of U.S. banks as they report significant losses and increase their reserves to cover a surge in loan delinquencies. With the second quarter results rolling in, it’s evident that the banking sector is under considerable strain.
Posted on July 20, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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42,500. That’s how many people died in car accidents in 2022, which experts believe was exacerbated during the Covid-19 pandemic, as reckless driving worsened and traffic enforcement decreased. (KFF)
“These attacks and breaches of data can literally mean the difference between life and death for patients, significantly impact hospital operations, and—with the average hack costing millions to address—increase healthcare prices across the board.”—Sen. Angus King about a bill he co-sponsored to improve cybersecurity in healthcare (Healthcare Dive)
The S&P 500® index (SPX) dropped 39.59 points (–0.7%) to 5,505.00 and ended down 1.97% for the week, its worst weekly performance in three months; the Dow Jones Industrial Average® ($DJI) slipped 377.49 points (–0.9%) to 40,287.53 on Friday and finished up less than 1% for the week; the NASDAQ Composite®($COMP)fell 144.28 points (–0.81%) on Friday to 17,726.94 and lost 3.65% for the week.
The 10-year Treasury note yield (TNX) rose four basis points to nearly 4.24% and finished up for the week, partly on worries about possible U.S. tariffs and their potential impact on inflation.
The CBOE Volatility Index closed at 16.47 after climbing above 17 intraday for the first time since late April.
Markets sagged under the weight of a massive IT outage, accentuating a selloff that was already in motion. All three indexes spent the day in the red, with the S&P 500 capping off its worst week since April and the NASDAQ snapping its six-week win streak.
The CBOE Volatility Index, a gauge of investor fear, rose to its highest level since April. The VIX is up over 25% in the last five days alone, as the small-cap rotation rally sputtered to a halt.
Gold sold off as well as investors not only took profits after the commodity hit a new all-time high this week, but also began to rotate into riskier assets in light of a likely Fed rate cut.
Arm Holdings went Super Saiyan, soaring 3.20% after it received an analyst upgrade from Morgan Stanley, as well as a higher price target.
Schlumberger waxed like the moon, rising 1.97% on an earnings report that missed estimates but showed surprisingly strong international revenue growth.
What’s down
SunPower transformed into a stock submarine, sinking 55.01% after the company made it clear it’s about to go out of business.
American Express fell faster than a greased pig on skates, sliding 2.68% after beating bottom line expectations but missing on revenue.
Plug Power turned into a lead balloon, descending 13.87% after management declared a $200 million stock offering.
Halliburton crumbled like a cookie, dropping 5.63% following a mixed earnings report that saw the fracking giant fall short of revenue expectations.
Travelers journeyed to the center of the Earth, burrowing 7.73% after beating earnings expectations, missing on revenue, and revealing that catastrophe losses came in higher than hoped.
Comerica sank like a stone, plummeting 10.50% due to lower net interest income last quarter and forecasts of lower interest income in the quarters ahead.
Posted on July 19, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
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The S&P 500 and NASDAQ both continued to sink under the weight of a tech selloff today, with semiconductors leading the way down. But even the Dow and Russell 2000, which have been the clear winners of the recent rally, took a beating today as investors assessed what a market rotation really means for them. 10-year Treasury yields bounced from recent lows as investors try to read between the lines of a full week of Fedspeak. Gold and oil both sold off a bit more today, though both remain near recent highs.
Warner Bros Discovery soared 2.40% on a report from the Financial Times that the company is preparing to break itself up.
Chuy’s Holdings skyrocketed 47.76% after Darden Restaurants announced it is acquiring the company for $605 million. Shares of Darden Restaurants fell 3.03% on the news.
D.R. Horton rose 10.01%, though it initially sank after a mixed earnings report, but turned things around by announcing a $4 billion buyback program.
Cintas popped 5.44% thanks to a strong earnings report, as businesses continue to spend on uniforms no matter what the economic environment may be.
What’s down
Domino’s Pizza sank 13.42% after it missed earnings expectations last quarter and warned it will open fewer stores for the rest of 2024.
Beyond Meat tanked 10.32% on a report from the Wall Street Journal that management is in talks to restructure the company’s debt.
Eli Lilly slid another 6.24% as its selloff continues thanks to news that rival Roche Holdings is on its way to developing a weight-loss pill.
Nokia dropped 7.05% after posting its worst quarterly sales since 2015. Seems like nobody is buying phones with the shape and durability of a brick any more.
