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DAILY UPDATE: Delta Airlines with Stock Market Recap

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

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Americans are traveling in record numbers this summer, but Delta Air Lines said Thursday that it saw second-quarter profit drop 29% due to higher costs and discounting of base-level fares across the industry. The airline is also predicting a lower profit than Wall Street expects for the third quarter.

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Dramatic photos from the aftermath of the Trump shooting.

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Markets: Stocks swung upward finishing the week strong. The Dow closed above 40,000 for the second time ever. And, investors expect the stock market to get a jolt of volatility this week following the assassination attempt on former President Trump, and trades linked to his victory in November (such as a rising US dollar) could see an uptick. For example, Trump has fashioned himself into a pro-crypto candidate, and bitcoin spiked above $62,000 after the shooting.
Finance: Big banks kicked off the Q2 earnings season, with JPMorgan, Citigroup, and Wells Fargo reporting. Investment banking revenue was up as deals have started coming back, even as continued high interest rates took a toll on their loan and deposit businesses. Wells Fargo, which relies most on the businesses hit by inflation, saw its profit drop year over year. Investors are wary: All three banks’ stock fell.

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Alphabet is close to acquiring cybersecurity startup Wiz, according to the Wall Street Journal. The $23 billion purchase price would be the largest in the company’s history.

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Filed under: "Ask-an-Advisor", Breaking News, Ethics, Experts Invited, Financial Planning, Health Economics, Information Technology, Investing, Marcinko Associates, Sponsors | Tagged: Alphabet, banks, big banks, CitiGroup, Delta Airlines, DJIA, DOW, earnings season, google, INVESTMENT BANKING, JPMorgan, Marcinko, NASDAQ, S&P 500, Trump, Wells Fargo | Leave a comment »

DAILY UPDATE: Corporate Earnings, Oxendine Guilty as Stock Markets Rotate

Posted on July 13, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major stock market benchmarks ended:

The S&P 500^® index (SPX) rose 30.81 points (0.5%) to 5,615.35, up 0.9% for the week; the Dow Jones Industrial Average^® ($DJI) rose 247.15 points (0.6%) to 40,000.90, up 1.6% for the week; the NASDAQ Composite^® ($COMP) added 115.04 points (0.6%) to 18,398.44, up 0.3% for the week. Both the SPX and $DJI set intraday record highs today.
The 10-year Treasury note yield closed basically unchanged just below 4.19%.
The CBOE Volatility Index^® (VIX) fell slightly to 12.49.

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What’s up

Trump Media & Technology Group climbed 3.40% as President Biden’s recent stumbles seem to be breathing new life into the stock.
Tesla rose 2.99%, nearly recovering from yesterday’s drop over robotaxi delays, despite a UBS analyst downgrading the company to “sell.”
Deckers Outdoor recovered 1.14% when the board announced a 6-for-1 stock split just a few days after M Science analysts warned investors away from the company.
Array Technologies popped 8.69% thanks to an upgrade from Citi analysts from “neutral” to “buy” citing the company’s strong long-term prospects. Competitor Enphase Energy jumped 6.85% in sympathy.
Carvana soared 4.80% after BTIG analysts initiated coverage of the company with a “buy” rating and a price target 7% higher than where shares trade today.
Home builder stocks continued their climb today on higher hopes of rate cuts. D.R. Horton rose 2.68%, Builders FirstSource jumped 3.99%, and even Home Depot got in on the action and rose 1.70%.

What’s down

AT&T slid 0.21% after Ma Bell announced that hackers had stolen information about virtually every single one of the cell carrier’s customers. Shares of cybersecurity company Snowflake sank 1.74% on the news as well.
Delta Air Lines fell another 3.06% as turbulence throughout the airline industry continued to weigh the stock down.
Arbor Realty Trust plummeted 17.03% after the Justice Department announced a probe of the company due to improper lending practices.
Vita Coco dropped 9.07% thanks to a downgrade to “neutral” from Piper Sandler analysts. Are you telling me that a company that just sells coconut water isn’t actually worth $1.58 billion? Now that’s just vita loco!

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Here’s a list of some corporate earnings announcements next week:

Monday: Goldman Sachs, BlackRock.
Tuesday: Bank of America, Morgan Stanley, PNC Financial Services, and Charles Schwab. We’ll also hear from UnitedHealth Group, Progressive, and J.B. Hunt.
Wednesday: ASML, Citizens Bank, Ally Financial, Synchrony Financial, and U.S. Bancorp will wrap up the big financial names. Plus Johnson & Johnson, Kinder Morgan, United Airlines, and Alcoa.
Thursday: The busiest day of the week includesNetflix, Domino’s Pizza, Abbott Laboratories, Nokia, D.R. Horton, Intuitive Surgical, and much more.
Friday: The week wraps up with American Express, Schlumberger, and Halliburton.

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A federal judge on Friday sentenced former Georgia Insurance Commissioner John Oxendine to serve three and a half years in prison after Oxendine pleaded guilty to healthcare fraud. U.S. District Judge Steve Jones, at a hearing in Atlanta, also ordered Oxendine to pay a $25,000 fine and to share in $760,000 in restitution with Dr. Jeffrey Gallups.

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Filed under: "Ask-an-Advisor", Breaking News, Experts Invited, Financial Planning, Health Economics, Health Insurance, Investing, Recommended Books, Sponsors | Tagged: CBOE, corporate earnings, DJIA, DOW, earnings week, Health Insurance, health insurance fraud, insurance fraud, Jeffrey Gallups, John Oxendine, Marcinko, NASDAQ, opioids, S&P 500, SPX, textbooks, TNX, VIX, WSJ | Leave a comment »

DAILY UPDATE: Pfizer, MSFT and the NASDAQ Collapse

Posted on July 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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As drugs like Wegovy and Zepbound that help people slim down have enlarged its competitors’ bottom lines, Pfizer has struggled to keep up. But now it’s moving forward with the development of a once-daily version.

Here’s where the major benchmarks ended:

The S&P 500 index fell 49.37 points (0.8%) to 5,584.54; the Dow Jones Industrial Average^® ($DJI) rose 32.39 points (0.1%) to 39,753.75; the NASDAQ Composite^® ($COMP) collapsed and lost 364.04 points (1.95%) to 18,283.41 but remains up 22% year to date. The SPX is still up 17% this year.
The 10-year Treasury note yield dropped eight basis points to 4.19%.
The CBOE Volatility Index^® (VIX) climbed to 12.99.

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More specifically, the S&P 500 and NASDAQ broke their winning streaks today, closing in the red for the first time in over a week—though both did hit intraday highs at one point. The Dow finished the afternoon in the green, just barely.
Gold breached $2,400, and is closing in on a record high of $2,449.89 set back in May.
Oil rose on today’s CPI news, with the idea being that if inflation slows and the Fed cuts rates then economic activity will pick up, as will demand for crude.
Bond yields sank on CPI data while prices rose.

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According to the Wall Street Journal, Microsoft abandoned its post as an observer on the board after realizing it was bothering antitrust officials who were looking into the relationship between the two companies. Apple, which was expected to take a similar seat on the OpenAI board, will reportedly no longer do s

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DAILY UPDATE: Tesla, PBMs, Medicare Part C and the Hot Stock Markets

Posted on July 11, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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A day before the June CPI report, major indexes extended their rally amid growing demand for semiconductors and rate cut hopes.

The S&P 500 rose above 5,600 for the first time ever, only a few short days after breaking above 5,500, with the index hitting a new record for the last seven straight trading sessions. The NASDAQ also enjoyed a solid day as well thanks to strong performances by tech stocks, while even the Dow got in on the action and ended the session in the green.
Bond yields stayed almost right where they’ve been all week as investors hold their breath ahead of tomorrow’s key CPI reading.
Gold rose as investors hope for a strong CPI report to point the Fed toward more rate cuts, while oil rose as well thanks to a stronger-than-expected outlook on global demand from OPEC.

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The Centers for Medicare & Medicaid Services (CMS) announced in June it would recalculate 2024 Medicare Advantage (MA) star ratings for all plans after two court rulings called into question the agency’s method for determining this year’s ratings. The decision is estimated to cost the federal agency roughly $1 billion in additional bonus payments for insurers, according to healthcare analytics firm Cotiviti. The move comes after several large insurers laid off employees in late 2023 after their star ratings decreased.

HIPAA: Some groups are disputing a proposed federal rule that would require hospitals to report cybersecurity incidents, saying they want it to also include insurers and third-party vendors. (Healthcare Dive)

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What’s up

Taiwan Semiconductor rose 3.54% after it reported that its June revenue fell 10% month over month, but its sales rose roughly 33% year over year.
Advanced Micro Devices popped 3.87% on the news it is acquiring Silo AI, the largest private artificial intelligence lab in Europe, for $665 million.
Carvana drove 4.21% higher after Needham analysts upgraded the stock from “hold” to “buy” due in part to new features at checkout highlighting EVs. Competitor CarMax jumped 6.42% in sympathy.
Aehr Test Systems rocketed 24.01% after the semiconductor testing equipment maker raised earnings guidance thanks to strong AI demand.
Smart Global Holdings rose 26.27% thanks to earnings that beat Wall Street expectations in the third quarter and a strong outlook for the rest of the year.

What’s down

LegalZoom plummeted 25.35% to a new all-time low after the company cut its outlook and its CEO stepped down.
HubSpot sank 12.24% on a report that Alphabet is no longer interested in acquiring the company.
Intuit dropped 2.57% on the news that the tax prep company is cutting 10% of its workforce.
Deckers Outdoor fell 4.86% after M Science analysts published a note cautioning that sales for key brands UGG and HOKA fell in June.
Ziff Davis fell 10.32% after the digital media company tried to get ahead of the bad news and pre-announced that second-quarter earnings will fall below analyst expectations.
Fast-casual restaurant stocks continued to sink today as investors grow more concerned about lower consumer spending and higher valuations. CAVA Group fell 5.47%, Sweetgreen dropped 1.72%, and Dutch Bros fell 4.34%.

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Tesla’s US electric car market share fell below 50% in Q2 for the first time, according to estimates by the research firm Cox Automotive.

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In a scathing report, the Federal Trade Commission accused [PBMs] pharmacy benefit managers—the companies that act as go-betweens for drug makers and consumers—of jacking up drug prices

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Filed under: "Ask-an-Advisor", Breaking News, Drugs and Pharma, Ethics, Experts Invited, Financial Planning, Health Economics, Healthcare Finance, Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors | Tagged: bonds, CBOE, cybersecurity, DJIA, gold, healthcare fraud, HIPAA, IT, Marcinko, Medicare Advantage, NASDAQ, opioids, Part C, PBMs, S&P 500, Tesla, textbooks, TNX, VIX, WSJ | Leave a comment »

DAILY UPDATE: Mike Bloomberg, Arianna Huffington and Andreessen Horowitz as Stock Markets Tread Lightly

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

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Most medical students at Johns Hopkins University won’t have to pay tuition anymore thanks to a $1 billion gift from Michael Bloomberg.

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Here’s where the major benchmarks ended:

The S&P 500 index^®(SPX) rose 4.13 points (0.1%) to 5,576.98; the Dow Jones Industrial Average^® ($DJI) fell 52.82 points (0.1%) to 39,291.97; the NASDAQ Composite^® ($COMP) climbed 25.55 points (0.1%) to 18,429.9.
The 10-year Treasury note yield increased two basis points to 4.29%.
The CBOE Volatility Index^® (VIX) inched up to 12.49, still near recent lows.

What’s up

Tesla rose 3.71%, putting the company squarely in the green year to date as investors continue to celebrate the automaker’s strong delivery numbers.
Corning rose yet another 3.76%, extending the glassmaker’s gains as it quickly becomes the new hot AI stock du jour.
Kymera Therapeutics shot 23.40% higher after its partner Sanofi gave the go-ahead for further studies of its experimental skin disease treatment.
Jumia Technologies soared 29.79% after Benchmark analysts initiated coverage of the African e-commerce company with a “buy” rating.
Sony rose 4.46% on the news that it has nothing to do with the merger of Paramount and Skydance as shareholders celebrate dodging a Paramount-shaped bullet.

What’s down

Albemarle dropped 8.76% after Baird analysts warned that lower lithium demand will translate to lower profits for the miner in its upcoming second quarter.
BP sank 4.80% after management warned of lower-than-expected profits and a writedown of its German refining facility to the tune of up to $2 billion.
Helios Technologies fell 10.94% on the news that the CEO of the industrial manufacturer had been placed on paid leave for potentially violating the company’s code of ethics.
Helen of Troy plummeted 27.73% after the Hydro Flask maker announced terrible earnings and lowered its fiscal year outlook.
UiPath fell 6.90% on the announcement that the software company will cut 10% of its workforce.

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OpenAI’s venture fund and Arianna Huffington’s Thrive Global are jointly funding a new startup that aims to build an AI health coach to promote healthier lifestyles.

Function Health, a health tech company focused on preventive medicine, recently closed a series A round led by Andreessen Horowitz (a16z) Bio + Health along with a slew of celebrity investors.

And … made possible by the American Rescue Plan, the Biden administration is putting $27.5 million toward women’s behavioral health.

