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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: Father’s Day, Medical Debt and USAA

Posted on June 16, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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HAPPY FATHER’S DAY

News 4 in San Antonio Texas organized a video call with several USAA members who lost funds due to fraud — and have been left with little to no recourse. Some of them also belong to the Facebook group, USAA Fraud and Victims, which has 2,900 members. A few USAA members even reported being asked by the institution to cover the negative balances on their accounts after their money was stolen.

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The race to a $3 trillion market cap seemed like it would always be between Apple and Microsoft. But over the last twelve months, Nvidia has come roaring to the front of the pack, neck and neck with the big tech incumbents. In the last two weeks alone it has replaced Apple in the #2 spot, only to be supplanted earlier this week when Apple’s AI plans propelled it back ahead. Now, it’s anybody’s race to the next big benchmark: a $4 trillion market cap.

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In a move that could be good for patients but bad for hospitals, the Consumer Financial Protection Bureau (CFPB) on Tuesday proposed regulation that would wipe medical debt from many consumers’ credit reports. The rule is meant to help the 15 million people in the US who creditors say still have a combined $49 billion of medical debt that negatively affects their credit scores, Rohit Chopra, director of the CFPB, said during a June 11 press briefing. About 100 million people in the US have some amount of medical debt, which totals roughly $220 billion, according to data from the Peterson-KFF Health System Tracker. The proposed regulation comes after three credit-reporting conglomerates—Equifax, Experian, and TransUnion—removed paid-off medical debt and medical debts under $500 from credit reports in 2022 and 2023, respectively.

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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: 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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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.

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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).

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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.

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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.

CITE: https://tinyurl.com/tj8smmes

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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DAILY UPDATE: Jerome Powell, DJIA, Reddit and Life Insurance

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

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Young adults are delaying life insurance purchases due to financial constraints and a preference for spending on immediate experiences. The insurance industry is responding with digital-first strategies and more flexible products.

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The DJIA closed above 40,000 for the first time after briefly crossing the milestone the day before and clinching its fifth winning week. Reddit shot up after announcing a partnership with OpenAI that lets the AI train on your posts and gives Reddit advertising dollars and the ability to use the tech to make new tools.

But, GameStop stock plunged after the recently reinvigorated meme stock filed to sell 45 million new shares and revealed that sales were down last quarter.

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Jerome Powell, chair of the Federal Reserve has tested positive for Covid. But the economy needn’t worry because he’s working from home.

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DAILY UPDATE: Top Causes of Death, Narcan Saves Lives but Scientific Research Fraudulent as DJIA Tops 40,000

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

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Walgreens has released its own brand of naloxone, a medication that reverses the effects of an opioid overdose. Available online now, Walgreens Brand Naloxone HCl Nasal Spray comes with two doses for $34.99, about $10 cheaper than the name-brand version, Narcan. The over-the-counter medication will also be available in stores by the end of May in the pain aisle, according to a press release, making the life-saving nasal spray more accessible.

***

Here’s where the major benchmarks ended:

The S&P 500 index rose 6.17 points (0.1%) to 5,303.27, up 1.5% for the week; the Dow Jones Industrial Average gained 134.21 points (0.3%) to 40,003.59, up 1.2% for the week; the NASDAQ Composite^® ($COMP) lost 12.35 points (0.1%) to 16,685.97, up 2.1% for the week.
The 10-year Treasury note yield (TNX) rose more than 4 basis points to 4.42%, down about 8 basis points for the week.
The CBOE Volatility Index^® (VIX) fell 0.43 to 11.99.

Among major companies, Nvidia (NVDA) dropped 2% Friday but still posted a 2.9% advance for the week ahead of the semiconductor leader’s quarterly earnings Wednesday. Among sectors, energy shares led gainers behind a 1% jump in WTI Crude Oil (/CL) futures. The small-cap Russell 2000^® Index (RUT) ended little changed but still gained 1.7% for the week.

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Fraudulent research papers have cost scientific journal publishers millions in lost revenue. (the Wall Street Journal)

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The 10 Top Causes of Adult Death in the U.S.A.

1. Heart disease 267.2* 2. Cancer 142.3 3. Unintentional injuries 64.0 4. COVID-19 44.5 5. Stroke 39.5 6. Chronic lower respiratory disease 34.3 7. Alzheimer disease 28.9 8. Diabetes 24.1 9 Kidney disease 13.8 10. Chronic liver disease and cirrhosis 13.8 Deaths per 100,000 population.

Source: Jeffrey Bendix, Medical Economics [5/15/24]

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DAILY UPDATE: Core CPI and ERISA while Markets Remain High with Walmart Up

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

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Here’s where the major benchmarks ended:

America’s oldest popular stock index, the Dow Jones Industrial Average, hit a brief record high yesterday morning when it traded above 40,000, reflecting renewed hope for the market’s health after Wednesday’s promising inflation report.

The S&P 500^® index (SPX) fell 11.05 points (0.2%) to 5,297.10; the Dow Jones Industrial Average declined 38.62 points (0.1%) to 39,869.38; the NASDAQ Composite^® ($COMP) shed 44.07 points (0.3%) to 16,698.32.
The 10-year Treasury note yield (TNX) rose more than 2 basis points to 4.381%.
The CBOE Volatility Index^® (VIX) dropped 0.03 to 12.42.

Walmart’s strength fueled a strong day for consumer staples shares. The S&P 500 Consumer Staples ($SP500#30), which includes Walmart as well as companies like Coca-Cola (KO) and Procter & Gamble (PG), surged 1.5% to its highest level in over two years.

Among other companies, Applied Materials (AMAT) fell 1.6% ahead of the semiconductor industry supplier’s quarterly earnings report, which is expected after Thursday’s close.

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

And, Core CPI, which tracks the price of goods and services excluding volatile food and energy prices and is closely watched as an inflation indicator, rose 3.6% from the same period last year. That’s the smallest annual increase since April 2021. On a monthly basis, core CPI rose 0.3%, marking the first time in six months that its growth slowed from the prior month. Other good signs include:

Grocery prices dropped 0.2% from March, the first decrease in a year.
Health insurance and car insurance increased more slowly in April than in March.
A separate report released yesterday showed consumer spending stayed steady last month.