The S&P 500 index fell 43.68 points (–0.78%) to 5,544.59; the Dow Jones Industrial Average® ($DJI) lost 533.06 points (–1.29%) to 40,665.02; the NASDAQ Composite gave up 125.70 points (–0.7%) to 17,871.22.
The 10-year Treasury note yield (TNX) rose about four basis points to 4.18%.
The CBOE Volatility Index climbed sharply to 15.9, its highest close since late April.
Posted on July 18, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
as MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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A Partner of the Institute of Medical Business Advisors , Inc.
The Dow surged another 240 points as the cyclical rotation continues, sending the index to its 22nd record closing high of the year. The S&P 500 had its worst day since late April, while the NASDAQ slumped to its worst finish since December 2022. The last time the Dow rose on the same day the S&P 500 fell by more than 1% was all the way back in 1999. Gold hit a record high yesterday on hopes of a rate cut, not a hike. Oil bubbled up thanks to an Energy Information Administration report highlighting higher demand and lower crude inventories. Bond yields stayed steady throughout the trading session before sinking slightly 20-year Treasury bond auction.
The S&P 500® index (SPX) fell 78.93 points (–1.39%) to 5,588.27; the Dow Jones Industrial Average added 243.6 points (0.59%) to 41,198.08; the NASDAQ Composite plunged 512.41 points (–2.77%) to 17,996.92.
The 10-year Treasury note yield (TNX) dropped just below 4.15%.
The CBOE Volatility Index jumped sharply to 14.48.
What’s up
VF Corp. rose 13.64% on the news that it is selling its Supreme brand to EssilorLuxottica for $1.5 billion.
Roche soared 7.55% after the Swiss pharmaceutical company announced it has made strides in developing a weight-loss and diabetes treatment that uses a pill rather than an injection. Competitors sank on the news, with Eli Lilly declining 3.78% and Novo Nordisk falling 3.87%.
GitLab popped 9.34% on a report that the software developer is exploring a sale, potentially to cloud company Datadog, whose shares fell 7.35%.
Johnson & Johnson rose a tepid 3.67% thanks to a mixed earnings announcement that included beating expectations this quarter but warning of lower profits ahead.
What’s down
Spirit Airlines descended 10.76% to a new all-time low after warning that both earnings and revenue will come in lower than expected this coming quarter.
Five Below plummeted 25.05% after its CEO, who has helmed the company for over a decade, announced his departure smack in the middle of a very difficult year.
J.B. Hunt tanked 6.88% thanks to a poor second-quarter earnings report in which earnings and revenue came in well below analyst expectations.
Charles Schwab fell yet another 5.34% as the hits keep coming. Today, the culprit was a price target downgrade from Bank of America analysts.
Elevance Health slipped 5.96% despite beating analyst expectations this quarter, but warning that Medicaid membership declined.
UnitedHealthGroup has bounced back in the second quarter, reaffirming its guidance for the year as it posts a profit of $4.2 billion.
An audit of Aetna Health of Texas found significant errors in how the health plan calculated the qualifying payment amount for air ambulance services, raising more questions over broader noncompliance in the industry for the No Surprises Act.
And … clinical decision software company Regard pocketed $61 million in series B funding to scale its reach in healthcare as investors have a growing appetite for AI-powered startups.
A study published in JAMA this month found that nearly 7% of the US population (or roughly 18 million people) have had long Covid. Symptoms of the condition vary widely, but often include fatigue, brain fog, and post-exertional malaise (meaning symptoms worsen after minimal exertion), according to the CDC. Booster shots may help protect against long Covid, the JAMA study suggested.
And, President Joe Biden tested positive for COVID-19 while campaigning in Las Vegas with ‘mild symptoms’.
Physician burnout is on the decline after spiking to unprecedented levels during the Covid-19 pandemic, according to a survey from professional group the American Medical Association (AMA).
Posted on July 17, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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The Dow jumped 700 points at one point today, its biggest single-day surge this year. The S&P 500 spent the entire trading session in positive territory, ending the afternoon at another record close, while the NASDAQ was flat most of the day as tech stocks sat out the rally.
Bitcoin continued to surge, rising as high as $65,191 as predictions of a second Trump presidency helped erase the cryptocurrency’s recent losses.
Gold hit a new record as hopes of a rate hike continue to rise, while oil sank on the news of slower economic growth in China translating to lower demand for crude.
The Russell 2000 enjoyed its 5th straight gain of 1% or more for the first time since 1979 as small caps make their comeback (more on that below).