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Filed under: "Ask-an-Advisor", "Doctors Only", Breaking News, Drugs and Pharma, Ethics, Experts Invited, Financial Planning, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, iMBA, Inc., Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors, Touring with Marcinko | Tagged: Andreessen Horowitz, Bloomberg, CBOE, DJIA, function health, Huffington, JHU, Johns Hopkins, Marcinko, medical fraud, NASDAQ, openAI, opioids, S&P 500, SPX, textbooks, thrive global, TNX, VIX, WSJ | Leave a comment »

DAILY UPDATE: Health Insurers & Hospital Mergers with Light Stock Market Trading

Posted on July 9, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major benchmarks ended:

The CBOE Volatility Index^® (VIX) climbed slightly to 12.37.

The S&P 500 index^®(SPX) rose 5.66points (0.1%) to 5,572.85; the Dow Jones Industrial Average^® ($DJI) dropped 31.08 points (0.1%) to 39,344.79; the NASDAQ Composite^® ($COMP) gained 50.98 points (0.3%) to 18,403.74.

The 10-year Treasury note yield (TNX) was roughly flat at 4.27%.

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What’s up

Intel popped 6.15% after an analyst at Melius Research declared the company could be one of the big AI winners in the second half of this year.
Morphic Holding skyrocketed 75.06% on the news that Eli Lilly will acquire the drugmaker for $3.2 billion in cash.
SolarEdge climbed 9.26% thanks to an upgrade from “underperform” to “neutral” by Bank of America analysts, who see big upside and few downside risks ahead.
Corning rose 11.98% after management raised earnings guidance for the coming quarter thanks to higher demand due to the AI boom.
Lucid rose 7.85% on the news that its deliveries rose 70% in the second quarter.

What’s down

ServiceNow dipped 5.04% after Guggenheim analysts downgraded the cloud computing company to “sell,” citing growing risks in the second half of this year.
Greenbrier Companies sank 9.10% after the rail transportation company missed Wall Street’s earnings expectations.
Devon Energy fell 1.11% on the news that it is acquiring portions of Grayson Mill Energy for $5 billion in cash and stock.

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Stat: 27. That’s a tally of some of the hospital mergers, acquisitions, joint ventures, affiliations, and partnerships that have been canceled since January 2022. (Becker’s Hospital Review)

Read: Health insurers received $50 billion from Medicare for diseases that doctors did not treat over three years, according to a recent analysis. (Wall Street Journal)

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DAILY UPDATE: Earnings Season, the FOMC, Threads and Boeing

Posted on July 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Wall Street is counting down the hours until Friday, which is when Q2 earnings season kicks off. Investors are hoping anyone besides Big Tech will post impressive results to keep the rally going. Although the stock market has set record after record this year, it’s mostly been the work of tech giants. As of Tuesday, about 40% of S&P 500 companies were in the red for 2024.

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Federal Reserve Chair Jerome Powell will give updates on the economy to Congress on Tuesday and Wednesday, where he’ll likely be asked about the prospect of interest rate cuts. Those plans could become clearer on Thursday, when the consumer price index inflation report drops.

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Meta’s Twitter clone, Threads, has 175 million monthly users one year after its launch, CEO Mark Zuckerberg said.

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Boeing will plead guilty to a criminal fraud charge stemming from two fatal crashes of 737 Max planes and pay an additional $243.6 million fine, allowing it to avoid a criminal trial sought by victims’ families. More here.

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DAILY UPDATE: Home Health and Nurse Vacancies as Stock Markets Reach New Highs

Posted on July 6, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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As home hospital programs continue to grow—employment in the home health industry is projected to increase by nearly 30% by 2029—so does the concern that home healthcare professionals are increasingly vulnerable to assault and harassment.

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Here’s where the major benchmarks ended:

The S&P 500 index^®(SPX)rose 30.17 points (0.54%) to 5,567.19; the Dow Jones Industrial Average^® ($DJI) rose 67.87 points (0.17%) to 39,375.87; the NASDAQ Composite^® ($COMP) climbed 164.46 points (0.9%) to 18,352.76.
The 10-year Treasury note yield (TNX) dropped nearly seven basis points to just below 4.28%.
The CBOE Volatility Index^® (VIX) increased slightly to 12.45.

What’s up

Meta Platforms rose 5.88% a day after CEO Mark Zuckerberg posted a video of himself wearing a tux, holding an American flag and a beer, and wakeboarding. Shareholders apparently approve of such an absolute stud running the company.
Koss Corp. rose another 25.68% as the latest meme stock continues to rally for no reason at all.
Macy’s popped 9.48% after bidders looking to acquire the beleaguered retailer raised their offer from $6.6 billion to $6.9 billion.
Smith & Nephew rose 6.67% on the news that activist investor Cevian Capital has taken a 5% stake in the medical device maker.
Instructure Holdings rose 5.25% on the news that a bidding war is building for the education software company.

What’s down

Nvidia fell 1.91% after it received a rare analyst downgrade due to the company’s valuation.
Southwest sank 5.67% on the first full trading day after the company adopted a “poison pill” to fend off activist investor Elliott Management.
Budget airline companies took a blow after a Raymond James analyst downgraded the industry due to a “clear as mud” outlook for the third quarter. Frontier Group fell 6.79%, while Spirit Airlines dropped 8.70%.
Crypto-related stocks tumbled after bitcoin fell below $54,000 at one point today, though they recovered alongside the cryptocurrency later in the trading session. Coinbase Global fell 0.56%, Robinhood Markets dropped 0.98%, and MicroStrategy fell 1.56%.

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Stat: 9.9%. That’s the current vacancy rate for nurses in the US, down from 15.7% in 2023. (2024 NSI National Health Care Retention & RN Staffing Report)

PBMs: How pharmacy benefit managers are “driving up drug costs for millions of people, employers, and the government.” (the New York Times)

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DAILY UPDATE: Non-Competes Pause as Stock Markets Rise

Posted on July 5, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Wednesday’s stock market trading was brief but sweet—the S&P 500 and NASDAQ closed at records in a half-day session. The stock market was closed yesterday for the Fourth of July, but will reopen today with all eyes on the June jobs report to be released this morning. It’s expected to show more cooling in the labor market, which would reinforce the FOMC is likely plan to cut interest rates this fall.

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A federal court temporarily paused a ban on noncompetes from taking effect in September, ruling that the FTC overstepped its authority in April when it ordered a halt to the clauses affecting 30 million Americans. The ban on noncompetes was intended to allow workers like doctors and nurses to move jobs more easily and boost wages in the process, but businesses opposed it on the grounds that competitors could poach their employees and they’d lose valuable trade secrets.

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DAILY UPDATE: Walmart, HHS and Geriatrics as Companies and Stock Market Still Rise

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

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HAPPY JULY FOURTH

The S&P 500 broke above 5,500 yesterday and stayed there for the first time in market history, notching yet another all-time high for the index—its 32nd this year alone. With so much bullishness it’s understandable that investors may be wondering if we’re at the top yet, but chartists suggests gains tend to beget gains. The bulls have too much momentum to stop now—and if/when the FOMC cuts rates later this year, it seems likely that we’ll see more all-time highs in 2024? Any thoughts.

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The Biden administration has awarded $206.3 million of funding to clinician training programs across 42 universities and provider organizations to bolster the nation’s geriatrics care workforce. Programs will be able to integrate geriatrics training into primary care and will work to educate older adults’ families on their care needs. Health and Human Services, in its announcement, noted that primary care providers are a crucial source of care for much of the aging population.

As Walmart shutters its primary care clinics, the retail giant inked a deal to sell its MeMD telehealth business to health tech startup Fabric. Fabric provides a telemedicine platform for a range of customers, including provider groups, with the goal of improving the clinician and patient experience, as well as operational efficiency. The acquisition will expand its provider network, add virtual behavioral health to the company’s services and build on Fabric’s employer and payer solutions.

And…The U.S. Supreme Court has overturned the Chevron deference, stripping power from federal agencies to interpret and enforce regulations. Courts no longer have to defer to reasonable agency interpretations. One healthcare attorney told Fierce Healthcare he predicts the Centers for Medicare & Medicaid Services will be under a microscope from the courts going forward, and there will be more scrutiny towards provider reimbursement cuts, drug pricing regulation and the Inflation Reduction Act.

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Here’s where the major benchmarks ended:

The S&P 500 index^®(SPX)rose 28.01 points (0.51%) to 5,537.02; the Dow Jones Industrial Average^® ($DJI) fell 23.85 points (-0.1%) to 39,308.00; the NASDAQ Composite^® ($COMP) gained 159.54 points (0.9%) to 18,188.30.
The 10-year Treasury note yield (TNX) dropped seven basis points to 4.36%.
The CBOE Volatility Index^® (VIX) held steady at 12.09.

What’s up

Tesla rose yet another 6.54% as investors continue to celebrate stronger-than-expected delivery numbers. Much like the company’s self-driving mode, this stock can’t stop.
Nvidia rose 4.57%, with the bulls seemingly beating profit-taking bears heading into the holiday.
MGM Resorts popped 2.24% after BTIG analysts gave the company a “buy” rating and a price target 20% higher than shares trade for today.
Quest Diagnostics rose 3.11% after announcing it will acquire fellow laboratory service provider LifeLabs for $985 million.

What’s down

First Foundation plummeted 23.81% after the bank announced it will raise $225 million to shore up a balance sheet burdened by commercial real estate loans.
Constellation Brands fell 3.76% after the alcoholic beverage maker reported stronger than expected earnings but missed Wall Street’s expectations on revenue.
Simulations Plus slid 14.87% after it reported strong third-quarter earnings but announced it’s cutting its dividend.
CureVac popped then dropped 6.59% after GSK bought the rights to the smaller pharma company’s Covid-19 and flu vaccines for $1.6 billion.

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DAILY UPDATE: Pitch-Book Health Companies, SCOTUS and the Peaking Stock Markets

Posted on July 3, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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SCOTUS: Two technology company cases involving Texas and Florida laws challenging social-media companies’ content moderation were sent to lower courts. SCOTUS thus effectively granted the companies a victory. The Supreme Court isn’t willing to blow up the internet just yet.

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PitchBook released its analysis of digital health venture capital deals done in the first quarter. The first quarter saw downturns in telehealth and digital therapeutics, but opportunities exist in mental health chatbots and care search platforms.

Amedisys, a large home health provider, plans to divest a number of care centers to an affiliate of VitalCaring Group in advance of its planned merger with UnitedHealth Group later this year.

And … ACOs may soon be able to take a breath of fresh air, as CMS shared that it has no intention of punishing them for a $2 billion urinary catheter fraud scandal that rocked the industry.

What’s up

Tesla rose another 10.06% today, continuing its push higher thanks to quarterly car deliveries that beat Wall Street’s expectations. Rivian Automotive rose 6.82% today after beating projections for their own deliveries as well.
Paramount Global rose 5.97% on a report from the New York Times that Barry Diller’s IAC may be exploring an acquisition of the embattled entertainment company. IAC fell just 0.26%.
Archer Aviation popped 8.92% after the air taxi manufacturer received a $55 million investment from Stellantis.
Oliveda International is up 19.81% today after the olive oil company announced massive quarterly revenue growth at a key subsidiary.

What’s down

Chewy fell yet another 2.24% as fallout from Roaring Kitty’s stake in the company continues to rattle investors.
Pure Storage plunged 4.15% after UBS analysts downgraded the stock to “sell,” citing its high valuation and overhyped AI potential.
Home builders took a beating after Citi analysts downgraded Lennar and D.R. Horton from “neutral” to “sell,” noting the housing market will remain soft in the second half of the year. Lennar dropped 1.61%, and D.R. Horton fell 1.35%.

Here’s where the major benchmarks ended:

The S&P 500 index rose 33.92 points (0.62%) to 5,509.01; the Dow Jones Industrial Average^® ($DJI) climbed 162.33 points (0.41%) to 39,331.85; the NASDAQ Composite^® ($COMP) rallied 149.46 points (0.84%) to 18,028.76.
The 10-year Treasury note yield (TNX) dipped four basis points to 4.43%.
The CBOE Volatility Index^® (VIX) dropped to 12.03 after earlier trading at its lowest intraday level since late May.

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SCOTUS: Health policy leaders say patients, providers, and health systems should brace for more uncertainty and less stability in the healthcare system. Even routine government functions such as deciding the rate to pay doctors for treating Medicare beneficiaries could become embroiled in long legal battles that disrupt patient care or strain providers to adapt.

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DAILY UPDATE: Nurses & AI, Private Equity & CPAs, Public Companies and the Hot July Stock Markets

Posted on July 2, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Private equity gets a big accounting firm yet. The March story about private equity firm New Market Capital buying a $2.8 billion stake in accounting firm Grant Thorton was a big story. Private equity is gobbling up accounting firms, signaling a potential sea change in how accounting firms will operate in the future, with “more than half” of the top 20 accounting firms in talks with private equity.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 14.61 points (0.27%) to 5,475.09; the Dow Jones Industrial Average^® ($DJI) climbed 50.66 points (0.13%) to 39,169.52; the NASDAQ Composite^® ($COMP) added 146.70 points (0.83%) to 17,879.30.
The 10-year Treasury note yield (TNX) rose 12 basis points to 4.47%, the highest level since May 30 and back above its 50-day moving average, a technically important move.
The CBOE Volatility Index^® (VIX) slipped to 12.19.