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

Finally, Joe Manchin (D-W.Va.) and a group of Republican senators are moving to overturn a retirement investment planning rule that was finalized by the Labor Department last month. The Labor Department unveiled the new rule last month that would update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act. Manchin and 15 Republican senators joined in co-sponsoring a Congressional Review Act (CRA) resolution that would overturn this new rule.

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DAILY UPDATE: Healthcare Monopolies, Ark Invest and the Stock Markets Mega Rally

Posted on May 16, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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More people are interested in determining their “heart age” using new tests and tech tools, but some skeptics say it’s not a healthy data point to focus on. (the Wall Street Journal)

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The Cathie Wood-led Ark Invest just made some significant trades. The most prominent among them were the increased stakes in Palantir Technologies Inc (NYSE:PLTR) and the reduced holdings in Coinbase Global Inc (NASDAQ: COIN).

Here’s where the major benchmarks ended:

The S&P 500 index rose 61.47 points (1.2%) to 5,308.15; the Dow Jones Industrial Average added 349.89 points (0.9%) to 39,908.00; the NASDAQ Composite rallied 231.21 points (1.4%) to 16,742.39.
The 10-year Treasury note yield fell almost 10 basis points to 4.348%.
The CBOE Volatility Index^® (VIX) dropped 0.97 to 12.45.

Chipmaker shares led the way higher Wednesday, lifting the Philadelphia Semiconductor Index (SOX) almost 3% to a 10-week high. Interest-rate-sensitive sectors like real estate and utilities were also strong. The small-cap Russell 2000^® Index (RUT) advanced 1.1% to a seven-week high. The U.S. Dollar Index ($DXY) slumped to its weakest level in five weeks, reflecting expectations for lower interest rates that may reduce the appeal of U.S. fixed income assets.

Among companies, Cisco Systems (CSC) surged 1.5% ahead of its quarterly results expected after Wednesday’s close. Dow member Walmart (WMT) is expected to release results Thursday morning as the unofficial retail earnings season accelerates.

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

And … The U.S. Department of Justice (DOJ) announced it has established a new task force to take on healthcare monopolies and collusion. The task force, made up of prosecutors, economists, healthcare industry experts and others, will guide the division’s enforcement strategy and policy approach in healthcare, including by facilitating policy advocacy, investigations and, where warranted, civil and criminal enforcement in healthcare markets.

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DAILY UPDATE: Squarespace, Ark Invest & Hospitals as the Markets Rebound

Posted on May 15, 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 (SPX) rose 25.26 points (0.5%) to 5,246.68, the highest since a record close March 28; the Dow Jones Industrial Average^® ($DJI) gained 126.60 points (0.3%) to 39,558.11; the NASDAQ Composite climbed 122.94 points (0.8%) to 16,511.18.
The 10-year Treasury note yield (TNX) fell more than 3 basis points to 4.449%.
The CBOE Volatility Index^® (VIX) decreased 0.18 to 13.42.

Among companies, Home Depot’s (HD) quarterly results reported earlier Tuesday kicked off the unofficial start of the retail earnings season. The home improvement retailer’s earnings topped expectations, but revenue missed forecasts, initially sending the company’s shares down sharply.

Home Depot also reaffirmed its full-year guidance for a 1% decline in comparable-store sales and a 1% increase in total sales. The company’s shares bounced back to end with a 0.1% loss.

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

And, the Cathie Wood-led Ark Invest just made some significant trades. The most prominent among them were the increased stakes in Palantir Technologies Inc (NYSE PLTR) and the reduced holdings in Coinbase Global Inc (NASDAQ: COIN).

Moreover, the website-building platform Squarespace is to go private, which it announced it’ll be doing in an all-cash deal with Permira, a private equity firm. Squarespace, which was public for nearly three years, joins a group of other smaller tech companies like Qualtrics that have recently pulled themselves off the public market. (CNBC)

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Employers and private insurers are paying hospitals more for inpatient and outpatient services than in previous years, a study from RAND Corporation finds. The American Hospital Association dismissed the report saying it offers a “skewed and incomplete picture.”

And finally … Kaiser Permanente began its 2024 earnings season with more than $2.7 billion in net income and $935 million in operating income, just months after sharing plans to lay off workers.

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DAILY UPDATE: Moderna Down with Mixed Markets

Posted on May 14, 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 (SPX) fell 1.26 points (0.02%) to 5,221.42; the Dow Jones Industrial Average lost 81.33 points (0.2%) to 39,431.51; the NASDAQ Composite^® ($COMP) gained 47.37 points (0.3%) to 16,388.24.
The 10-year Treasury note yield (TNX) dropped almost 2 basis points to 4.487%.
The CBOE Volatility Index^® (VIX) surged 1.05 to 13.60.

Biotechnology and food and beverage shares were among the market’s strongest sectors Monday, while communication services stocks were among the biggest laggards. Energy shares took pressure despite a jump of 1.2% in WTI Crude Oil (/CL) futures, which ended above $79 per barrel after slumping last week to two-month lows.

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

Moderna is “bleeding money” as its forthcoming RSV vaccine doesn’t appear to deliver better results than other RSV shots already on the market. (Bloomberg)

***

It’s ChatGPT-4o’s time to shine. The “o” stands for omni, and it’s the latest iteration of OpenAI’s signature chatbot. According to the company, it’s much faster with enhanced “capabilities across text, vision, and audio.”

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23% is the average portion of the bill hospitals collected from patients before treatment in Q1 of this year, up 3% YoY. (the Wall Street Journal)

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DAILY UPDATE: Ark Invest, Dell and “Buy Now-Pay Later”

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

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While Buy Now-Pay Later (BNPL) reduces friction when purchasing, it’s giving some economy watchers unease. As Americans’ budgets buckle under the weight of inflation and higher interest payments, some worry BNPL is more of an invisible burden than a boon, Bloomberg reports. Beware the “phantom debt,” a Wells Fargo economist recently warned, referring to the BNPL industry’s short-term loans, which go largely unaccounted for by those tracking Americans’ debt load. That’s because, unlike credit cards and auto loan providers, Afterpay, Affirm, Klarna, and other BNPL providers don’t usually report transactions to credit scoring agencies.

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The Cathie Wood-led Ark Invest just made some significant trades. The most prominent among them were the increased stakes in Palantir Technologies Inc (NYSE: PLTR) and her reduced holdings in Coinbase Global Inc (NASDAQ: COIN).

