DAILY UPDATE: PayPal, IRS, Flood Insurance and the US Hiring Pace as Stocks Roar Ahead

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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PayPal completed its first transaction using its proprietary stablecoin to pay an invoice to Ernst & Young. It’s a milestone for the payments company’s advance into cryptocurrency.

The free IRS tax filing software, which was piloted in 12 states for the 2024 tax season, will be available in 24 states for 2025.

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Stocks Up

  • Your loss is our gain: Shares of airline stocks popped on the news of Spirit’s problems. Delta Air Lines ascended 3.84%, United Airlines climbed 6.47%, and Frontier Group Holdings soared 16.43%.
  • Albemarle popped 8.25% on the rumor that mining behemoth Rio Tinto may try to make an acquisition of the lithium miner. Other potential takeover targets rose as well, including Arcadium (up 10%) and SQM (up 3%).
  • Abercrombie & Fitch rose 9.10% thanks to an upgrade from JP Morgan analysts, who are bullish about the fashion retailer’s recent momentum.
  • Ubisoft Entertainment skyrocketed 29.87% on the news that the video game maker’s parent company and founders are considering a buyout.

Stocks down

  • Rivian Automotive tumbled 3.15% after the EV startup cut its 2024 production forecast and missed on Q3 deliveries.
  • Homebuilder stocks sank on today’s strong jobs report, which propelled treasury yields higher, which means that mortgage rates aren’t getting any lower. D.R. Horton dropped 2.91%, Lennar fell 2.52%, and Toll Brothers lost 2.57%.
  • Transportation stocks fell thanks to an agreement between port owners and longshoremen to put the recent strike on pause. Moller-Maersk lost 5.37%, while Zim Integrated Shipping Services stumbled 12.55%.

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Here’s where the major stock benchmarks ended:

  • The S&P 500® index (SPX) climbed 51.13 points (0.9%) to 5,751.07 up 0.22% for the week;the Dow Jones Industrial Average® ($DJI) added 341.16 points (0.81%) to 42,352.75, up 0.09% for the week; and the NASDAQ Composite® ($COMP) rose 219.37 points (1.22%) to 18,137.85, up 0.1% for the week. 
  • The 10-year Treasury note yield (TNX) soared 13 basis points to 3.98%, finishing the week up 23 basis points. The 2-year yield rose 37 basis points this week.
  • The CBOE Volatility Index® (VIX)fell to 18.58 but remains elevated from last month’s lows, likely on geopolitical concerns.

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Only 2% of the homes hit by Hurricane Helene in Georgia, North Carolina, and South Carolina had a policy protecting them against catastrophic flooding, according to an analysis by Politico and E&E News.

The US Hiring Pace picked up strongly in September and the unemployment rate ticked down to 4.1%, signs the U.S. economy had continued momentum in a month the Federal Reserve delivered its first interest-rate cut in four years. U.S. employers added 254,000 jobs last month, the Labor Department said Friday.

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DAILY UPDATE: UnitedHealth Group and PBMs as Technology Stocks Soar

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

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Here’s where the major stock market benchmarks ended:

The Cboe Volatility Index® (VIX) fell sharply to 14.91.

The S&P 500® index (SPX) rose 59.41 points (1.1%) to 5,564.41; the Dow Jones Industrial Average® ($DJI) climbed 127.91 points (0.3%) to 40,415.44; the NASDAQ Composite® ($COMP)jumped 280.63 points (1.6%) to 18,007.57. 

The 10-year Treasury note yield (TNX) added two basis points to 4.26%.

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What’s up

What’s down

  • Crowdstrike withered another 13.46% as the fallout from what’s being hailed as the largest IT outage in history continues to punish the stock.
  • Trump Media & Technology Group dipped 0.83% during the trading session after President Biden’s announcement that he’s dropping out of the presidential race.
  • Verizon sank 6.04% after whiffing on its earnings report, missing on revenue thanks to customers holding on to their old phones for longer.
  • Ryanair crumbled 15.41% following an earnings report that revealed the company’s earnings after taxes sank an eye-watering 46% last quarter.
  • Starbucks dropped 3.43% on a report by the Wall Street Journal late last week that activist investor Elliott Investment Management has taken a stake in the coffee chain.