Crude oil is up sharply over the last month amid rising Middle East tensions.

What’s up

Tesla drove 6.05% higher ahead of its second-quarter deliveries report as Chinese competitors released strong numbers. Nio was one such competitor, with shares rising 6.61% after deliveries skyrocketed 98% year-over-year.
Spirit AeroSystems Holdings rose 3.35% on the news that Boeing plans to acquire the airplane parts supplier. Boeing shares rose a tepid 2.58%.
Birkenstock climbed 1.78% after UBS analysts rated the stock a “buy” and increased their price target 63% due to the company’s expansion plans.
French stocks rose on snap election results that showed the far-right National Rally may be unable to form a majority after the next round of elections on July 7.

What’s down

Chewy stock popped then dropped 6.63% after Roaring Kitty revealed a 6.6% stake in the pet products company.
GameStop shares fell 5.35% after CEO Ryan Cohen posted on Twitter/X for the first time in months to advertise a job opening.
Uber fell 2.17% and Lyft fell 0.92% on the news that Massachusetts now requires both companies to pay rideshare drivers $32.50 an hour, plus benefits.
Cruise stocks sank on the news that Hurricane Beryl is stronger than expected and will disrupt service throughout the Caribbean. Norwegian Cruise Line fell 5.86%, Carnival fell 5.40%, and Royal Caribbean fell 1.86%.

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The largest nursing union in the US, National Nurses United (NNU), is sounding the alarm about the use of artificial intelligence (AI) in healthcare. In April, the union’s affiliate California Nurses Association (CNA) protested an AI conference helmed by managed care consortium Kaiser Permanente. Like workers in other sectors who are worried about AI encroachment, the nurses fear that the tech is contributing to the devaluation of their skills amid what they say is already a “chronic” understaffing crisis, nurses reported in an NNU survey of 2,300 registered nurses and members in early 2024.

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DAILY UPDATE: Wall Street Stocks, Dow Dogs, Commodities, Gold, the Fed, Yen and Bitcoin

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

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If you can believe it, Friday was the final trading day of the first half of 2024. It might be a good time to reflect on your New Year’s resolutions to see how you’re measuring up halfway through the year.

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Dogs of the Dow: The 139-year-old index has never looked more its age, with components Nike, Intel, and Boeing all down more than 30% in 2024. The Dow has gained less than 4% this year.

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But, the S&P 500 gained a sublime 15% in H1, and Nvidia alone was responsible for more than a third of that gain. The maker of AI chips surged ~150% since Jan. 1st to become the most valuable company in the USA at one point.

Going into 2024, investors were expecting the Fed to cut interest rates six times. There hasn’t been a single rate cut yet, but that hasn’t stopped the S&P from notching 31 all-time closing highs, good for the second-best tally of records this century. Stocks have overcome the Fed’s delay thanks to strong earnings, a sturdy economy, and AI fever.

Commodities soar and a currency plummets. Cocoa boomed nearly 85% over shortage concerns. Gold hit a record high last month. The Japanese yen has slumped to a 38-year low against the US dollar.

Bitcoin got a boost from new ETFs, but it’s getting boring.

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DAILY UPDATE: Stock Market Review

Posted on June 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The S&P 500 and NASDAQ shot to record highs last week on a solid PCE reading. But all three indexes spent Friday hovering around flat levels before they all fell into the red by the end of the trading session.

Treasury yields and gold prices alike popped higher on PCE news, with traders hoping that the Fed now has good reason to cut interest rates sooner rather than later. Despite this decline, oil wrapped up a fantastic month, with prices rising for a third straight week on higher demand this summer in the US and higher risks to supply given geopolitical turmoil between Israel and Lebanon.

But, Bitcoin continued to fall, with the crypto inching closer to the all-important $60,000 price point—a line in the sand that traders are desperate not to cross for fear of further declines.

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DAILY UPDATE: Walgreens, Healthcare Fraud and Opioids as Stock Markets Hurt

Posted on June 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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In an interview with the Wall Street Journal, CEO Tim Wentworth said the pharmacy chain Walgreens will shutter a significant share of its 8,600 locations in the US. The closures are part of a broader attempt to boost the ailing company, which also includes reducing its stake in the primary care business VillageMD. Wentworth said the company can reassign most employees instead of conducting layoffs. Shares cratered yesterday after Walgreens whiffed on Wall Street’s earnings projections due to weak consumer spending.

And, read how some counties reduced opioid overdose deaths during the pandemic. (Politico)

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What’s up

Oliveda International, which makes beauty products from olive oil, rose 38.33% for no apparent reason. Maybe people just really like the feel of extra virgin olive oil on their skin?
Infinera popped 16.38% after Nokia announced it would acquire the telecommunications hardware manufacturer for $2.3 billion.
Synchrony Financial rose 6.17% after a Baird analyst initiated coverage of the financial services company with an outperform rating.
Regional banking stocks rose on the hopes that a good PCE reading means a better chance of the Fed cutting rates soon. Regions Financial rose 3.83%, while Citizens Financial Group rose 3.16%.

What’s down

Trump Media & Technology Group fell 18.09%, despite initially popping this morning after the first presidential debate.
First Solar fell another 8.81% due to a Supreme Court ruling reducing federal agencies’ ability to regulate, which could negatively affect climate change efforts.
Foot Locker shares fell 2.96% in sympathy with Nike’s terrible earnings report.
Accolade bombed 44.29% after the health tech company reported decent earnings but revealed lower guidance for the year ahead than Wall Street expected.
Kura Sushi USA, which is in fact a publicly traded sushi company, plummeted 24.04% due to worse-than-expected earnings, as well as poor full-year guidance.

A late round of selling in the Treasury market sent yields to fresh highs as the day ended so here’s where the major benchmarks ended:

The S&P 500^® index (SPX) dipped 22.39 points (0.41%) to 5,460.48; the Dow Jones Industrial Average^® ($DJI) fell 45.20 points (0.12%) to 39,118.86; the NASDAQ Composite^® ($COMP) lost 126.08 points (0.71%) to 17,732.6.
The 10-year Treasury note yield climbed nine basis points to 4.38%.
The CBOE Volatility Index^® (VIX) moved up slightly to 12.43.

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Nearly 200 people have been charged for their roles in various health care fraud schemes across the U.S. that federal authorities say amounted to over $2.7 billion in intended losses, the Justice Department announced. Attorney General Merrick Garland said charges against 193 people, including 76 doctors, nurse practitioners, and other licensed medical professionals in 32 different federal districts. The defendants were charged over a two-week sweep involving numerous law enforcement agencies nationwide, resulting in the seizure of more than “$231 million in cash, luxury vehicles, gold, and other assets,” according to Garland.

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DAILY UPDATE: Tenet, Rivian, Yen, Public Companies and the Light Stock Markets

Posted on June 28, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Stat: 40%. That’s how much Tenet Healthcare’s shares jumped in Q1. (Yahoo Finance)

Stat: 12%. This is how much the yen has weakened so far this year against the US dollar, which has people wondering whether the Japanese government will need to intervene. (Bloomberg)

Quote: “We believe the opportunity ahead is significant.”—RJ Scaringe, CEO and co-founder of Rivian, commenting on Volkswagen Group’s plans to invest as much as $5 billion in the EV company. (CNBC)

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What’s up

McCormick & Co rose 4.34% after the company posted spicy earnings results, absolutely crushing estimates.
Arista Networks rose 3.92% after Citigroup reiterated its buy rating for the cloud company but increased its price target from $330 to $385.
BlackBerry is still a company, and rose 10.41% after a berry good first quarter.

What’s down

Walgreens Boots Alliance plummeted 22.16% due to a worse-than-expected earnings report that saw the company slash its full-year guidance.
Hims & Hers dropped 7.19% after Hunter Growth Capital accused the company of using a shady supplier for its new weight-loss drugs.
Levi Strauss crashed 15.27% in a denim downfall for the ages, with second quarter earnings missing expectations after consumers spent less on blue jeans.
Micron Technology slid 7.12% despite beating analyst expectations in the third quarter. Unfortunately, management isn’t as bullish as analysts about the rest of the year.
Chewy fell 0.03% despite a tweet from Roaring Kitty of a cartoon dog—which is apparently all it takes to move markets these days.

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The U.S. government’s final gross domestic product (GDP) estimate announced early Thursday included a downward revision to quarterly consumer spending.

Treasury yields could move on the data, especially if the report is “hotter” than expected. Yields fell Thursday following mostly soft U.S. economic readings this morning.

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 4.97 points (0.1%) to 5,482.87; the Dow Jones Industrial Average^® ($DJI) rose 36.26 points (0.1%) to 39,164.06; the NASDAQ Composite^® ($COMP) rose 53.53 points (0.3%) to 17,858.68.
The 10-year Treasury note yield lost two basis points to 4.29%.
The CBOE Volatility Index^® (VIX) fell to 12.29, its lowest close since June 13.

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DAILY UPDATE: MSFT Teams, Deloitte, HealthcCare Cyber Attacks as Markets Lift

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

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The EU says Microsoft violated its antitrust laws by bundling Teams with Office, potentially setting the stage for a major fine.

And, Deloitte has billions of dollars’ worth of Medicaid contracts, but the consultancy’s eligibility systems are full of errors. (KFF Health News)

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 8.6 points (0.16%) to 5,477.9; the Dow Jones Industrial Average^® ($DJI) added 15.64 points (0.04%) to 39,127.8; the NASDAQ Composite^® ($COMP) climbed 87.5 points (0.49%) to 17,805.16.
The 10-year Treasury note yield rose 8 points to 4.32%.
The CBOE Volatility Index^® (VIX) eased to 12.5

What’s up

FedEx shipped 15.52% directly to your portfolio after beating fourth-quarter earnings expectations and guiding for higher-than-expected earnings in the coming fiscal year.
Grindr rose 15.22% after management raised their fiscal guidance at the company’s first-ever investor day.
Whirlpool popped 16.63% after reports emerged that it may be a takeover target for German engineering company Bosch.
Campbell Soup rose 3.28% thanks to an analyst upgrade from JPMorgan after the food company’s recent acquisition of Sovos Brands.
Vista Outdoor rose 9.09% after MNC Capital raised its bid to acquire the ammunition maker to $3.2 billion.

What’s down

General Mills dipped 4.58% thanks to a poor quarterly earnings report, with lower sales due to lower demand from consumers.
Paychex fell 6.11% despite beating earnings estimates this quarter. The problem is slower growth ahead due to small and mid-sized businesses struggling with high inflation.
Aptiv dropped 7.93% after news of the Rivian-Volkswagen deal prompted Piper Sandler analysts to downgrade the stock and lower their price target.

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The disastrous ransomware attacks on Change Healthcare and Ascension this year ran up staggering costs and put a spotlight on the healthcare sector’s vulnerability. But healthcare orgs are hardly new to eye-popping bills after a major hack. Analyzing attacks on organizations in 16 countries, IBM/Ponemon Institute has shown healthcare to be the industry with the highest cost per data breach for over a decade, coming in at an average hit of $10.93 million in 2023.

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DAILY UPDATE: Gun Violence, Health & Public Companies as Technology Stocks Rebound

Posted on June 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The U.S. surgeon general just declared gun violence a public health crisis, driven by the fast-growing number of injuries and deaths involving firearms in the country. The advisory issued by Dr. Vivek Murthy, the nation’s top doctor, came as the U.S. grappled with another summer weekend marked by mass shootings that left dozens of people dead or wounded.

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Here’s where the major benchmarks ended:

The S&P 500 index rose 21.43 points (0.39%) to 5,469.30; the Dow Jones Industrial Average^® ($DJI) fell 299.05 points (0.76%) to 39,112.6; the NASDAQ Composite^® ($COMP) gained 220.84 points (1.26%) to 17,717.65.
The 10-year Treasury note yield (TNX) fell slightly to 4.24%.
The CBOE Volatility Index^® (VIX) dropped to 12.84.

What’s up

Nvidia rose 6.76% as investors realized they could buy shares of the world’s biggest semiconductor company at a discounted price.
Trump Media & Technology Group rose another 8.50% today on the hopes of a cash infusion, as well as hype ahead of Thursday’s presidential debate.
Carnival popped 8.85% after it beat analyst expectations for the second quarter, and raised its profit forecast for the rest of the year.
Novo Nordisk rose 3.25% after its weight-loss drug Wegovy was approved in China.
Enovix soared 35.05% on the news that it signed a major deal to provide VR headset batteries for an as-yet-unnamed California company.

What’s down

Pool Corp., maker of…pools, fell 8.04% today after cutting guidance for the year ahead.
SolarEdge Technologies dropped 20.60% through no fault of its own—instead, a key customer declared bankruptcy, and will be unable to pay the solar power company the $11.4 million it is owed.
Airbus fell 9.41% after the company announced it is cutting financial guidance for the remainder of 2024 thanks to supply chain snarls and higher costs.
Auto dealer stocks continue to suffer the effects of a massive cyberattack on CDK, a key supplier of dealership management software. The company says its systems will remain down until June 30, but in the meantime shares of Autonation fell 2.04%, Sonic Automotive dropped 2.56%, and Group 1 Automotive slid 2.49%.