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Dell has recently seen a decline in its revenue. In its most recent earnings report, it revealed that its net revenue shrunk by 11% year-over-year during its fiscal 2024 fourth quarter. For full year 2023, the company’s revenue was down by 14% to $88.4 billion. Partly that was due to a weak personal-computer market and the costs associated with more than 6,000 layoffs. But investors are excited by Dell’s growth potential for its server and computer businesses because of artificial intelligence, the Motley Fool reported.

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DAILY UPDATE: Mortgage Rates, Ascension Healthcare Network Security Event with Mixed Markets

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

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Novavax, the Covid vaccine-maker’s value doubled after it announced a $1.2 billion deal to develop new shots with Sanofi.

And, Mortgage rates fell for the first time since March, to just over 7%.

Here’s where the major stock market benchmarks ended:

The S&P 500 index rose 8.60 points (0.2%) to 5,222.68, up 1.9% for the week; the Dow Jones Industrial Average^® ($DJI) advanced 125.08 points (0.3%) to 39,512.84, up 2.2% for the week and its eighth straight daily gain; the NASDAQ Composite^® ($COMP) fell 5.40 points (0.03%) to 16,340.87, up 1.1% for the week.
The 10-year Treasury note yield (TNX) increased more than 5 basis points to 4.50%.
The CBOE Volatility Index^® (VIX) fell 0.14 to 12.55.

Chip makers ranked among top gainers Friday after Taiwan Semiconductor Manufacturing (TSM) shares surged 4.5% after the company said its April revenue soared 60% behind AI-driven demand. The Philadelphia Semiconductor Index (SOX) climbed 1% and posted a 1.9% gain for the week. Consumer staples and transportation shares were also strong. Energy shares slipped behind a 1.2% drop in WTI Crude Oil (/CL) futures, though oil still ended slightly higher for the week.

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

National hospital operator Ascension said a “cyber security event” has disrupted some of its clinical operations, according to a news release. Ascension, a St. Louis-based nonprofit and Catholic healthcare network, announced it had detected “unusual activity” on some of its systems. In response, the company kicked off an investigation and remediation efforts—including turning to outside cybersecurity firm Mandiant for help, as well as notifying the “appropriate authorities,” per the release.

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Planet Fitness to raise membership price for the first time since 1998. It’s going to take more than $10/month to join a gym once Planet Fitness raises the price of a basic membership for new members to $15 per month this summer. The $10 amount, which has held steady for 26 years, was considered a sweet spot where people were happy to sign up and wouldn’t bother to cancel once they gave up on their fitness goals. But after posting weaker-than-expected Q1 results, the gym chain decided it’s time to change, even though execs acknowledged that customers are looking to save rather than spend.

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DAILY UPDATE: Uber, Lyft and MSFT as the Stock Markets Rally

Posted on May 10, 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 26.41 points (0.5%) to 5,214.08; the Dow Jones Industrial Average rose 331.37 points (0.9%) to 39,387.76; the NASDAQ Composite^® ($COMP) advanced 43.51 points (0.3%) to 16,346.26.
The 10-year Treasury note yield (TNX) lost more than 2 basis points to 4.459%.
The CBOE Volatility Index^® (VIX) fell 0.31 to 12.69.

Interest-rate-sensitive sectors, such as real estate and utilities, were among the strongest performers Thursday. Energy shares were also strong after WTI Crude Oil (/CL) futures rose for a second straight day after sinking to a two-month low earlier this week. Semiconductor shares were under pressure after disappointing revenue guidance from chip designer Arm Holdings (ARM) sent its shares down 2.3%.

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The Dow jumped for the seventh straight day while the S&P 500 closed above 5,200 for the first time in a month as stocks climbed across the board, possibly a reaction to data showing that the cooling labor market could translate into a Federal Reserve interest rate cut in a few months. But, Roblox, tanked 22% yesterday after the company cut its annual bookings forecast. The rough patch suggests that the game’s pandemic-induced popularity has likely peaked.

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Last year, Uber boasted its first full-year profit since going public. But yesterday, the company reported a surprise loss for the first quarter of 2024, dashing investors’ hopes for steady profits and sending its stock way down.

Meanwhile, Uber’s smaller rival Lyft appears to have its foot on the gas pedal. It posted better-than-expected quarterly results on Tuesday and saw a stock bump yesterday.

Microsoft plans to put the cash toward creating an AI data center. President Biden was on hand in Wisconsin to help announce the news—and not just to tout a big investment that’s expected to create jobs.

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DAILY UPDATE: Medicaid & CHIPS Unwind, Steward Health System Bankrupts as the Markets are Mixed

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

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It’s the first anniversary of the Medicaid unwinding for many states, a process that kicked off when federal rules that had kept people on Medicaid and the Children’s Health Insurance Program (CHIP) through the pandemic expired. And while states could redetermine eligibility again, things have “unwound” more than some experts predicted. Children were kicked off the rolls at higher rates than adults, according to a new study the Urban Institute released May 2. Twelve states—Montana, Iowa, South Dakota, Alabama, Idaho, Georgia, Texas, Arkansas, Oklahoma, Florida, Mississippi, Colorado—exceeded 100% of their total projections for disenrolling children.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) was little changed at 5,187.67; the Dow Jones Industrial Average gained 172.13 points (0.4%) to 39,056.39; the NASDAQ Composite^® ($COMP) declined 29.80 points (0.2%) to 16,302.76.
The 10-year Treasury note yield (TNX) rose more than 3 basis points to 4.496%.
The CBOE Volatility Index^® (VIX) fell 0.23 to 13.00.

Retail and real estate shares were among the weakest areas Wednesday, while banks and utilities were firm. Utility shares extended a nearly month-long rally, which may in part reflect greater expectations for Fed rate cuts. Lower interest rates can make utility shares with high dividend yields relative to Treasuries more appealing. The Dow Jones Utility Average ($DJU) rose 0.5% to end at its highest level since late July and is up 12% from a mid-April low.

And, Shopify’s value plunged by nearly $20 billion after the online payments company released a gloomy forecast for this quarter. It’s the latest pandemic darling to stumble: According to the Financial Times, the firms that skyrocketed during lockdowns have lost a collective $1.5 trillion in value since the end of 2020.