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The US House of Representatives Committee on Oversight and Accountability is holding a hearing tomorrow, bringing in PBMs from around the US to testify on “their role in rising healthcare costs.” The hearing comes soon after an FTC report found PBMs to have an “outsized influence” on drug pricing.

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The February cyberattack on a UnitedHealth Group subsidiary may have exposed the health data of one in three Americans, but the nation’s largest health insurance company by market cap and revenue returned to profitability in the second quarter, beating Wall Street expectations and reporting net income of $4.2 billion.

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DAILY UPDATE: Tech Industry Sheds Workers as the Stock Markets Rebound

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

By Staff Reporters

LEAP YEAR: This February month is a Leap Year. It’s stuffed with 29 days for 2024. If we didn’t have leap years, then our seasons would completely flip every ~750 years!

GROUND HOG DAY: A tradition observed in the United States and Canada on February 2nd of every year. It derives from the Pennsylvania Dutch superstition that if a ground hog emerges from its burrow on this day and sees its shadow, it will retreat to its den and winter will go on for six more weeks; if it does not see its shadow, spring will arrive early.

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The tech industry has shed tens of thousands of workers over the last year or so, including thousands this month alone across companies including Unity, Twitch, Amazon, Meta, Microsoft, eBay and Google. It also emerged that PayPal is firing around 2,500 people. 

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 60.54 points (1.3%) to 4,906.19; the Dow Jones Industrial Average (DJI) gained 369.54 points (1.0%) to 38,519.84; the NASDAQ Composite® (COMP) added 197.63 points (1.3%) to 15,361.64.
  • The 10-year Treasury note fell over 10 basis points to 3.86%.
  • The CBOE Volatility Index® (VIX) fell 0.47 to 13.88.

Regional bank shares remained under pressure in the wake of poorly received quarterly results earlier this week from New York Community Bancorp (NYCB), which took over the failed Signature Bank in 2023. The bank’s shares fell another 11% on top of a 38% drop Wednesday while the KBW Regional Banking Index (KRX) sank 2.3% to a two-month low. The bank weakness was offset by strength in several other sectors, including retail and consumer discretionary.

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DAILY UPDATE: The “Magnificent Seven” Technology Stocks PLUS Uber

Posted on December 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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  • Markets: The Magnificent Seven technology mega-cap stocks—Microsoft, Apple, Alphabet, Nvidia, Tesla, Meta, and Amazon—have surged 75% this year, while the other 493 companies in the S&P 500 have gained 12%. The Magnificent Seven now account for nearly 30% of the entire index’s value, per the WSJ.
  • Stock spotlight: Speaking of the S&P 500, it’s getting a prominent new member—Uber will join the index today. With a market cap of $127 billion, Uber is the most valuable company that hadn’t yet been included in the S&P 500, and it celebrated by notching a 52-week high last week.
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DAILY UPDATE: Apple Market Cap Up as Major Stock Indexes Ease

Posted on December 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

MEDICARE ANNUAL ENROLLMENT ENDS

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Apple regains a $3 trillion market cap and is on track to end the year as the world’s most valuable company for the 5th time in a row.

Today marks the 82nd anniversary of the attack on Pearl Harbor that drew the US into WWII.

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) was down 17.84 points (0.4%) at 4,549.34; the Dow Jones Industrial Average® (DJI) was down 70.13 points (0.2%) at 36,054.43; the NASDAQ Composite® (COMP) was down 83.20 points (0.6%) at 14,146.71.
  • The 10-year Treasury note yield (TNX) was down about 5 basis points at 4.117%.
  • The CBOE® Volatility Index (VIX) was up 0.10 at 12.95.

Energy shares were again among the market’s weakest performers as crude oil futures extended a slump, closing below $70 per barrel for the first time since late June on concerns over slowing global demand. And, Liz Ann Sonders of Schwab said a “somewhat stealthy” rotation continued under the market’s surface, with the S&P 500® Equal Weight (SPXEW) and Russell 2000®(RUT) indexes outperforming both the S&P 500 and NASDAQ over the past month or so. She also noted a defensive tone to Wednesday’ trading, illustrated by strength in utilities and weakness in technology.