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Digital health company Sharecare has agreed to be acquired by private equity firm Altaris for $1.43 in cash per share, or about $518 million.

Nearly three months after Kaiser Permanente’s Risant Health acquired Geisinger Health, the group has now agreed to terms with Cone Health in North Carolina.

And ... UnitedHealthcare says its Surest unit improves spending and utilization across all age groups and for people with various conditions.

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DAILY UPDATE: Dental Staffing, Various Companies & the Stock Markets

Posted on June 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major benchmarks ended:

The S&P 500 index lost 16.75 points (0.31%) to 5,447.87; the Dow Jones Industrial Average ($DJI) gained 260.88 points (0.67%) to 39,411.21; the NASDAQ Composite ($COMP) dropped 192.54 points (1.09%) to 17,496.82.
The 10-year Treasury note yield (TNX) fell one basis point to 4.25%.
The CBOE Volatility Index^® (VIX) ended slightly up at 13.47, the highest close since May 30.

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What’s up

Trump Media & Technology Group soared 36.15% today after the company announced it expects to receive over $69.4 million from recently exercised stock warrants.
Target rose 2.44% on the news that it has teamed up with Shopify to allow vendors to sell on Target’s third-party website, Target Plus. Shopify shares fell 1.11%.
Affirm popped 12.82% after Goldman Sachs analysts initiated coverage of the buy now, pay later stock with a “buy” rating.
Alnylam Pharma popped 34.52% after trial results revealed its new drug to treat a rare form of heart disease cuts the risk of death and cardiovascular events by up to 33%.
RXO rose 23% after UPS agreed to sell its freight-brokerage business to the company for $1 billion.

What’s down

Nvidia dropped 6.68% as the semiconductor stock continues to fall, with the stock entering correction territory earlier today—a sentence we never thought we’d write.
Eli Lilly’s weight-loss drug Zepbound can also help people with sleep apnea, cutting into the sleep-aid market, sending shares of ResMed down 11.40% and Inspire Medical Systems down 16.45% on the news.
Bitcoin-connected stocks are taking a hit as the crypto selloff continues. Coinbase Global fell 6%, while MicroStrategy fell 7.52%.

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The dental industry—like other parts of healthcare—is facing significant staffing challenges. The US is in need of nearly 10,000 dental professionals and has more than 6,800 health professional shortage areas (HPSAs), which the US Department of Health and Human Services defines as “a geographic area, population, or facility with a shortage of primary care, dental, or mental health providers and services.”

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DAILY UPDATE: Genome Testing, the Stock Markets and Microsoft, Apple & Meta

Posted on June 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Apple and Meta are considering an AI partnership. The two tech giants are discussing integrating Meta’s generative AI model into Apple’s new AI platform, Apple Intelligence, the WSJ reports. Instead of building an in-house AI model, Apple opted for the partnership route and previously announced a deal with OpenAI to bring ChatGPT to iPhones. Apple has also reportedly held talks with AI startups Anthropic and Perplexity to fuse their AI models with Apple Intelligence and get that sweet, sweet distribution Apple provides.

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Genome testing can spot rare disease risks at birth. Newborn babies typically get blood tested for dozens of diseases, but some parents living in North Carolina and New York have recently been able to get their bundles of joy screened for hundreds of potentially life-threatening medical conditions that regular tests can’t catch thanks to a growing field called genomic medicine. Early results from two ongoing studies are very promising, the Washington Post reported, but scaling the new type of testing could be tricky: A full genome read (which covers all of your DNA) costs around $1,000 per patient. Still, research into the cost-benefit of genome sequencing has found that it can ultimately save families money on hospital care.

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Markets: Sweating the upcoming election? Investors aren’t. The S&P 500 is on track for its best first-half performance in an election year going back to 1976, per Dow Jones Market Data. And as trading begins Monday morning, Microsoft is back on the Iron Throne as the US’ most valuable company following Nvidia’s stumbles at the end of last week.

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DAILY UPDATE: Reverse Aging, Credit Card Competition Act, Nvidia and a Market Re-Cap

Posted on June 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The de-aging biz: Time to pull back the hospital curtain and see who’s behind the booming longevity market. This article, sponsored by Timeline, lays out who’s making $$$ on “reverse aging.*

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The S&P 500 and NASDAQ have often outperformed the Dow in recent years thanks to their focus on tech, as well as their market-cap weighting vs the Dow’s price weighting. When tech stocks roar higher, the younger indexes rise above their older peer—but the last few days have seen a sell off of tech stocks led by NVIDIA, bringing the S&P 500 and NASDAQ lower to end the week while the Dow has continued to rise.
Bonds remained unchanged for most of the day, ending the trading session flat as investors parse through a week of economic data and prepare for next week’s PCE report.
Gold plunged after the dollar rose, making it more expensive for gold bugs to hold the precious metal.
As for oil, read on to learn why crude has high hopes today but may not be a smart investment tomorrow.

Nvidia faltered for the second day in a row, falling off the world’s most valuable company perch and shedding $220+ billion in market cap. But the S&P 500 has gone 377 days without a 2.05% sell-off, the longest streak since the 2008 financial crisis, per CNBC.

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The Credit Card Competition Act is proposed legislation in Congress that could fundamentally change credit card systems. If passed, it could devastate the future of cash-back and travel rewards.

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DAILY UPDATE: Amazon Pharmacy, Healthcare Spending Boom, Companies and the Bi-Hybrid Markets

Posted on June 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Amazon Pharmacy announced on June 18 that, effective immediately, its RxPass medication delivery service will be available to more than 50 million Medicare beneficiaries, a move the company says could save up to $2 billion annually for the federal health insurance program.

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Here’s where the major benchmarks ended:

The S&P 500 index fell 8.55 points (0.2%) to 5,464.62, up 0.6% for the week; the Dow Jones Industrial Average^® ($DJI) gained 15.57 points (0.04%) to 39,150.33, up 1.5% for the week; the NASDAQ Composite^® ($COMP) shed 32.23 points (0.2%) to 17,689.36, little changed for the week.
The 10-year Treasury note yield (TNX) was little changed at 4.255%.
The CBOE Volatility Index^® (VIX) dipped 0.06 to 13.22.

What’s up

Sarepta Therapeutics soared 30.14% thanks to FDA approval of Elevidys, its new Duchenne muscular dystrophy treatment.
Zealand Pharma rose 18.62% after Phase 1b trial results revealed its new weight-loss drug could compete with Ozempic.
Asana jumped 14.95% on the news that its board has approved a share repurchase program of up to $150 million of its own stock.
CarMax shares rose 0.37% after the company reported first-quarter earnings. The number isn’t big, but the performance is impressive considering the used car company posted a 33% decline in profits.
Hertz Global popped 15.95% after the company announced it was raising the size of its bond offering to $1 billion as it looks to update its fleet of rental cars.

What’s down

Nvidia fell another 3.22% today as the sell off continued, with investors taking profits after a record run higher.
Smith & Wesson Brands dropped 12.87% after the gun maker beat earnings forecasts but announced that next quarter’s sales will be lower than expected.
LendingTree slid 2.48% after a Bloomberg report revealed that hackers are auctioning off stolen customer data.
Palantir fell 6.78% after the company earned an analyst downgrade for its “gluttonous valuation,” a phrase you never want to hear as an investor.
Bitcoin mining stocks took a hit today, selling off after popping higher yesterday after bitcoin prices rallied. Marathon Digital Holdings dropped 7.02%, Riot Platforms fell 8.35%, and CleanSpark sank 9.81%.

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With a record number of people insured and seeking healthcare services post-pandemic, US health spend growth is outpacing GDP growth, and is expected to keep doing so through 2032, according to a June 12 report from actuaries at the Centers for Medicare and Medicaid Services (CMS). By 2032, CMS actuaries project healthcare spending will total $7.7 trillion and make up 19.7% of total US GDP, compared to $4.8 trillion and 17.6% of GDP in 2023.

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DAILY UPDATE: Bilt, Mortgage Rates, Private Equity in Behavioral Health and the Stock Markets

Posted on June 21, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Wells Fargo is losing $10 million per month on its partnership with Bilt, whose credit card offers users reward points for paying rent, and is looking to renegotiate, the WSJ reports. Apple has stopped offering its buy now, pay later program, Apple Pay Later, after partnering with outside companies, including Affirm.

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Private equity (PE) is all over healthcare, with investment firms owning more than 400 hospitals around the US. But as the country faces a mental health crisis—US Surgeon General Vivek Murthy called it the “the defining public health crisis of our time”—PE has its sights set on one of the fastest-growing areas of the industry: behavioral health care. PE has accounted for over 60% of all behavioral health deal flow since 2018, and firms like Thurston Group and Five Points Capital now own about a quarter of facilities offering behavioral health care in some states, according to a recent cross-sectional study published in JAMA Psychiatry.

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U.S. markets were closed Wednesday for the Juneteenth holiday. Here’s where the major benchmarks ended:

The S&P 500 index fell 13.86 points (0.3%) to 5,473.17; the Dow Jones Industrial Average^® ($DJI) gained 299.90 points (0.8%) to 39,134.76; the NASDAQ Composite^® ($COMP) dropped 140.64 points (0.8%) to 17,721.59.
The 10-year Treasury note yield (TNX) climbed about 4 basis points to 4.257%.
The CBOE Volatility Index^® (VIX) rose 0.80 to 13.28.

What’s up

Gilead jumped 8.46% after clinical data revealed that its new twice-a-year shot prevents 100% of HIV cases.
Penn Entertainment rose 9.93% on the news that Boyd Gaming has approached its competitor with an acquisition offer.
Accenture rose 7.30% after the IT consulting company missed earnings estimates but more than made up for it with bullish bookings data thanks to AI.
Darden Restaurants rose 1.53% after a mixed earnings report. Its acquisition of Ruth’s Chris Steak House propped up earnings, while Olive Garden’s same-store sales came in flat, probably because I eat several hundred free breadsticks there every month.

What’s down

Trump Media & Technology Group fell 14.56% after the SEC ruled that early shareholders can resell their stock in the company, diluting new shareholders—though providing upward of $247 million in funding for the beleaguered company.
Nikola plummeted 31.46% after the company announced a 1-for-30 stock split in a bid to stay listed on the Nasdaq.
Kroger fell 3.27% despite beating analyst revenue estimates in its fiscal first quarter as investors digest the chances of the company sealing a deal to buy Albertsons.
Tempest Therapeutics dropped 29.47% upon the release of the latest trial data for its liver cancer treatment.
Jabil fell 11.45% today after the electronics supplier beat earnings estimates but warned of softer growth in the year ahead.

Mortgage rates fell below 7% last week to their lowest level since March, but this didn’t spur much extra demand.

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DAILY UPDATE: Nvidia, Golden Goose and the Summer Solstice

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

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HAPPY SUMMER SOLSTICE

Today is the first day of summer in the Northern Hemisphere, aka summer solstice. It’s also the longest day of the year.

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The markets were closed yesterday for Juneteenth, but they’ll be back today to see if they can keep their hot streak going.

But, the company known for selling shoes that look like they’ve been dragged through mud postponed its IPO, putting a pause on what has been a big year for European companies going public. Golden Goose announced Tuesday it wouldn’t go public in Milan on Friday as planned due to fraught market conditions in Europe stemming from parliamentary elections across the Continent.

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Nvidia is now the most valuable company in the world. The chipmaker passed Microsoft to become the world’s most valuable public company, topping $3.3 trillion in market cap. Earlier this month, it reached the $3 trillion mark for the first time, flying past Apple for second place. The AI boom has propelled Nvidia—which owns about 80% of the industry’s data center chip market—to new heights, enriching investors and CEO Jensen Huang along the way. Huang has added nearly $100 billion to his net worth in less than two years, making him the 13th richest person in the world as of June.

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DAILY UPDATE: Wells Fargo, Public Companies as Stock Markets Extend Rally

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

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Here’s where the major benchmarks ended:

The S&P 500 index gained 13.80 points (0.3%) to 5,487.03; the Dow Jones Industrial Average^® ($DJI) added 56.76 points (0.2%) to 38,834.86; the NASDAQ Composite^® ($COMP) rose 5.21 points (0.03%) to 17,862.23, a record close for the seventh day in a row.
The 10-year Treasury note yield (TNX) dipped more than 6 basis points to 4.215%.
The CBOE Volatility Index^® (VIX) fell 0.45 to 12.30.

What’s up

La-Z-Boy, your dad’s favorite recliner/stock, rose 19.39% after beating analyst expectations in the fourth quarter and issuing upbeat guidance for the year.
Dell rose 5.13% a day after Morgan Stanley analysts named the company one of their top stock picks thanks to its focus on servers powering AI.
Silk Road Medical exploded 24.04% higher upon the announcement that it will be acquired by Boston Scientific for $27.50 per share.
Chegg popped 3.26% after announcing a restructuring plan that will see the online learning platform cut 23% of its global workforce.
Nvidia only rose 3.51% today, but it was enough to push the semiconductor company’s market cap above Microsoft’s, making it the most valuable public company in the world.