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Steward Health Care System, the largest U.S. physician-owned hospital operator, is expected to file for chapter 11 bankruptcy as soon as Sunday, according to a WSJ report, which cited people familiar with the matter. Steward Health Care is the largest tenant of Medical Properties Trust (NYSE: MPW). Steward Health Care hired restructuring advisers to improve its liquidity and restore its balance sheet in January 2024.

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DAILY UPDATE: Robinhood’s SEC Enforcement with Mixed Stock Markets

Posted on May 8, 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 rose 6.96 points (0.1%) to 5,187.70; the Dow Jones Industrial Average gained 31.99 points (0.1%) to 38,884.26; the NASDAQ Composite^® ($COMP) eased 16.70 points (0.1%) to 16,332.56.
The 10-year Treasury note yield dropped more than 3 basis points to 4.457%.
The CBOE Volatility Index^® (VIX) fell 0.26 to 13.23.

Interest-rate-sensitive sectors, such as real estate and utilities, were among the market’s strongest performers Tuesday. The Philadelphia Utility Index (UTY) rose 1.3%, its fifth straight daily gain, and hit its highest level in almost a year. The recent strength may in part reflect heightened expectations for lower interest rates, which may make utility shares with relatively high dividend yields compared to Treasuries more appealing. The utilities sector is also coming off a strong April, during which it was the only S&P 500 sector with a positive return, with chart patterns suggesting a bullish long-term momentum shift.

The semiconductor sector was among the weakest sectors Tuesday, partly behind a 1.7% drop in Nvidia (NVDA). The shares fell after billionaire investor Stanley Druckenmiller told CNBC he reduced his stake in the chipmaker in late March, saying that artificial intelligence may be a “little overhyped” for the short term.

***

Peloton is reportedly being circled by private equity firms for a potential buyout of the enfeebled fitness company.

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The SEC is preparing to sue over Robinhood’s crypto business. Robinhood just revealed that it’s been notified that the SEC plans to bring an enforcement action against its crypto unit for alleged securities violations. But the online brokerage said it’s not sweating: “We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law,” Dan Gallagher, Robinhood’s chief legal, compliance, and corporate affairs officer, wrote in a blog post. Such a notice doesn’t always mean a suit will follow, but crypto companies and the agency have been sparring for years over whether crypto tokens count as securities.

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The Biden administration were quick to praise a new report that extends the lifespan of the Hospital Insurance Trust Fund, but the report renewed calls for increasing physician payments.

Amwell, a telehealth company, continues to struggle in the stock market, and both its bottom- and top-line results in the first quarter missed Street analysts’ estimates.

And … between the Change Healthcare cyberattack and Medicare Advantage headwinds, major insurers faced unique challenges in the first quarter.

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Stat: 8.7%. That’s the level to which US consumers can expect the 30-year mortgage rate to rise over the next year, which marks a series high, according to a New York Federal Reserve survey (MarketWatch)

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DAILY UPDATE: FQHCs Down and Healthcare Bankruptcies Up as the Markets Extend Gains

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

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Low-income communities often struggle to access healthcare services, but a new analysis of federally qualified health centers (FQHCs)—which provide quality care to patients regardless of ability to pay—has helped nail down one reason. When it comes to screening for certain cancers, these nonprofit community health centers have fallen far behind the national average, according to a study led by cancer center researchers at the University of Texas MD Anderson and the University of New Mexico.

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Healthcare bankruptcies surged in 2023, and it turns out many of the companies that went under had one thing in common: private equity (PE) ownership. At least 21% of the 80 healthcare companies that filed for bankruptcy last year were PE-owned, according to a report from the nonprofit Private Equity Stakeholder Project (PESP).

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Warren Buffett on contemplated his own mortality at Berkshire’s meeting. Succession was the topic du jour at the Berkshire Hathaway shareholder meeting in Omaha last week. After his longtime business partner Charlie Munger died last year at 99, CEO Warren Buffett—who turns 94 in August—revealed his heir apparent, Greg Abel, will have the final say on investment decisions in his absence. Buffett ended his Q&A portion with the quip, “I not only hope you come next year. I hope I come next year.” Adding to the ominous vibes, Buffett said AI is a genie that “scares the hell out of me.”

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Here’s where the major benchmarks ended:

The S&P 500 index climbed 52.95 points (1.0%) to 5,180.74; the Dow Jones Industrial Average gained 176.59 points (0.5%) to 38,852.27; the NASDAQ Composite advanced 192.92 points (1.2%) to 16,349.25.
The 10-year Treasury note yield (TNX) fell about 1 basis point to 4.491%.
The CBOE Volatility Index^® (VIX) was little changed at 13.48.

Semiconductors were among the strongest performers Monday behind Micron Technology (MU), whose shares rallied 4.7% after Robert W. Baird upgraded the chipmaker to “outperform” from “neutral.” Micron Technology was the top gainer in the Philadelphia Semiconductor Index (SOX), which advanced 2.2% to near a four-week high.

Small-cap stocks also got out of the gate strong this week. The Russell 2000^® Index (RUT) gained 1.2% to end at a four-week high but is still up just 1.7% for the year, while the S&P 500 has gained 8.6%.

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DAILY UPDATE: Cooling Labor Markets with Unemployment Rate Uptick

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

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A cooling labor market raises hopes for a rate cut in the summer. The latest Labor Department data shows the US added 175,000 jobs in April, but much less than the 300,000 added in March and also less than economists expected. Meanwhile, the unemployment rate ticked up to 3.9% from 3.8% in March, and wages rose less than anticipated. All that bad news for us was music to the ears of investors who are holding out hope that the Federal Reserve might still cut interest rates this summer despite most recent economic data showing that inflation is sticking around.

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Rate cuts appear to be back on the 2024 menu following Friday’s softer-than-expected jobs report, fueling gains for all three major stock indexes last week. With the report calming worries that inflation is ticking back up, investors now project a 50% likelihood that the Federal Reserve will reduce rates in September.

Coinbase is benefiting from the hype around new bitcoin ETFs. The crypto exchange reported a $1.2 billion quarterly profit last week, and net revenue rose by 115%.

