DAILY UPDATE: Dr. Marty Makary Appointed to FDA as Stock Markets Continue Rise

MEDICAL EXECUTIVE-POST TODAY’S NEWSLETTER BRIEFING

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

Stat: $1.5 billion. That’s how much a lawsuit alleged hospitals lost because of under funding for facilities serving low-income patients. The Supreme Court ruled against the push for more reimbursement. (Healthcare Dive)

Read: An exclusive interview with Marty Makary, the newly appointed FDA commissioner, on cuts, vaccines, and his future goals. (MedPage Today)

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

🟢 What’s up

  • Big day for Big Oil: Shell rose 2.81% on better-than-expected earnings, Chevron inched 1.73% higher after beating on profits but missing on revenue, and Exxon Mobil eked out a 0.38% gain after reporting a big boost in production thanks to a recent acquisition.
  • MicroStrategy climbed 3.35% despite reporting a bigger EPS loss than expected. Shareholders must have liked hearing CEO Michael Saylor call the company the Domino’s Pizza of crypto.
  • Maplebear, which does business as Instacart, rose 13.62% after missing analyst estimates but issuing strong fiscal guidance for the coming quarter.
  • Dexcom popped 16.17% on strong earnings for the glucose monitor manufacturer.
  • Five Below rose 11.88% after the discount retailer raised its revenue guidance for the quarter ahead.
  • Wolfspeed exploded 23.89% higher as shareholders cheered the departure of the semiconductor stock’s CFO and a short squeeze took traders by surprise.

What’s down

  • Take Two Interactive Software tumbled 6.66% after the video game maker announced the release of its highly anticipated Grand Theft Auto 6 will be delayed until next May.
  • Reddit fell 4.15% despite crushing analysts’ EPS estimates, while daily active users soared 31% year over year.
  • Block plummeted 20.43% after the company behind Square and Cash App missed earnings estimates and cut its fiscal forecast due to macro uncertainty.
  • Roku sank 8.50% despite beating analysts’ revenue estimates this quarter, but predicting a worse-than-expected quarter ahead.
  • Atlassian beat top and bottom line forecasts, but the software maker still sank 8.99% after issuing weak guidance for the current quarter.
  • GoDaddy lost 8.36% after the domain registrar projected lower revenue for the coming quarter than analysts expected.

CITE: https://tinyurl.com/tj8smmes

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

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SCOTUS: “Quadrillion-Dollar” IRS Tax Code Question?

By Staff Reporters

SPONSOR: http://www.CertifiedMedicalPlanner.org

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SCOTUS will hear the “quadrillion-dollar” question?

Kicking off the Supreme Court this week will hear oral arguments today for a case that could upend the US tax code.

In Moore v. United States, the justices will be asked to decide whether the federal government can tax certain “unrealized gains”—assets that have yet to be sold.

CITE: https://www.r2library.com/Resource/Title/082610254

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U.S. Supreme Court Sides with Doctors Challenging Opioid Convictions

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By Nate Raymond

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(Reuters) – The U.S. Supreme Court just made it harder for prosecutors to win convictions of doctors accused of running “pill mills” and excessively prescribing opioids and other addictive drugs by requiring the government to prove that defendants knew their prescriptions had no legitimate medical purpose.

READ FULL STORY: https://www.msn.com/en-us/news/us/u-s-supreme-court-sides-with-doctors-challenging-opioid-convictions/ar-AAYUg31?cvid=c26cb4159770466e984575227031e724

Related: https://medicalexecutivepost.com/2012/02/26/medical-uses-of-abused-drugs/

FAKE Rx: https://medicalexecutivepost.com/2022/05/10/fake-prescription-drug-rx-example/

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SUPREME COURT: Rules Against HHS Drug Pricing [340-B] Program

By Health Capital Consultants, LLC

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U.S. Supreme Court Rules Against HHS in 340B Case

On June 15, 2022, the U.S. Supreme Court released its decision regarding the cuts made by the Department of Health and Human Services (HHS) to the 340B Drug Pricing Program, finding that HHS acted outside its statutory authority in changing reimbursement rates for one group of hospitals without first surveying them on their costs.

The 340B Drug Pricing Program allows hospitals and clinics that treat low-income, medically underserved patients to purchase certain “specified covered outpatient drugs” at discounted prices. (Read more…)

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