What’s down

Aerovate Therapeutics dropped another 14.55% today, a day after the company announced a failure in the phase 2 trial of its new blood pressure medication.
Lennar sank 4.96% after announcing lower-than-expected home deliveries last quarter in yet another sign that the housing market is in the dumps.
NextEra Energy fell 2.54% due to the company’s announcement it will issue $2 billion worth of new shares.
Zentalis Pharmaceuticals plummeted 50.66% after it halted clinical trials of cancer treatments due to two deaths among patients being studied.

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And … precision medicine company Tempus AI is going public, raising $410.7 million through its initial public offering.

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DAILY UPDATE: Microsoft & Google Cyber Security Discounts as Stock Markets Rally

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

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Microsoft. According to a same-day announcement on its site, the company will give “nonprofit pricing and discounts for its security products optimized for smaller organizations, providing up to a 75% discount,” along with free cybersecurity training, assessments, and—for at least one year, the company says—Windows 10 security updates.
Google. The White House said that Google will “provide endpoint security advice to rural hospitals and nonprofit organizations at no cost,” as well as a pilot program designed to help rural facilities “develop a packaging of security capabilities that fit these hospitals’ unique needs.”

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What’s up

Autodesk popped 6.48% after activist investor Starboard amassed a $500 million stake in the software company.
Best Buy rose 4.68% after UBS upgraded the stock to “buy” thanks to AI tailwinds and new product categories.
Broadcom rose yet another 5.41% today, continuing its blistering rally higher thanks to one analyst’s declaration that the stock should replace Tesla in the Magnificent 7.
Micron Technology rose 4.58% after getting upgraded by Cantor Fitzgerald for its exposure to the AI trade.
Xponential Fitness rose 34.25% after the board announced the appointment of Mark King as the new CEO. King was previously CEO at Taco Bell, where he expanded the company’s footprint dramatically but also brokered a deal to make Cheez-It Tostadas a thing.

What’s down

AMC Networks plummeted 35.14% after the company announced it’s issuing $125 million in new debt.
Louisiana Pacific dropped 3.46% after Goldman Sachs analysts downgraded the stock to “sell” and reduced their price target to $81.
GameStop fell 12.13% almost as soon as the company’s annual shareholder meeting began this afternoon, and no amount of “hodling” could halt the decline.

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Here’s where the major benchmarks ended:

The S&P 500 index gained 41.63 points (0.8%) to 5,473.23; the Dow Jones Industrial Average^® ($DJI) added 188.94 points (0.5%) to 38,778.10; the NASDAQ Composite advanced 168.14 points (1.0%) to 17,857.02.
The 10-year Treasury note yield (TNX) rose more than 6 basis points to 4.279%.
The CBOE Volatility Index^® (VIX) increased 0.10 to 12.76.

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DAILY UPDATE: Done Global TeleHealth

Posted on June 17, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The NASDAQ nabbed its fifth-straight record close last week, and the S&P 500 snapped its four-day streak. Both were up for the week as investors digested data that showed inflation cooling. Adobe became the latest company to soar thanks to AI, spiking after delivering better-than-expected earnings and forecasts.

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Those who rely on ADHD medication got some bad news last week when the CDC issued a health advisory alerting patients that there may be possible “increased risks for injury and overdose,” after two executives at Done Global, a telehealth company, were arrested for fraud linked to allegedly selling Adderall over the internet. The CDC warned that as many as 30,000 to 50,000 adult patients could be affected. https://tinyurl.com/3rf5py6c

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DAILY UPDATE: Sat Healthcare Private Equity, Elder Abuse Awareness Day

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

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Quote: “When private equity gets hold of healthcare systems, it is literally a matter of life and death, so if you drive a hospital like Steward into bankruptcy, putting patients and communities at risk, you should face real consequences.”—Sen. Elizabeth Warren on a proposed federal bill to impose jail time on executives who “loot” health systems, leading to patient harm (Fierce Healthcare)

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Here’s where the major benchmarks ended:

The S&P 500 index fell 2.14 points (0.04%) to 5,431.60, up 1.6% for the week; the Dow Jones Industrial Average^® ($DJI) lost 57.94 points (0.2%) to 38,589.16, down 0.5% for the week; the NASDAQ Composite gained 21.32 points (0.1%) to 17,688.88, up 3.2% for the week.
The 10-year Treasury note yield (TNX) fell more than 2 basis points to 4.215%, after earlier dropping under 4.19%, its lowest since late March.
The CBOE Volatility Index^® (VIX) rose 0.72 to 12.66.

What’s up

Adobe soared 14.51% today after crushing analyst expectations when it announced earnings late yesterday.
Shopify rose 4.59% after it received yet another analyst upgrade. JPMorgan analysts gave the stock an overweight rating on June 11, while today Evercore analysts upgraded the company to outperform.
Hasbro popped 6% after the toy maker earned an upgrade to “buy” from Bank of America predicated on the company’s digital gaming strategy.

What’s down

Cruise stocks took a major blow today after a Bank of America report revealed that there was softer-than-expected pricing across the industry in May. Carnival fell 7.09%, Norwegian Cruise Line dropped 7.43%, and Royal Caribbean fell 4.35%.
RH plummeted 17% after the furniture maker reported a larger-than-expected loss in the previous quarter.
Stellantis fell 4.08% after the company’s CEO announced it will cut costs to compete with Chinese EV makers.
Penn Entertainment sank 8.66% on the news that competitor Boyd Gaming has voted in an M&A expert to its board of directors, which, combined with activist investors pushing Penn to put itself up for sale, could indicate an acquisition ahead.

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June 15th marks an important day on our calendar – Elder Abuse Awareness Day. It is a day for communities worldwide to unite in bringing attention to the challenges and difficulties faced by elders and our collective responsibility to protect and support them.

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DAILY UPDATE: Flag Day, KKR, Wells Fargo and the S&P 500

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

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HAPPY FLAG DAY

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Wells Fargo found that some of its employees were pretending to work — and sent them packing. More than a dozen employees in the bank’s wealth and investment management divisions were discharged last month “after review of allegations involving simulation of keyboard activity creating impression of active work,” Bloomberg reported citing disclosures filed with the Financial Industry Regulatory Authority (FINRA).

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Here’s where the major benchmarks ended:

The S&P 500 index gained 12.71 points (0.2%) to 5,433.74; the Dow Jones Industrial Average lost 65.11 points (0.2%) to 38,647.10; the NASDAQ Composite rose 59.12 points (0.3%) to 17,66756.
The 10-year Treasury note yield (TNX) fell about 5 basis points to 4.246%.
The CBOE Volatility Index^® (VIX) declined 0.10 to 11.94.

What’s up

Broadcom rose 12.27% to a new all-time high after a great quarterly earnings report and the announcement of a 10-for-1 stock split.
Super Micro Computer popped 12.44% as it rode AI hype and Broadcom’s coattails higher today.
GameStop rose 14.18% after Keith Gill, aka Roaring Kitty, seemingly closed out a large chunk of his options position in the stock. Oh, and the company’s servers crashed during its shareholder meeting today due to overwhelming interest.
John Wiley & Sons rose 12.11% after the publisher of the beloved For Dummies book series announced it’s using its content to train AI models. Is there nothing AI can’t do???

What’s down

Virgin Galactic fell 14.28% after the company announced a 1-for-20 reverse stock split, a necessary evil in order to remain listed on the NYSE.
Warner Bros Discovery sank 6.66% after the company announced a deal to sell its shares of the Formula E racing series to Liberty Global.
Signet Jewelers plunged 14.93% after the company announced lower-than-expected sales and earnings last quarter.
Sirius XM fell 3.61% on speculation that the once-hot stock could be cut from the Nasdaq 100 in an upcoming rebalancing.
Dave & Busters Entertainment slumped 10.94% after it missed on top and bottom line earnings expectations this quarter. No word yet if gambling on skee ball games with your buddies can save the company.

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On Monday, private equity giant KKR jumped 12% after S&P Dow Jones Indices announced the company would be joining the index yesterday, along with CrowdStrike and GoDaddy, which saw their stocks jump 9% and 2%, respectively. The additions will be incorporated June 24.

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DAILY UPDATE: Moody, CME Fedwatch and Ever Rising Stock Markets

Posted on June 13, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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On Monday, private equity giant KKR jumped 12% after S&P Dow Jones Indices announced the company would be joining the index on Friday, along with CrowdStrike and GoDaddy, which saw their stocks jump 9% and 2%, respectively. The additions will be incorporated June 24.

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Stat: 99.4%. That’s the likelihood that interest rates will stay the same after the Fed’s meeting, according to the CME Fedwatch Tool. So it looks to be more “hurry up and wait” for interest rates to start coming down. 🫤 (Business Insider)

Quote: “It’s hard to think of a time when the US economy has diverged so fundamentally from its peers.”—Mark Zandi, chief economist at Moody’s Analytics, on the strength of the US economy compared to the weakness of other major economies. The US economy is continuing to grow while economies like Germany, Japan, and Canada are falling into recession. (The Atlantic)

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Here’s where the major benchmarks ended:

The S&P 500 index rose 45.71 points (0.9%) to 5,421.03; the Dow Jones Industrial Average lost 35.21 points (0.1%) to 38,712.21; the NASDAQ Composite gained 264.89 points (1.5%) to 17,608.44.
The 10-year Treasury note yield (TNX) fell more than 7 basis points to 4.326%.
The CBOE Volatility Index^® (VIX) declined 0.81 to 12.04.

What’s up

Oracle shot up 13.25% to new all-time highs after announcing so-so earnings but highlighting new deals with Microsoft, Google, and OpenAI.
Apple rose 2.86% today, continuing its surge higher after WWDC announcements highlighting its AI game plan. The company briefly surpassed Microsoft as the largest publicly traded company in the US by market cap.
Builders FirstSource rose 5.35% on investor hopes of interest rate cuts coming sooner rather than later, which would heat up the housing market and help the building materials supplier’s business. PulteGroup rose 4.01% for the same reasons.
Casey’s General Stores rose 16.72% to a new all-time high after the company reported shockingly strong fourth-quarter results.
Rentokil Initial rose 13.71% after activist investor Nelson Peltz announced a large position in the British pest control company.

What’s down

GameStop fell 16.50% after short-seller Citron announced it had abandoned its short position in the stock. The company also raised over $2 billion in a stock sale that capitalized on the latest meme madness.
Rubrik dropped 8.91% after the company announced its first quarterly earnings since going public. The weird part? They beat analyst estimates.
Vera Bradley sank 17.16% after a poor first-quarter earnings report revealed a surprise loss.
Exelon fell 4.03% after Maryland regulators largely rejected a proposal to hike customer rates.

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DAILY UPDATE: Apple AI, Addus HomeCare, Waystar and the Rising Markets

Posted on June 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major benchmarks ended:

The S&P 500 index rose 14.53 points (0.3%) to 5,375.32; the Dow Jones Industrial Average^® ($DJI) declined 120.62 points (0.3%) to 38,747.42; the NASDAQ Composite gained 151.02 points (0.9%) to 17,343.55.
The 10-year Treasury note yield (TNX) fell about 7 basis points to 4.398%.
The CBOE Volatility Index^® (VIX) rose 0.13 to 12.87.

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What’s up

Apple shares rose 7.26%, hitting a new all-time high on hopes that the company’s AI innovations can make up for lost ground. Today’s surge reaffirmed its position as the second-largest publicly traded company in the US, retaking the #2 spot from Nvidia.
Affirm popped 11.04% as Apple’s newest partner, with its buy-now-pay-later loans to be embedded in Apple Pay.
FMC Corp rose 4% on the news that its president and CEO has stepped down. It can’t feel good when your company’s stock rises after you announce you’re leaving.
Calavo Growers was up 8.24% after the avocado producer announced strong second quarter results thanks to high avocado prices. Those darn millennials eating their avocado toast strike again!

What’s down

Paramount Global plummeted 7.85% after National Amusements and Skydance failed to reach a deal.
Boeing dropped 2.44% after news broke that nobody ordered any new Boeing 737 Max planes last month.
PayPal fell 3.46% as the stock continued to slide after Apple’s announcement yesterday that it was upgrading its Apple Pay and Apple Wallet features.
CoreCivic sank 19.75% after the US government announced it will end its contract with the prison company when it closes a detention facility near the southern border of Texas. Shares of Target Hospitality, which maintains the facility, fell 31.48% as well on the news.
FuelCell Energy fell 5.84%, reversing yesterday’s gains after the company announced lower-than-expected quarterly losses. Shares are now under $1, which means the stock could be delisted from the Nasdaq.

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The “A” in AI stands for Apple, the techies attending Apple’s annual Worldwide Developers Conference (WWDC) were told yesterday. CEO Tim Cook and Co. unveiled Apple Intelligence, a host of AI-powered features that will debut on iPhones, iPads, and Macs this fall.

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Addus HomeCare is making a major move to expand its business with plans to buy Gentiva’s personal care business for $350 million.