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DAILY UPDATE: Sleep, Starbucks and Cell Phone Education

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

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Happy Cinco de Mayo 2024

Starbucks – The coffee company known for consistently outperforming itself reported less-than-spectacular earnings this week, sending its stock plunging 12% on Tuesday evening last week on the news—nearly as much as when the company shut all its doors during Covid 19. For the first time since 2020, US same-store sales declined, falling 3% alongside a 7% decrease in foot traffic. Meanwhile, revenue fell 1.8% to $8.56 billion as sales in China—the chain’s second-biggest market—declined 11%, and Starbucks lowered its sales outlook for the year.

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Educators have long pushed back against distraction machines (aka phones), with 77% of schools banning them in the classroom as of 2020, according to a National Center for Education Statistics survey. School time still overlaps with screen time: 97% of students are on their phones during school hours, according to a study by Common Sense Media, a nonprofit that informs parents about technology. While much of students’ phone use might be at lunch or recess, teachers complain that kids aren’t waiting for the bell to take a discreet peek at their screens.

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Creatine may counteract sleep deprivation. The dietary supplement all over your Instagram feed might one day help workers who have to do a lot on small amounts of sleep, like ER staff, first responders, and anyone sharing a house with a baby.

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DAILY UPDATE: Stock Markets Rally

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

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MAY THE FOURTH BE WITH YOU

Here’s where the major benchmarks ended:

The S&P 500 index rose 63.59 points (1.3%) to 5,127.79, up 0.6% for the week; the Dow Jones Industrial Average^® ($DJI) gained 450.02 points (1.2%) to 38,675.68, up 1.1% for the week; the NASDAQ Composite surged 315.37 points (2.0%) to 16,156.33, up 1.4% for the week.
The 10-year Treasury note yield (TNX) fell about 7 basis points to 4.50%, down about 16 basis points for the week.
The CBOE Volatility Index^® (VIX) fell 1.19 to 13.49.

Technology shares were among the strongest performers Friday behind a 6% rally in shares of Apple (AAPL), which late Thursday reported stronger-than-expected quarterly results and said it will repurchase $110 billion in shares. Amgen (AMGN) soared nearly 12%, leading Dow gainers after the biotechnology company beat earnings expectations.

In other markets, WTI Crude Oil futures (/CL) extended a week-long slump to end just above $78 per barrel, the lowest since mid-March. Crude futures dropped almost 7% this week, partly reflecting rising U.S. supplies and signs of slower fuel demand.

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DAILY UPDATE: Stock Markets Up Beat!

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

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Yesterday, sales of Wegovy more than doubled last quarter, and at least 25,000 people are starting to take it in the US per week. It also posted a $3.65 billion net profit and increased its sales outlook for 2024. But its stock Novo Nordisk still dropped yesterday.

***

iPhone sales are down but Apple share buybacks are up. Apple managed to keep investors happy, sending its stock shooting up after-hours yesterday, despite selling fewer iPhones last quarter. Sales of the signature phone dipped 10% year over year, and revenue fell 4.3% to $90.8 billion. But Apple also announced $110 billion in share buybacks, the largest in the company’s history, per CNBC. And sales in China, which has been a sore spot, came in at $16.4 billion, less than a year earlier but more than analysts had predicted.

***

Stocks rose yesterday as investors digested Jerome Powell’s recent comments and decided they only had to fear fear itself—and not interest rate hikes. Investors changed into the fast lane to buy Carvana after the used car sales site reported its best earnings ever Wednesday evening.

***

Stat: 16%. That’s the percentage by which CVS stocks plummeted Wednesday after the company reported earnings below expectations and cut its annual outlook, according to (CNBC).

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But – Here’s where the major stock market benchmarks ended Thursday:

The S&P 500^® index (SPX) rose 45.81 points (0.9%) to 5,064.20; the Dow Jones Industrial Average^® ($DJI) added 322.37 points (0.9%) to 38,225.66; the NASDAQ Composite^® ($COMP) surged 235.48 points (1.5%) to 15,840.96.
The 10-year Treasury note yield (TNX) dropped about 1 basis point to 4.583%.
The CBOE Volatility Index^® (VIX) fell 0.71 to 14.68.

Transportation shares helped lead the market higher after C.H. Robinson (CHRW) reported stronger-than-expected quarterly results, sending the freight logistics and trucking company’s stock up 12%. The Dow Jones Transportation Average ($DJT) jumped 2.5%. Semiconductors were also strong after Qualcomm (QCOM) advanced 9.7% in the wake of the chip maker’s better-than-expected earnings.

Apple (AAPL) shares advanced 2.2% ahead of the company’s quarterly earnings report scheduled after Thursday’s close.

In other markets, WTI Crude Oil (/CL) futures bounced back to end with a slight gain after earlier dropping to a seven-week low under $78.50 per barrel.

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DAILY UPDATE: Walmart, Women’s Health Month, UnitedHealth and the Mixed Stock Markets

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Here’s where the major stock market benchmarks ended:

The S&P 500^® index (SPX) fell 17.30 points (0.3%) to 5,018.39; the Dow Jones Industrial Average^® ($DJI) gained 87.37 points (0.2%) to 37,903.29; the NASDAQ Composite^® ($COMP) lost 52.34 points (0.3%) to 15,605.48.
The 10-year Treasury note yield (TNX) dropped more than 5 basis points to 4.63%.
The CBOE Volatility Index^® (VIX) decreased 0.28 to 15.37.

Banks and other financial shares led the market’s afternoon upswing, reflecting renewed optimism over the outlook for interest rates. The KBW Regional Bank Index (KRX) jumped 2.4% and posted its first gain in five days. Biotechnology and communication services were also strong.

Energy shares were among the weakest performers as WTI Crude Oil (/CL) futures extended a week-long nosedive and dropped under $80 per barrel for the first time since mid-March. Crude futures sank over 3% after the Energy Information Administration reported U.S. oil inventories surged 1.6% last week.

Among top companies, Amazon (AMZN) gained 2.2% after reporting stronger-than-expected earnings and revenue late Tuesday. Starbucks (SBUX) tumbled 16% following unexpectedly soft quarterly results. Apple (AAPL) eased 0.6% ahead of its quarterly results, expected after Thursday’s close.

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Speaking of stock companies, however big you think UnitedHealth is, it’s bigger than that. For example:

With a market cap of nearly $450 billion, it’s the fourth-largest company in the US by revenue this year, beating out Alphabet and Microsoft.
The company is eyeing a $24.7 billion profit in 2024.
One analyst estimated that more than 5% of US GDP flows through UnitedHealth’s systems daily.