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Apple released public beta versions of the newest software for iPhone, Mac, iPad, and Apple Watch. Macy’s ended talks of a buyout with investment firms Arkhouse Management and Brigade Capital Management after months of wrangling. Goldman Sachs was the latest big bank to benefit from rebounding investment banking fees as deals start making a comeback.
Despite such challenges as high interest rates, a sluggish M&A market, and increased regulatory scrutiny, bank executives are feeling optimistic about the road ahead. That’s according to KPMG’s 2024 US Banking Industry Outlook Survey, published last month, which polled 200 senior executives at US banks of varying sizes in March 2024.
The S&P 500® index (SPX) rose 35.98 points (0.64%) to 5,667.20; the Dow Jones Industrial Average® ($DJI) climbed 742.76 points (1.85%) to 40,954.48; the NASDAQ Composite® ($COMP) added 36.77 points (0.2%) to 18,509.34.
The 10-year Treasury note yield (TNX) fell slightly to just under 4.17%.
The CBOE Volatility Index® (VIX) ticked up to 13.19, still near three-week highs.
What’s up
Match Group climbed 7.46% after activist investor Starboard Value revealed it has taken a 6.6% stake in the matchmaking company.
Bank of America rose 5.35% on strong earnings, and management’s expectation that the bank’s net interest income will rise this year.
UnitedHealth Group popped 6.49% after beating analyst earnings estimates, missing revenue expectations, and most importantly, avoided higher costs after a recent cyberattack.
Shopify surged 8.57% thanks to an analyst upgrade from “neutral” to “buy” on the company’s turnaround efforts. Shares of Etsy rose 6.33% in sympathy.
GRAIL boomed 24.76% on the news that it is kicking off the clinical trials of its new cancer detection test.
Home builders’ hot streak continues: Hopes of a rate cut are fueling a rally for home builder stocks, with D.R. Horton up 6.64%, Lennar rising 6.55%, KB Home gaining 7.17%, and Builders FirstSource popping 8.11%.
What’s down
Trump Media & Technology Group fell 9.09%, sinking back to Earth after yesterday’s big pop on the news that the company is reselling 38 million shares of common stock.
Posted on July 16, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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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.
Though the accountant shortage is still a concern, a shortage of AI and tech skills might be a more pressing issue right now. That’s according to a pulse survey by consulting firm RGP and YouGov, which polled 213 US financial professionals at the director level and above this June.
Read: What do you do when you hit your insurance deductible? Some people throw parties. (the New York Times)
The S&P 500® index (SPX) rose 15.87 points (0.28%) to 5,631.22; the Dow Jones Industrial Average® ($DJI) climbed 210.82 points (0.53%) to 40,211.72, a new record-high close; the NASDAQ Composite® ($COMP) added 74.12 points (0.4%) to 18,472.57.
The 10-year Treasury note yield (TNX) gained four basis points to just below 4.23%.
The CBOE Volatility Index® (VIX) increased to 13.14, its highest close since June 24.
What’s up
Bitcoin-related stocks rose alongside the crypto rally today, with Coinbase up 11.39% and Microstrategy climbing 15.36%.
Gun manufacturersalways rise after a major shooting incident, and the assassination attempt on Donald Trump certainly meets that criteria. Sturm, Ruger & Company jumped 5.44%, and Smith & Wesson rose 11.38%.
AutoNation popped 2.01% on the news that it’s cutting $1.50 off of its EPS for the latest quarter due to the CDK cyberattack. Apparently getting ahead of the bad news is actually good news?
What’s down
Macy’s sank 11.76% after the department store’s board voted to end acquisition negotiations with activist investors Arkhouse and Brigade.
Burberry fell 16.08% after a poor quarterly report, a profit warning, and the ousting of its CEO.
AES plummeted 10.01% thanks to a storm cutting power to thousands of the utility company’s customers throughout Ohio.
SolarEdge Technologies dropped 15.36% after the company announced it will lay off 400 employees to improve profitability. Shares of solar competitors slumped in sympathy: First Solar fell 8.50%, Sunrun sank 8.95%, and Sunnova Energy fell 9.96%.
The Federal Trade Commission (FTC) frequently sets its sights on healthcare, which has previously included efforts to crack down on data privacy and ban noncompetes in contracts. Lately, the agency has turned its attention to pharmacy benefit managers (PBMs)—the groups that negotiate drug prices between insurers and pharmaceutical manufacturers—to shed light on how they impact the healthcare industry.
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