Healthcare payment software maker Waystar debuted on the public market Friday, raising $967.5 million, and marking the biggest health tech IPO since 2022. The company plans on paying off existing debt.

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DAILY UPDATE: Tele-Health, Fortune 500, Companies and the Stocks Markets

Posted on June 11, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The end has come for the Covid-19-era federal Affordable Connectivity Program, which some critics say will make telehealth access challenging for millions in rural and tribal areas. (NPR/KFF Health News)

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Here’s where the major benchmarks ended yesterday:

The S&P 500 index rose 13.80 points (0.3%) to 5,360.79; the Dow Jones Industrial Average^® ($DJI) gained 69.05 points (0.2%) to 38,868.04; the NASDAQ Composite added 59.40 points (0.4%) to 17,192.53.
The 10-year Treasury note yield (TNX) rose almost 4 basis points to 4.467%.
The CBOE Volatility Index^® (VIX) rose 0.52 to 12.74.

What’s up

Diamond Offshore Drilling rose 10.91% after fellow offshore drilling company Noble Corp. announced it would acquire Diamond in a cash and stock deal worth $1.6 billion total. Noble shares rose 6.08% on the news as well.
Crowdstrike, GoDaddy, and KKR will be added to the S&P 500 when the index rebalances at the end of the quarter. Crowdstrike rose 7.29%, GoDaddy rose 1.94%, and KKR was up 11.22% on the news.
Texas Pacific Land Corporation shares also rose 24.57% on the news that the company will be inducted into the S&P MidCap 400.

What’s down

Advanced Micro Devices fell 4.49% after Morgan Stanley analysts issued a rare downgrade for an AI-related stock.
Moderna shares dropped 1.60% today, as its recent selloff continues despite the news that its combination Covid/flu vaccine is more effective than expected.
GameStop shares fell 12.04% today, after plummeting about 40% last Friday when the company announced earnings early and hundreds of thousands of people watched Roaring Kitty ramble about the stock.
Trump Media & Technology Group fell 5.61% after the company filed an amended S-1 with the SEC to sell shares.
French stocks sagged today on the news that pressure from the far-right opposition party have forced a snap national parliamentary election on June 30. Societe Generale fell 7.46%, and BNP Paribas fell 4.76%.

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Stat: 42. That’s how many healthcare industry companies were named on the latest Fortune 500, which lists the largest corporations in the US based on revenue for fiscal year 2023. (Advisory Board)

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DAILY UPDATE: Markets, Cue Health Down, Blue Kansas Part C and the FOMC

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

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Markets: Stocks dropped ever so slightly to end last week as investors tried to make sense of the big jobs report. Lots of jobs = good, but lots of jobs also = interest rates likely staying the same for awhile longer (more below). AMC had a rough day, tumbling 15% as the latest meme stock craze started to fizzle.

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Blue Kansas City Exiting MA Market by 2025 Due to ‘Regulatory Demands’

Blue Cross and Blue Shield of Kansas City (Blue KC) is leaving the Medicare Advantage (MA) market at the end of 2024, the insurer announced recently. The company blamed “heightened regulatory demands and rising market and financial pressures” for the decision but said it is still focused on employer-sponsored health plans, and Medicare supplement and Affordable Care Act plans in the state.

“We explored every alternative path for our MA members and are disappointed we must exit this line of business,” said Erin Stucky, Blue KC President and CEO, in a statement. “We value our MA members and are committed to providing uninterrupted, quality service to our current MA membership through the end of 2024.”

Source: Noah Tong, Fierce Healthcare [6/3/24]

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Cue Health, founded in 2010, started with great hopes as it promised a way to accurately test for Covid-19 without needing a lab. “We designed and developed a new molecular testing platform bringing lab complexity to an easy-to-use, portable device. Now you can get the best of lab molecular testing — speed, accuracy, and versatility – at home, the office, or on the go,” the company shared on its website. The company went public (with the ticker (HLTH) ) in 2021 at $16 and rose to $20.55 and carried that massive $2.3 billion valuation. Through 2023 and into this year, Cue unsuccessfully tried to shore up operations, get new products to market, and find new capital.

In May, however, the FDA advised customers not to use two of its products at all because they did not deliver accurate results. Finally, its board and executives threw in the towel. On May 28th, the company announced it was ceasing operations and filed for bankruptcy in Delaware’s U.S. Bankruptcy Court. The company’s assets will be sold off at an undetermined date, and the proceeds will be distributed to creditors.

***

Inflation data from the Fed meeting on Wednesday: Inflation data for May arrives in the morning, and it’s expected to show price growth held steady at 3.4% annually. In the afternoon, the FOMC will wrap up its meeting with a Jerome Powell press conference. The Fed is pretty much a lock to hold interest rates at their current level.

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DAILY UPDATE: Payroll Jobs and Longevity Up

Posted on June 9, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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People whose job it is to watch the economy are shocked at how many jobs the economy added last month: Payrolls added 272,000 more jobs in May, according to employer stats the government dropped yesterday, vastly exceeding the 190,000 increase that analysts predicted.

The biggest job gains were in healthcare (68k jobs), government (43k), and hospitality (42k).
The average hourly pay increased by 0.4% from the previous month and 4.1% over the year, also exceeding analysts’ predictions.

The surprisingly strong employment gains are prompting some head-scratching since they come amid slowing economic growth as consumers pull back on spending. The job market’s resilience has dashed hopes among investors and anyone planning to take out a loan that the Fed will lower interest rates soon. For example:

The unemployment rate ticked up to 4% from 3.9% in April, breaking its historic streak of 27 months under 4%.
A survey of households revealed that the number of Americans working dropped by 408,000 from April to May.

Some economists claim the household survey fails to properly account for immigrant workers, who have been the main driver of working population growth in recent years. But others say it checks out given the general cool-down vibes in the labor market: Job openings were at a three-year low in April, and many recent college grads have struggled to find work.

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While some companies would be thrilled if everyone started living to 120, it could spell trouble for the rest of us. Experts believe that centenarians becoming anything more than an anomaly would put the world in an economic pickle and require a societal overhaul to adapt. Even without futuristic tech that enables ultra-longevity, many developed countries are already in an economic bind due to aging populations and declining birth rates. The US Census Bureau projects that people older than 64 will reach 23% of the population by 2060 (compared to 17% in 2020), which means higher retirement and healthcare costs with fewer workers to offset them.

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DAILY UPDATE: Companies and Stocks Dip as Job Growth Rises

Posted on June 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Bank of America analysts recently looked back at the last 100 years of stock market data, searching for asset bubbles and what indicated their approach. The nine historical bubbles they found all had one thing in common ahead of their bursting: rising volatility. But, right now the Volatility Index, or VIX, is nowhere near the highs seen before the dot-com bubble burst, which should soothe investor concerns.

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What’s up

Jazz Pharmaceuticals rose 5.39% today thanks to RBC Capital reiterating its outperform rating of the stock, highlighting the potential of the company’s forthcoming essential tremor treatment.
CarGurus popped 4.05% after receiving a shiny new outperform rating from JMP Securities, which likes the company’s online marketplace business model.
Las Vegas Sands rose 3.11% today on no particular news, as did Cedar Fair, which rose 3.27%. Both are beneficiaries of the vacation season, and likely enjoyed a boost today due to nothing more than the fact that it was a sunny summer Friday.

What’s down

GameStop shares plummeted 39.36% after the company announced poor earnings earlier than investors had anticipated.
Barnes & Noble Education fell 46.29% in reaction to a new equity and refinancing deal, as well as the appointment of five new directors to its board.
Docusign fell 4.67% despite beating earnings estimates this quarter—it was just a smaller beat than investors would have liked, coupled with lackluster guidance.
Semtech dropped 17.90% on the abrupt news that its CEO was departing the company due to a disagreement with its board.
Vail Resorts fell 10.40% after announcing poor earnings and low guidance late yesterday thanks to a warmer-than-usual ski season.

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Here’s where the major benchmarks ended:

The S&P 500 index declined 5.97 points (0.1%) to 5,346.99, up 1.3% for the week; the Dow Jones Industrial Average^® ($DJI) lost 87.18 points (0.2%) to 38,798.99, up 0.3% for the week; the NASDAQ Composite^® ($COMP) shed 39.99 points (0.2%) to 17,133.13, up 2.4% for the week.
The 10-year Treasury note yield (TNX) jumped about 15 basis points to 4.432%.
The CBOE Volatility Index^® (VIX) fell 0.36 to 12.22.

Interest-rate-sensitive sectors including banking, real estate, and utilities were among this week’s poorest performers amid expectations the Fed is unlikely to lower rates from historically high levels. The Dow Jones Utility Average ($DJU) dropped 2.8% this week. Retailers also posted a down week. Semiconductors still clocked a firm week despite declines the past two days. The PHLX Semiconductor Index (SOX) advanced 3.2% for the week.

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DAILY UPDATE: +/- Stocks and Dull Market Reviews

Posted on June 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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What’s up

GameStop shares roared 47.17% higher on Roaring Kitty’s announcement that he will hold a livestream tomorrow.
J.M. Smucker Co. rose 4.57% after it announced that, although sales fell last quarter, cutting costs helped profits beat analyst expectations.
Lululemon shares popped 4.79% after beating earnings estimates and guiding for a stronger second half of the year.
Smartsheet rose 17.15% after announcing it beat analyst expectations this quarter and foresees impressively higher earnings yet to come later this year.

What’s down

Victoria’s Secret shares dropped 6.37% even though the company met both earnings and revenue estimates this quarter. It’s still mid-turnaround, however, and high debt remains a concern for investors.
Big Lots shares tanked 18.32% after the company announced abysmal earnings thanks to core customers cutting back their spending.
Canopy Growth shares dropped 8.45% after the marijuana producer announced plans to sell more shares in order to keep the company afloat.
Five Below shares fell 10.60% after announcing unimpressive earnings as low-income customers get squeezed by inflation.
Nio shares dropped 6.92% after the EV maker announced slower earnings than anticipated thanks to the ongoing decline in EV sales.

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Here’s where the major benchmarks ended:

The S&P 500 index fell 1.07 points (0.02%) to 5,352.96; the Dow Jones Industrial Average^® ($DJI) gained 78.84 points (0.2%) to 38,886.17; the NASDAQ Composite eased 14.78 points (0.1%) to 17,173.12.
The 10-year Treasury note yield (TNX) fell slightly to 4.285%.
The CBOE Volatility Index^® (VIX) declined 0.05 to 12.58.

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DAILY UPDATE: D-Day, Digital Health, Stock Companies as Markets Zoom Up!

Posted on June 6, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Today is the 80th anniversary of D-Day: More than 60 World War II veterans flew to Paris over the weekend to take part in what organizers believe could be the final major WWII commemoration involving living veterans. American veterans will be joined by President Joe Biden and other heads of state in Normandy.

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The digital health market has had a tough year, with no IPOs in all of 2023. Comparatively, the industry saw roughly 20 public exits in 2021. The recent slowdown in the broader IPO market is linked to several trends, including high interest rates and some high-profile bankruptcies, according to Adriana Krasniansky, head of research at digital health strategy group and venture fund Rock Health’s advisory arm.

Here’s where the major benchmarks ended:

The S&P 500 index rose 62.69 points (1.2%) to 5,354.03; the Dow Jones Industrial Average^® ($DJI) gained 96.04 points (0.3%) to 38,807.33; the NASDAQ Composite rallied 330.86 points (2.0%) to 17,187.90.
The 10-year Treasury note yield (TNX) fell more than 5 basis points to 4.283%, its lowest level since April 1.
The CBOE Volatility Index^® (VIX) declined 0.53 to 12.63.

What’s up

Nvidia only rose 5.16% today, but it was enough to surpass Apple’s market cap, making the high-flying semiconductor stock the second most valuable public company in the US.
Crowdstrike rose 11.98% today after reporting better than expected fiscal first quarter earnings yesterday afternoon.
Guidewire Software rose 17.63% today after its beat & raise quarterly report late yesterday.
Stitch Fix rose 29.40% after a red-hot earnings report, completely turning around the stock’s slow slide downward this year.
SweetGreen popped 12.76% this afternoon after revealing that its new automated kitchens can actually save on costs and cut time for orders in the long run.

What’s down

Campbell Soup sagged 0.20% after the company announced earnings. The highlight: While prices are higher on shelves everywhere, the price of Campbell’s products didn’t rise for the first time in three years.
Dollar Tree dropped 4.92% after the company revealed it is likely going to have to spin off Family Dollar, which it bought for $8.5 billion in 2015.
Brown-Forman, maker of Jack Daniels whiskey, slumped 5.34% as alcohol sales continue to decline.

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In case you needed more proof that we’re living in the strangest timeline: Morgan Stanley, which owns E*Trade, is contemplating kicking stock influencer Roaring Kitty off the platform. It’s concerned he manipulated GameStop stocks by…posting a meme on X. (the Wall Street Journal)

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DAILY UPDATE: The Peso, Health Company News with Firmer Stock Markets

Posted on June 5, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Sword Health, a virtual provider of musculoskeletal care, banked a financing round of $130 million after nearly tripling its revenue in the past year.