And so, lawmakers in Washington are prepared to grill UnitedHealth CEO Andrew Witty in two congressional hearings today, months after a cyberattack on a subsidiary of the healthcare giant, Change Healthcare, rattled the industry and left pharmacies, doctors, and hospitals in the dark. Change processes roughly half of all Americans’ medical claims. Congress wants Witty to clarify how UnitedHealth handled the breach of patient data. But beyond that, it wants to investigate whether the company—the nation’s largest private health insurer—has grown too big and taken on too much risk.

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Retailer Walmart announced plans Tuesday to shutter its network of 51 health clinics in five states, along with its telehealth business. The impending closures signify that Walmart is scuttling its initial plans to expand the services, citing escalating operation costs and “challenging reimbursement environment,” the company said in a news release.

Finally – Happy Women’s Health Month! Women and people assigned female at birth are disproportionately affected by a range of health conditions, including autoimmune diseases, chronic pain, and dementia. The month of May is intended to raise awareness of these disparities and educate women on steps they can take to improve their health, such as getting annual breast exams. For all our woman-identifying readers, take some time to prioritize your health this month!

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DAILY UPDATE: Lumeris Health Tech – MultiPlan, UnitedHealth, Aetna & CVS Payer Data – Stock Melt Down

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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MAY FIRST DAY

May Day is a European festival of ancient origins marking the beginning of summer, usually celebrated on 1 May, around halfway between the Northern Hemisphere’s Spring equinox and June solstice. Festivities may also be held the night before, known as May Eve. Traditions often include gathering wildflowers and green branches, weaving floral garlands, crowning a May Queen and setting up a Maypole, May Tree or May Bush, around which people dance. Bonfires are also part of the festival in some regions.

***

Here’s where the major benchmarks ended:

The S&P 500 index fell 80.48 points (1.6%) to 5,035.69; the Dow Jones Industrial Average^® ($DJI) lost 570.17 points (1.5%) to 37,815.92, down 5% for the month; the NASDAQ Composite declined 325.26 points (2.0%) to 15,657.82.
The 10-year Treasury note yield jumped more than 7 basis points to 4.682%.
The CBOE Volatility Index^® (VIX) rose 0.98 to 15.65.

Energy shares were among the weakest performers Tuesday, behind a drop in WTI Crude Oil (/CL) futures, which fell a third consecutive session and briefly dropped under $81 per barrel. The Philadelphia Oil Service Index (OSX) tumbled 4.5% to a seven-week low. The small-cap Russell 2000^® Index (RUT) shed 2.1% and ended with a loss of 7.1% for the month.

But, it was a better day for Mounjaro maker Eli Lilly, which climbed nearly 6% after its popular weight loss drugs pushed it to raise its 2024 forecast.

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Lumeris Health, a health tech company supporting value-based care operations, raised $100 million in a new funding round to support expansion.

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A class-action complaint was filed against MultiPlan and major payers like UnitedHealth Group and CVS Health’s Aetna, arguing payers’ claims data was being used to generate low reimbursement rates.

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DAILY UPDATE: The CHIPS and Science Act & the FOMC as Stocks Edge Higher

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

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It’ll be a big week for hot takes on the US economy, after the Federal Reserve meeting Tuesday and Wednesday and the April jobs report dropping Friday. Because inflation has been sticking around, the FOMC is expected to hold interest rates steady at this meeting and for the foreseeable future. On the jobs front, economists are projecting another strong month for employment growth.

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In 2022, with bipartisan support, Congress passed the CHIPS and Science Act, an ambitious plan to juice domestic manufacturing of a product vital to national security: semiconductors. Two years later, the government has doled out more than half of the CHIPS Act’s $39 billion in incentives. According to the Financial Times …

Chip companies and their suppliers have announced US investments of $327 billion over the next 10 years, per the Semiconductor Industry Association.
Construction of manufacturing facilities for computing and electronics devices has jumped 15x, government data shows.
By 2030, the US will likely produce around 20% of the world’s most advanced chips, according to USCommerce Secretary Gina Raimondo. Right now, it’s making 0%.

The proposed factories are massive and could transform regional economies. Micron, which received $6.1 billion in federal grants last week, plans to invest $100 billion in a manufacturing campus near Syracuse.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 16.21 points (0.3%) to 5,116.17, its highest close in over two weeks; the Dow Jones Industrial Average^® ($DJI) gained 146.43 points (0.4%) to 38,386.09, the NASDAQ Composite^® ($COMP) advanced 55.18 points (0.4%) to 15,983.08.
The 10-year Treasury note yield (TNX) fell more than 5 basis points to 4.616%.
The CBOE Volatility Index^® (VIX) declined 0.36 to 14.67.

Communication services shares were among the market’s weakest performers Monday, reversing last Friday’s upswing as Alphabet (GOOGL) dropped more than 3% and Meta Platforms (META) lost 2.4%. Banks and retailers were also soft. The Philadelphia Semiconductor Index (SOX) climbed for the sixth-straight day and ended near a three-week high even though its biggest member, Nvidia (NVDA), ended little changed.

In other markets, the U.S. Dollar Index ($DXY) faded from early gains but is still up about 1% in April, driven by expectations domestic rates will remain high. “The U.S. dollar’s strength continues to reflect the relative strength of the economy and the wide interest rate differentials between the United States and other major developed markets,” Schwab Center for Financial Research analysts said in a report.

Despite last week’s strength, the S&P 500 index and the NASAQ Composite are still down 2.6% and 2.4%, respectively, for April and on track to break five-month winning streaks.

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Humana expects to exit Medicare Advantage (MA) markets in 2025, company executives told investors. The company reported its first quarter earnings April 24th. Humana posted $741 million in net income in the first quarter of 2024, beating investor expectations, but pulled its 2025 earnings guidance.

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DAILY UPDATE: Cannabis, Healthcare and the Stock Market Rally!

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Here’s where the major stock market benchmarks ended:

The S&P 500 index gained 51.54 points (1.0%) to 5,099.96, up 2.7% for the week; the Dow Jones Industrial Average^® ($DJI) increased 153.86 points (0.4%) to 38,239.66, up 0.7% for the week; the NASDAQ Composite jumped 316.14 points (2.0%) to 15,927.90, up 4.2% for the week.
The 10-year Treasury note yield (TNX) lost about 4 basis points to 4.665%.
The CBOE Volatility Index^® (VIX) fell 0.34 to 15.03.