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President Bidens Executive Order on Artificial Intelligence

Posted on October 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Biden will issue sweeping executive order on A.I. Today

The Biden administration just released an executive order today to regulate AI technology. The directive aims to leverage the government’s role as a leading technology customer by requiring advanced AI models to undergo assessments before they can be used by federal employees. It would also ease barriers to immigration for highly skilled workers in an attempt to boost the US’ technological edge.

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MORE Fierce Healthcare NEWS

The Biden administration has proposed a new rule refining several aspects of the healthcare services billing process in response to criticisms levied from all sides of the industry.

The federal government is rolling back a pandemic-era waiver that lowered the bar for 340B hospitals to dispense discounted drugs across some outpatient clinics. Hospitals argue the decision will “stifle” future efforts to expand access to under served communities.

And … Amazon Pharmacy is focused on making it faster and more convenient for patients to get prescription medications. The company’s moves come as brick-and-mortar drugstores are limiting pharmacy hours and even closing locations.

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MICROSOFT & GOOGLE: Earnings Up!

Posted on October 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Google and Microsoft, the two tech giants, reported big jumps in earnings revenue, another sign that Big Tech’s growth has rebounded following last year’s downturn?

Google parent Alphabet reported 11% revenue growth to about $77 billion for the third quarter, thanks mainly to increased advertising sales.

Meanwhile, Microsoft’s revenue jumped 13% to $56.5 billion as AI created more demand for its products. Still, it wasn’t all rosy: Alphabet shares fell in extended trading after it missed on revenue estimates for its cloud division.

Meta reports its third-quarter earnings today, and Amazon posts tomorrow.

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The DOT.com Bubble HAS Burst!

Posted on June 11, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

What is NEXT?

U.S. equities closed lower as losses in the Technology, Consumer Services and Financials sectors propelled shares lower. At the close, the Dow Jones Industrial Average fell 2.73%, while the S&P 500 index lost 2.91%, and the NASDAQ Composite index fell 3.52%.

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By Vitaliy N. Katsenelson CFA

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What a Day – TODAY!

READ: https://tinyurl.com/2r8zaftk

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The 10 Worst Technologies of the 21st Century?

Posted on March 15, 2019 by Dr. David Edward Marcinko MBA MEd CMP™

 MIT Technology Review

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 MIT Technology Review

The latest issue, MIT Technology Review revealed 10 breakthrough technologies, chosen by Bill Gates, that he thinks will change the world for the better. We thought it only fair (and fun) to come up with a corresponding list of 10 “bad” technologies.

A hard choice: What makes them bad? Well, it could be because they fail to achieve good aims, or succeed in wicked ones. They could be harmful, flawed, or ahead of their time.

Sad: The Segway turned out to be an expensive scooter that makes you look silly. Google Glass, on the other hand, makes the list as a decent technology that just lacked decent enough uses when it launched.

Bad: Electronic voting made the cut for making elections more vulnerable. The CRISPR babies born in November 2018 are on there too, because indiscriminate uses of the technology should worry us. Data trafficking, where our data is shared and used without our control, is undermining freedom and democracy—it had to be one there.

Mad: Of course, some inventions have no redeeming features whatsoever. May we present: selfie sticks.

Assessment: Read the full list here.

BEWARE THE IDES OF MARCH

Dictionary of Health Information Technology and Security

 [Foreword Dr.Mata MD CIS]

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Choose the STEM Sciences

Posted on October 27, 2016 by Dr. David Edward Marcinko MBA MEd CMP™

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Choose Science, Technology, Engineering and Mathematics

By Bert Mesko MD

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Kids, Please, Choose Science, Technology, Engineering and Mathematics (STEM) for Your Future!

It is as simple as the ABC: if you are thinking about your future now, please choose Science, Technology, Engineering and Mathematics (STEM). If you are way in your career, please send this to those who are still considering their options. Read more.

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