Blue Cross and Blue Shield of Kansas City is leaving the Medicare Advantage market, citing increased regulatory demands and a relatively small MA membership.

And … Cigna laid off 261 employees from its Evernorth Care Group division in Arizona. Keep up to date with all workforce updates with Fierce Healthcare’s ongoing layoff tracker.

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On Monday, the largest U.S.-traded, Mexico-focused fund — the iShares MSCI Mexico ETF which has more than $2 billion under management — slid 10.7% to book its largest daily percentage decrease since March 16th, 2020. Meanwhile, the Franklin FTSE Mexico ETF was off 10%, also logging its worst day in over four years, according to Dow Jones Market Data. The two funds, which traded at $57.93 and $28.78, respectively, on Monday afternoon, closed at their lowest levels since early November, according to Dow Jones Market Data.

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June got off to a rough start on Monday when a glitch at the NYSE incorrectly made it appear that some stocks suffered steep plunges—including a 99% dip in Berkshire Hathaway. Trading in the affected stocks was quickly halted and the errors were fixed.

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What’s up

Core Scientific shares rose 40.25% on the news of a deal with CoreWeave that will see the bitcoin miner pivot to AI provider.
Annexon shares rose 30.79% after the pharmaceutical company announced strong phase 3 trial results for a new treatment for Guillain-Barre Syndrome.
TeraWulf shares rose 22.44% after announcing it mined 186 bitcoins in May, or about six bitcoins per day.

What’s down

Stanley Black & Decker fell 3.69% after it was downgraded at Barclays. A slowdown in consumer spending plus a slow housing market means not many people are buying fancy drills at the moment.
Bath & Body Works fell 12.60% after beating analyst expectations this quarter but announcing that next quarter will bring lower lower earnings.
Designer Brands fell 20.27% after it beat revenue expectations but missed on earnings as its turnaround continues.

Here’s where the major benchmarks ended:

The S&P 500 index gained 7.94 points (0.2%) to 5,291.34; the Dow Jones Industrial Average^® ($DJI) added 140.26 points (0.4%) to 38,711.29; the NASDAQ Composite^® ($COMP) rose 28.38 points (0.2%) to 16,857.05.
The 10-year Treasury note yield (TNX) fell more than 7 basis points to 4.328%.
The CBOE Volatility Index^® (VIX) rose 0.05 to 13.16.

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DAILY UPDATE: Cyber Health Hacks, DocGo, Public Companies and Mixed Stock Markets

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

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Dollar General has ended a pilot program with mobile care provider DocGo, becoming the latest retailer to wind down primary care operations, spokespeople from both companies confirmed to Healthcare Brew on May 31st. The retail giant—the largest in the US by number of stores—began the healthcare partnership in 2023 after announcing ambitions to establish itself as a “health destination” two years prior. DocGo and Dollar General offered mobile health clinics with basic, preventive, and urgent care services at three stores in Tennessee. Dollar General executives previously said in a June 2023 press release that they would expand the DocGo pilot program to more stores.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 5.89 points (0.1%) to 5,283.40; the Dow Jones Industrial Average^® ($DJI) lost 115.29 points (0.3%) to 38,571.03; the NASDAQ Composite^® ($COMP) advanced 93.65 points (0.6%) to 16,828.67.
The 10-year Treasury note yield (TNX) declined more than 11 basis points to 4.40%, near a two-week low.
The CBOE Volatility Index^® (VIX) rose 0.19 to 13.11.

🟢 What’s up?

GameStop shares rose 21% after Roaring Kitty revealed his position in the stock. Fellow meme stocks popped in tandem, including AMC Holdings rising by 11.43%.
Stericycle shares popped 14.57% today after Waste Management announced it would acquire the waste disposal company for $7.2 billion.
Spotify shares rose 5.65% on the news that it will raise the price for premium subscribers from $10.99 to $11.99 beginning next month.
Bio-Path Holdings soared 56.80% after announcing strong phase 2 trial results for its new acute myeloid leukemia treatment.
Coherent shares popped 22.98% after the company announced it had poached Jim Anderson, the extremely competent CEO of Lattice Semiconductor—whose shares plummeted 15.49%.

What’s down?

GSK dropped 8.65% on the news that a Delaware court will allow scientific evidence to be heard in a series of lawsuits regarding the discontinued heartburn drug Zantac.
Boston Beer fell 3.25% after shareholders decided to take their winnings and run following Friday’s big pop after news of its apparent acquisition by Suntory.
Tractor Supply shares toppled 6.21%, likely on poor manufacturing news from the ISM Index, while Halliburton shares fell 5.34%, likely on poor oil news from OPEC+.
Dozens of Mexican stocks and ETFs tumbled today on the election of a new president. The steepest decline was seen by Grupo Financiero Banorte, SAB, which fell 11.38%.

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Cyberattacks around the country are wreaking havoc on the ground at targeted hospitals, but a new study shows that security breaches hurt surrounding providers, too. The research published in JAMA on May 29 found that cyberattacks led to a decrease in emergency department (ED) visits at attacked hospitals and an increase in ED patients at nearby hospitals.

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DAILY UPDATE: Jobs, Chips, Banks and Tax Refunds

Posted on June 3, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Stat: 4.6%. That’s how much the average income tax refund increased YoY, from $2,878 in April 2023 to $3,011 as of April 5th. (Axios)

Quote: “Wall Street has never been known for high character and high values. Is there a willingness to support Trump if it looks like he’s on the right track? Yes. I’m not proud of that, and I’m not part of that either.”—Dan Lufkin, co-founder of investment bank Donaldson, Lufkin & Jenrette (Bloomberg)

Read: Bank of America’s CEO sees an overall cautiousness on display in the current spending choices of consumers and businesses. (CNBC)

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The May jobs report will drop on Friday: Little change is expected from April, when the unemployment rate ticked up to 3.9% and fewer jobs were added than expected (175,000). This jobs report will be one of the final pieces of economic data to drop before the Fed meets on June 11th and 12th. The central bank is unlikely to announce an interest rate cut.

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Software is no longer eating the world. For the first time, chip stocks now account for the heaviest weighting in the S&P 500, taking the top spot away from software companies last week. Salesforce and other enterprise software giants are getting crushed as companies prioritize generative AI investments (chips and servers) over SaaS products.

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DAILY UPDATE: Mixed Stock Markets with DJIA Up

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

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Here’s where the major benchmarks ended:

The S&P 500 index added 42.03 points (0.8%) to 5,277.51, down 0.5% for the week; the Dow Jones Industrial Average^® ($DJI) gained 574.84 points (1.5%) to 38,686.32, down 1.0% for the week; the NASDAQ Composite^® ($COMP) declined 2.06 points (0.01%) to 16,735.02, down 1.1% for the week.
The 10-year Treasury note yield (TNX) fell more than 6 basis points to 4.491%.
The CBOE Volatility Index^® (VIX) declined 1.55 to 12.92.

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🟢 What’s up

Gap popped 27% after the retail conglomerate raised its guidance for the year and sales for all four of its brands beat earnings expectations.
Caesars jumped 12% because of the Carl Icahn effect: The investor reportedly acquired a “sizeable stake” in the casino company, per Bloomberg.
The Boston Beer Company shares gained 21% on reports that the company may sell itself to Suntory.
Ambarella leapt 20% after better-than-expected earnings for the semiconductor company.
PENN Entertainment jumped 20% today after an activist investor called for a sale of the company.

What’s down

Trump Media sank 5% a day after former President Donald Trump’s historic felony conviction on 34 counts for falsifying business records.
Dell shares dropped 18% after the PC maker reported disappointing AI server sales and raised concerns about margins.
MongoDB shares fell 24% after executives reduced fiscal guidance for the year.
SentinelOne shares fell 13% when the company lowered its financial forecast for the year.

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Private equity and consolidation are leading to a rise in hospital costs for patients. (the Wall Street Journal)

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DAILY UPDATE: Hospital Charges, Cannabis and Stocks as Markets Slump

Posted on May 31, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The prices hospitals charge for their services have long been opaque, but thanks to a 2021 hospital price transparency law, the picture is starting to come slightly into focus. And it turns out, there are some huge disparities in the prices hospitals charge that can’t be attributed to quality of care, according to a recent study from research institute Rand Corporation.

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🟢 What’s up

Foot Locker shares rose 14.90% after the company announced stellar earnings that illustrated management’s turnaround plans are clearly working.
Best Buy shares were up 13.39% today after the company announced it beat earnings estimates but missed on revenue.
HP shares popped 16.95% thanks to strong earnings results and its value as a sneaky AI investment.
C3.ai soared 19.48% after announcing beat-and-raise earnings results.
Birkenstock rose 11.65% after announcing beats on earnings and revenue, as well as strong consumer demand despite inflation.
Burlington Stores boomed 17.52% after announcing estimate-beating earnings as well as strong margin growth.

What’s down

Salesforce is down 19.73% after the cloud computing company missed revenue estimates for the first time since 2006 and projected slower sales in the coming quarter. Turns out not even commercials featuring hunky Matthew McConaughey could save the company’s quarter.
UIPath shares plummeted 34.06% after announcing disappointing results and lower forward guidance, and to add insult to injury got hit with an analyst downgrade from Bank of America.
Build-A-Bear Workshop got the stuffing knocked out of it, dropping 13.92% after it missed estimates on both the top and bottom lines.
Hormel sank 9.69% after missing earnings thanks to slower retail sales offsetting higher meat prices, leaving shareholders stuck eating bologna sandwiches for lunch.
Kohl’s dropped 22.88% in its worst day ever after the company announced a terrible quarter and forecast more issues ahead due to customers contending with inflation.

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) fell 31.47 points (0.6%) to 5,235.48; the Dow Jones Industrial Averagedropped 330.06 points (0.9%) to 38,111.48; the NASDAQ Composite^® ($COMP) declined 183.50 points (1.1%) to 16,737.08.
The 10-year Treasury note yield (TNX) lost more than 7 basis points to 4.548%.
The CBOE Volatility Index^® (VIX) rose 0.19 to 14.47.

Interest-rate-sensitive sectors including banks and utilities were among the stronger performers Thursday, boosted by a pullback in Treasury yields from four-week highs posted earlier in the week. Stocks are still heading for a down week, with the S&P 500 on track for its first weekly decline out of the past six.

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Legal cannabis is a booming industry: An estimated $38.4 billion in medical and recreational cannabis was sold in the US in 2023, and that figure is projected to rise to $56.9 billion by 2028. The industry has grown an average of 29.1% per year between 2018 and 2023, according to IBISWorld.

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DAILY UPDATE: Physician Salary, Consumer Confidence, Company Stocks and Slumping Markets

Posted on May 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Doctors Saw a 6% Boost in Pay in 2023

After several years of modest or declining growth, the average pay for doctors jumped 5.9% in 2023, rebounding from a decline of 2.4% in 2022. Most medical specialties experienced positive growth in 2023, with the top 10 seeing annual growth rates exceeding 7%, according to the 2024 Physician Compensation Report from professional medical network Doximity.

However, inflationary pressures continue to impact physicians’ real income. According to the American Medical Association, when adjusted for inflation, Medicare physician payment has dropped 26% since 2001. Doximity’s compensation data draw from nearly 150,000 survey responses over five years, including responses from more than 33,000 U.S. physicians in 2023 alone.

Source: Heather Landi, Fierce Healthcare [5/23/24]

Economic Summary

The S&P 500 has risen 23 of the last 30 weeks, according to Deutsche Bank, and rose slightly today as well. Meanwhile, the NASDAQ closed at a record high yesterday after tech companies across the board rose, while the Dow dropped over 200 points.
Treasury prices fell and yields rose after two weaker-than-expected auctions saw soft sales of 2-year and 5-year bonds.
Gold prices slipped 5% last week after falling four days in a row, but the key commodity kicked off this week with a win. With key PCE data coming out on Friday that could send the market soaring or tanking, investors are hedging their bets with the shiny yellow metal.
Bitcoin fell as Mt. Gox made good with its creditors a decade after being hacked, while ethereum sank as traders continued to lock in gains from the SEC’s dramatic ruling last week.

The S&P 500^® index (SPX) fell 39.09 points (0.7%) to 5,266.95; the Dow Jones Industrial Average lost 411.32 points (1.1%) to 38,441.54; the NASDAQ Composite^® ($COMP) shed 99.30 points (0.6%) to 16,920.58.
The 10-year Treasury note yield climbed more than 7 basis points to 4.614%.
The CBOE Volatility Index^® (VIX) rose 1.38 to 14.30.

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Consumer confidence rose for the first time in four months

Americans are unexpectedly feeling better about the economy this month: Per the Conference Board’s monthly index, US consumer sentiment rose from 97.5 in April to 102 in May, smashing economists’ estimates. Meanwhile, the expectations index, which measures the short-term outlook for income and other labor market conditions, increased the most since July. However, the report showed that Americans remain worried about inflation and interest rates. Despite their mixed feelings about the economy, Americans continue to spend vigorously on travel. The TSA set a record for most travelers screened in a single day last Friday.

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STOCKS UP:

Dick’s Sporting Goods rose 15.86% to a new all-time high today after the company reported impressive earnings and a strong outlook.