Alphabet’s rally helped communication services reverse Thursday’s downturn, which was driven by disappointing quarterly results from Meta Platforms (META). The S&P 500 Communication Services index ($SP500#50) surged 4.7% Friday and ended the week with a 2.7% gain. Semiconductor shares were also strong, led by a 6% gain in Nvidia (NVDA). The Russell 2000^®Index (RUT) added 1.1% Friday and posted a 2.8% advance for the week.

In other markets, WTI Crude Oil (/CL) futures rose slightly Friday, ending around $83.65 per barrel and shutting down a three-week losing streak.

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Midi Health, a health clinic geared toward women in midlife, raised $60 million in Series B funding to expand its network to 150 clinicians by the end of the year, among other efforts. (MobiHealthNews)

“We’re fooling ourselves if we think that’s cheap or can be done less expensively.”—Carmela Coyle, president and CEO of the California Hospital Association, on hospital finances and cutting costs (AP)

The federal government implemented new staffing rules to improve patient care, but most nursing homes won’t be able to meet that demand. (KFF Health News/NPR)

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The Biden administration is considering a change that would downgrade cannabis from a Schedule I drug to a Schedule III drug this year. The reclassification would have major effects on the business of cannabis, but for that to happen, the Drug Enforcement Agency needs proof of medical effectiveness.

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DAILY UPDATE: GDP Worries as Markets Stumble with Meta but other Technology Stocks are Good

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

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New GDP numbers out yesterday show a worrying combo of stubborn inflation + waning growth that dampens hopes for a potential interest rate cut. Per the latest data from the Bureau of Economic Analysis, the first quarter of 2024 was a confounding one:

GDP increased at a 1.6% annualized rate, far below projections of 2.4% and notably down from 3.4% at the end of 2023.
While slow growth would typically signal that the Fed could cut rates, another metric complicates matters: Consumer prices (excluding volatile categories), a solid indicator of inflation, shot up to a much higher than anticipated 3.7%.

***

Meta reported record Q1 revenue yesterday, but it was overshadowed by the billions of dollars the company is spending in its efforts to win the Artificial Intelligence race and make the Metaverse happen. Investors were unhappy with the company’s forecast that its spending will rise by $10 billion dollars to support Artificial Intelligence development, sending Meta’s stock price down 15% after hours.

Here’s where the major benchmarks ended:

The S&P 500 index fell 23.21 points (0.5%) to 5,048.42; the Dow Jones Industrial Average lost 375.12 points (1.0%) to 38,085.80; the NASDAQ Composite^® ($COMP) shed 100.99 points (0.6%) to 15,611.76.
The 10-year Treasury note yield (TNX) rose about 5 basis points to 4.704%.
The CBOE Volatility Index^® (VIX) fell 0.64 to 15.33.

Communication services shares were the weakest S&P 500 sector Thursday behind the plunge in Meta Platforms. Late Wednesday, the Facebook parent provided lighter-than-expected second-quarter revenue guidance, while CEO Mark Zuckerberg discussed spending in currently unprofitable pursuits such as artificial intelligence (AI) and mixed reality. Meta’s first-quarter earnings and revenue both came above analysts ‘ estimates, however.

Meta’s slump helped send the S&P 500 Communication Services index ($SP500#50) down 4%. Banks were also particularly soft amid concern that persistently high interest rates may compress lender margins. Semiconductor and transportation shares were among the few pockets of strength.

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But, Alphabet, Microsoft, and Snap reported Q1 earnings yesterday, and were generally good. Alphabet issued its first-ever dividend and authorized $70 billion in stock buybacks, after it beat Wall Street’s revenue expectations. Microsoft also beat revenue forecasts on the strength of its cloud services. And Snap shares soared after it topped estimates and impressed investors with its 422 million global daily active users. It was a much-needed boost for the sector after Meta spooked the market with how much it’s spending on AI.

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DAILY UPDATE: Retirement Security Rule, National Drug Take Back Day, Spotify, Cleveland Clinic, NAR and the Mixed Stock Markets

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

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Otherwise known as “National Prescription Drug Take Back Day,” National Drug Take Back Day on April 25th is sponsored by the Drug Enforcement Agency. Its goal is to keep the public aware of the dangers of prescription drug use and misuse. Many Americans don’t know how to safely dispose of the prescription drugs that have been sitting in the medicine cabinet past their prime. Using these expired drugs, or using someone else’s, is dangerous and puts both the public and the environment at risk.

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Spotify made money in Q1. According to Morning Brew, the streaming music giant grew its revenue last quarter by 20% to $3.8 billion on a record $180 million in profit, it announced yesterday. The smash report comes after Spotify cut costs last year, which included laying off more than a quarter of its workforce. The company also raised prices in 2023 for the first time in a decade as it further expanded beyond music into audio books and other categories. Spotify shares soared ~11% following the news.

***

Here’s where the major benchmarks ended:

The S&P 500 index^® (SPX) rose 1.08 points (0.02%) to 5,071.63; the Dow Jones Industrial Average^® ($DJI) fell 42.77 points (0.1%) to 38,460.92; the NASDAQ Composite^® ($COMP) added 16.11 points (0.1%) to 15,712.75.
The 10-year Treasury note yield rose more than 4 basis points to 4.644%.
The CBOE Volatility Index^® (VIX) rose 0.28 to 15.97.

Transportation shares were among the market’s weakest performers Wednesday behind a drop of more than 10% in Old Dominion Freight Line (ODFL), which reported lighter-than-expected quarterly revenue. The shipper’s nosedive helped send the Dow Jones Transportation Average ($DJT) down 2.3%. Consumer staples, semiconductors, and utilities posted moderate advances. The Dow Jones Utility Index ($DJU) gained for the sixth straight day and ended at a three-and-a-half-month high.

***

The National Association of Realtors’ $418 million settlement over an alleged conspiracy to inflate commissions received preliminary approval yesterday. It’s a new world order: Sellers won’t have to pay buyers’ agents anymore. There’s been talk of a metaphorical death of real estate agents, or a mass extinction; the jury is still out, but RE/MAX cofounder and chairman Dave Liniger doesn’t seem too concerned.

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The Labor Department announced it has finalized its Retirement Security Rule, which aims to protect American workers who are saving for retirement and relying on advice from fiduciaries for it. The new rule will update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code.