Chewy shares rose 27.14% after beating sales and earnings estimates, as well as announcing a new share repurchase plan.
AST SpaceMobile shares shot to the moon by 69.23% on the news it has reached a deal with Verizon to build a satellite network for unmodified smartphones.
Marathon Oil shares are up 8.47% as shareholders voice their approval of the company’s acquisition by ConocoPhillips, whose shares are down 3.11% today.

STOCKS DOWN:

American Airlines shares fell 13.54% after the company cut its guidance for the second quarter. Southwest Airlines fell 3.83%, and Delta Air Lines fell 0.74%.

Advance Auto Parts fell 10.91% after the company raised its revenue outlook but missed on sales and earnings this quarter.
UnitedHealth shares fell 3.81% after an executive noted the company may see some “disturbances” in its Medicaid business.
Moderna fell 3.45% as the stock continues to slide following one of the best months in company history.

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DAILY UPDATE: Citigroup, CBO, CFPB, Spiked Treasury Yields and the Mixed Stock Markets

Posted on May 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Stat: $78 million. That’s the fine levied against Citigroup for an accidental, “fat finger” trade that momentarily erased $322 billion in market value in the European stock markets. (Business Insider)

Quote: “The CFPB wants to make sure that these new competitive offerings are not gaining an advantage by sidestepping the rights and responsibilities enshrined under the law.”—Rohit Chopra, director of the Consumer Financial Protection Bureau, on the CFPB’s decision to treat “buy now, pay later” apps as credit cards.

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Here’s where the major benchmarks ended yesterday:

The S&P 500^® index (SPX) rose 1.32 points (0.02%) to 5,306.04; the Dow Jones Industrial Average^® ($DJI) lost 216.73 points (0.6%) to 38,852.86; the NASDAQ Composite gained 99.09 points (0.6%) to 17,019.88.
The 10-year Treasury note yield jumped almost 7 basis points to 4.54%.
The CBOE Volatility Index^® (VIX) rose 0.55 to 12.91.

Financial shares were among Tuesday’s weakest performers, reflecting ideas elevated interest rates could burden bank margins. The KBW Regional Bank Index (KRX) sank 1% to its lowest close since April 30. Biotechnology and health care sectors were also under pressure.

In other markets, WTI Crude Oil (/CL) futures jumped more than 3% and ended at a four-week high above $80 per barrel ahead of next weekend’s OPEC meeting, which is expected to end with no change to the cartel’s production levels.

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House Committee Chair Jodey Arrington (R-Texas) said that site-neutral payment policy is the “most obvious” solution amid supportive testimonies from partisan think-tanks, the Congressional Budget Office and a practicing independent physician.

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DAILY UPDATE: Post Memorial Day Tuesday

Posted on May 28, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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US markets were closed for Memorial Day in what will be a quiet few days until the latter half of the week, when a slew of economic reports get filed. The highlights include the Fed’s Beige Book on Wednesday, initial jobless claims and Q1 GDP on Thursday, and both the April personal income & spending report and the all-important PCE read on Friday.

PCE, or the Personal Consumption Expenditures Price Index, will dictate market moves more than any of the other readings next week, since the Fed places a lot of importance on the measure—particularly core PCE, which excludes ever-changing food and gas prices. April’s CPI report was better than expected, but recent FOMC minutes revealed the Fed is still hesitant to cut interest rates without more data—which makes this PCE reading all the more significant.

And don’t forget, the US isn’t the only country fending off high inflation. Germany reports preliminary May CPI on Wednesday, while readings for France, Italy, and the entire Eurozone will be released on Friday. Tokyo CPI, economic activity, and job market data will also come out on Friday, in what is turning out to be a key day in determining where markets are heading as the second half of the year kicks off.

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Stock spotlight: One to watch this week is Dell, which reports its quarterly earnings on Thursday. Investors will be seeking news on its AI-server business. The company hit a record high last week as Nvidia’s red-hot revenue numbers boosted AI-related stocks.

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DAILY UPDATE: Memorial Day as Stocks Recover

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

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Here’s where the major stock market benchmarks ended:

The S&P 500 index added 36.9 points (0.7%) to 5,304.72, basically flat on the week; the Dow Jones Industrial Average gained 4.3 points (0.0%) to 39,069.59, down 2.3% for the week; the NASDAQ Composite^® ($COMP) rallied 184.8 points (1.1%) to 16,920.79, up 1.4% for the week.
The 10-year Treasury note yield (TNX) was little changed at 4.46%, up about four basis points for the week.
The CBOE Volatility Index^® (VIX) fell 0.86 to 11.91 and finished a roller-coaster week roughly where it started.

Some of the mega cap names saw notable strength Friday. Nvidia added another 2.6% to Thursday’s 9.3% post-earnings rally. Apple (AAPL) gained 1.7%, Meta Platforms (META) added 2.7%, and Tesla (TSLA) rose 3.2%

The small cap Russell 2000^® Index (RUT) also outperformed, gaining nearly 1% Friday. However, for the week, the index lost 1.3%.

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DAILY UPDATE: Sunday Stock Market Weekend Recap

Posted on May 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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A tough week just ended with the Dow Jones just barely in the green, though the index snapped its 5-week winning streak thanks in large part to its worst day of trading this year on Thursday. The NASDAQ hit a new all-time high on the back of Nvidia’s strong earnings, while the S&P 500 rose but ended the week flat.
Bond yields rose this week as investors came to terms with the idea that the Federal Reserve may not cut rates more than once in 2024, fleeing to the safety of Treasuries. Gold ended the week down overall.
The market turned on copper selling off for a third straight day. And oil finally snapped its losing streak, rising on the hopes of a travel-heavy Memorial Day weekend, though crude still ended the week lower than where it started.
The big winner was ethereum thanks to the approval of a spot ethereum ETF by the SEC.

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The U.S. Markets were closed on Monday, May 27th, 2024. Please be aware that, transactions made after 4 p.m. EST on Friday, May 24th, 2024, will receive the closing price as of Tuesday, May 28th, 2024.

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DAILY UPDATE: Friday Before Memorial Day Weekend and the Stock Market Collapse

Posted on May 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The Friday before Memorial Day is never action packed, and this year is no exception as earnings season begins to wrap up and economic readings slow down. Two reports to watch for tomorrow: April Durable Goods Orders and University of Michigan’s May sentiment report.

Durable Goods Orders are big-ticket items with a shelf life of three or more years—think appliances and furniture for consumers, or machinery, equipment, and vehicles for businesses. More durable goods orders indicate a healthy economy, as consumers and companies alike wouldn’t spend as much if they weren’t confident they could afford it, and also provides insight into how strong the manufacturing industry is.

The University of Michigan’s consumer sentiment index is a survey of consumers via telephone to better understand how they feel about the economy, what they’re spending their money on, etc. The preliminary findings earlier this month weren’t great thanks to sticky inflation, and tomorrow’s finalized readings won’t change much. But with the latest CPI reading indicating inflation might yet be tamed, next month’s report could be much more illuminating.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) fell 39.17 points (0.7%) to 5,267.84; the Dow Jones Industrial Average lost 605.78 points (1.5%) to 39,065.26; the NASDAQ Composite^® ($COMP) shed 65.51 points (0.4%) to 16,736.03.
The 10-year Treasury note yield rose more than 4 basis points to 4.479%.
The CBOE Volatility Index^® (VIX) rose 0.48 to 12.77.

Financial shares were among Thursday’s weakest performers amid ideas a “higher-for-longer” Fed rate outlook could pressure bank margins. The KBW Regional Bank Index (KRX) dropped almost 3% to a three-week low. Other interest-rate-sensitive sectors, including real estate and utilities, took pressure.

In other markets, WTI Crude Oil (/CL) futures fell for the fourth straight trading day and closed at a three-month low under $76 per barrel.

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Spot Ethereum ETFs were approved by the SEC in another big win for crypto, following the approval of spot bitcoin ETFs earlier this year.

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Filed under: "Ask-an-Advisor", Breaking News, Experts Invited, Financial Planning, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, iMBA, Inc., Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors, Touring with Marcinko | Tagged: CBOE, consumer sentiment, CPI, crude oil, DJIA, durable goods, ETFs, Etherium, FOMC, inflation, KBW, Marcinko, Memorial Day, NASDAQ, S&P 500, Spot etherium ETFs, SPX, textbooks, University Michigan, VIX, WTI | Leave a comment »

DAILY UPDATE: Uber Health, Lyft Healthcare, HHS Cyber Attacks as Markets Swoon

Posted on May 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major benchmarks ended:

The S&P 500 index lost 14.40 points (0.3%) to 5,307.01; the Dow Jones Industrial Average^® ($DJI) declined 201.95 points (0.5%) to 39,671.04; the NASDAQ Composite^® ($COMP) slipped 31.08 points (0.2%) to 16,801.54.
The 10-year Treasury note yield (TNX) rose more than 1 basis point to 4.426%.
The CBOE Volatility Index^® (VIX) increased 0.43 to 12.29.

Retailer shares were among the market’s weakest performers after Target’s (TGT) quarterly results, released before Wednesday’s open, fell short of expectations. Target shares tumbled 8% after the company reported revenue fell 3% in the first quarter from the year-earlier period. During the company’s earnings call, Target CEO Brian Cornell noted “continued soft trends in discretionary categories” contributed to the revenue decline.

Energy companies were also under pressure after WTI Crude Oil (/CL) futures closed at a three-month low just above $77 per barrel.

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

Following a series of high-profile—and costly—cyberattacks against the healthcare industry, the federal government is stepping in with a $50+ million initiative intended to boost hospital cybersecurity, a division of the Department of Health and Human Services (HHS) announced on May 20th.

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Uber Health will begin rolling out a new solution designed for caregivers this summer, allowing individuals to add a caregiver to their Uber profile. That caregiver can then see and spend that person’s health benefits on eligible services, request rides to doctors’ appointments or order groceries. In the coming months, Uber Health will be working with Medicare Advantage, Medicaid and commercial plans to offer the solution.

U.S. Sens. Sheldon Whitehouse and Bill Cassidy, M.D., want to reform how primary care providers get paid through Medicare, and they also want to hear from the healthcare industry about the best way to do it. Together, they introduced a bipartisan bill, the Pay PCPs Act (S. 4338), last week to better support and improve pay for high-quality primary care providers.

And… digital maternal health company Babyscripts announced a partnership with Lyft Healthcare to offer sponsored rides for people who are pregnant or postpartum and face barriers to transportation. The Lyft partnership will identify transportation-insecure patients and offer free rides to in-person appointments in traditional care settings and community-based healthcare services and programs.

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DAILY UPDATE: Hims & Hers, MSFT-AI, Neuralink, FDIC and New Market Highs

Posted on May 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Microsoft unveiled new PCs with AI-powered features.

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Hims & Hers stock soared as much as 38% on the news that it’ll provide GLP-1 injections with the same active ingredient as Ozempic or Wegovy for just $199/month—an 85% discount compared to Wegovy’s ~$1,350 monthly price tag (without insurance).

***

FDIC Chair Martin Gruenberg will resign after an investigation found widespread sexual harassment at the agency. But he won’t step down until a successor is named.

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

The FDA granted Elon Musk’s neurotech company Neuralink, approval to place its brain chip into a second human test subject using a new method designed to correct issues that arose after its inaugural insertion in January, per the Wall Street Journal.

And, Optum Rx is shaking up its pharmacy model. The business says it will make drug costs more predictable and transparent for clients.

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All three indexes ended the day higher after Fed Governor Christopher Waller stopped by CNBC and mentioned he doesn’t think raising interest rates is in the cards, even if the Fed is waiting for more data before making cuts. The NASDAQ continued to hit new all-time highs today as investors place their bets before Nvidia’s earnings announcement tomorrow afternoon, and the S&P 500 hit yet another record.
Copper continued to rise as the market comes to terms with the metal’s importance, while oil fell on the news that the Biden administration will release 1 million barrels of gasoline this summer from the Northeast reserve. Meanwhile, ethereum continued to climb on the news that a new ETF may be joining the fray.

Here’s where the major benchmarks ended:

The S&P 500 index rose 13.28 points (0.3%) to 5,321.41; the Dow Jones Industrial Average^® ($DJI) gained 66.22 points (0.2%) to 39,872.99; the NASDAQ Composite advanced 37.75 points (0.2%) to 16,832.62.
The 10-year Treasury note yield (TNX) lost more than 2 basis points to 4.414%.
The CBOE Volatility Index^® (VIX) fell 0.29 to 11.86.

Banking and consumer staples were among the market’s strongest performers Tuesday, while utility shares extended a sharp upswing over the past month. The Dow Jones Utility Average^® ($DJU) added 0.5% and closed at a 12-month high. Transportation companies were among the weakest performers.

In other markets, Gold (/GC) futures slipped from Monday’s record high above $2,454 per ounce, while Silver (/SI) futures ended near a 12-year high around $32.21. Gold futures are still up 17% this year due to several factors, including reports of China’s central bank buying actual gold as well as escalating conflict in the Middle East. Gold is viewed by some as a safe-haven asset during periods of heightened geopolitical tension.

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