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Clinicians don’t always get it right, and their mistakes can be costly: Studies show misdiagnoses lead to roughly 800,000 patient deaths or permanent disabilities each year in the US and cost the healthcare system an estimated $20 billion annually. Cleveland Clinic is using telehealth to try to combat misdiagnoses via its virtual second opinions program, which has saved an average of $8,705 per patient by avoiding unnecessary treatments, according to an analysis released in March.

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DAILY UPDATE: Nike Lay-Offs & Retirement “Rule of 55” as Stock Markets Zoom Upward

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

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Stat: 740. That’s how many employees Nike will lay off at its Oregon HQ before the end of June. In February, Nike CEO John Donahoe informed employees of the company’s plan to reduce 2% of its workforce, which would mean around 1,600 employees in total. (USA Today)

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Let’s say you leave your job at any time during or after the calendar year you turn 55 (or age 50 if you’re a public safety employee with a government defined-benefit plan). Under a little-known separation-of-service provision, often referred to as the “rule of 55,” you may be able take distributions (though some plans may allow only one lump-sum withdrawal) from your 401(k), 403(b), or other qualified retirement plan free of the usual 10% early-withdrawal penalties. However, be aware that you’ll still owe ordinary income taxes on the amount distributed. This exception applies only to the plan (including any consolidated accounts) that you were contributing to when you separated from service. It does not extend to IRAs.

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Here’s where the major benchmarks ended:

The S&P 500 index rose 59.95 points (1.2%) to 5,070.55; the Dow Jones Industrial Average gained 263.71 points (0.7%) to 38,503.69; the NASDAQ Composite^® ($COMP) surged 245.33 points (1.6%) to 15,696.64.
The 10-year Treasury note yield (TNX) decreased about 2 basis points to 4.602%.
The CBOE Volatility Index^® (VIX) fell 1.25 to 15.69.

Similar to Monday, chipmakers were among the market’s strongest areas, carrying the Philadelphia Semiconductor Index (SOX) to a 2.2% advance. Retailers and communication services shares were also strong. The Dow Jones Utility Index ($DJU) gained for the fifth straight day and ended at its highest level in over three months. The Russell 2000^® Index (RUT) surged nearly 2%.

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DAILY UPDATE: The CPI, Korion Health and the Stock Markets Rebound

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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The March Consumer Price Index, which the Bureau of Labor Statistics released last week, revealed that core inflation hit 3.8% Year over Year in March, rising for the first time in 12 months. That’s moving in the wrong direction for the Fed, whose goal is to bring inflation down to 2%.

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Here’s where the major benchmarks ended:

The S&P 500 index rose 43.37 points (0.9%) to 5,010.60; the Dow Jones Industrial Average^® ($DJI) gained 253.58 points (0.7%) to 38,239.98; the NASDAQ Composite advanced 169.30 points (1.1%) to 15,451.31.
The 10-year Treasury note yield (TNX) was little changed at 4.617%.
The CBOE Volatility Index^® (VIX) fell 1.41 to 16.39.

Chipmaker strength lifted the Philadelphia Semiconductor Index (SOX) up 1.7% Monday, partially reclaiming last week’s 9.2% tumble. Banking shares were also among the strongest sectors, while the Russell 2000^® Index (RUT) advanced 1%. WTI crude futures earlier dropped to just a few cents above $82 per barrel, the lowest intraday price since late March.

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“Telemedicine has a lot of potential to bridge barriers and make it convenient for people to access healthcare. But it’s limited by lack of tools. Your doctor can’t reach through the computer screen.”—Akshaya Anand, co-founder of Korion Health, on the startup’s efforts to create an electronic stethoscope for clinicians to record heart and lung movement (Maryland Today)

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Filed under: "Ask-an-Advisor", Breaking News, Experts Invited, Financial Planning, Health Economics, Health Insurance, Healthcare Finance, Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors | Tagged: Akshaya Anand, BLS, Bureau Labor Statistics, CBOE, Consumer Price Index, CPI, DJIA, Koruon Health, Marcinko, NASDAQ, oil, RUT, S&P 500, Shakespeare Day, SOX, teleHealth, telemedicine, textbooks, VIX | Leave a comment »

DAILY UPDATE: BoA “De-Banks”, Hospitals Merge and Walmart Health Grows as the NASDAQ Dives

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

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

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A group of 15 financial officers representing 13 states issued a warning to Bank of America over its alleged practices of “politicized de-banking” targeting conservatives. In a letter to Bank of America CEO Brian Moynihan, the officials said the bank’s practices threaten its own financial health and reputation with customers while simultaneously harming the U.S. economy and Americans’ civil liberties. They pointed to examples of Bank of America shuttering the accounts belonging to Christian groups and leaders and joining a net-zero climate alliance in addition to its poor viewpoint diversity rating.

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Texas and Missouri will soon have about two dozen Walmart health centers, the retail giant announced this month, adding to its 50-site roster. The company plans to open eight clinics in the Houston metro area, 10 sites in the Dallas-Fort Worth area, and four facilities in Kansas City by the end of 2024, Modern Healthcare reported.

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Hospitals reported the strongest quarter of mergers and acquisitions since 2020, according to consulting firm Kaufman Hall. Four of the 20 announced transactions in the first quarter of 2024 were “megamergers” and brought in $12 billion in revenue in that time period, per the firm’s analysis. The era of consolidation is here.

CITE: https://tinyurl.com/tj8smmes

Here’s where the major benchmarks ended:

The S&P 500 index fell 43.89 points (0.9%) to 4,967.23, down 3% for the week; the Dow Jones Industrial Average gained 211.02 points (0.6%) to 37,986.40, little changed for the week; the NASDAQ Composite lost 319.49 points (2.1%) to 15,282.01, down 5.5% for the week.
The 10-year Treasury note yield (TNX) dropped more than 2 basis points to 4.623%, still up about 10 basis points for the week.
The CBOE Volatility Index^® (VIX) rose 0.71 to 18.71.

Nvidia (NVDA) plunged 10% to lead the chip sector lower, sending the Philadelphia Semiconductor Index (SOX) down 4.1% to a two-and-a-half-month low. Communication Services shares were also among the weakest sectors, fueled by Netflix weakness. There were several pockets of strength, however. Banking shares posted firm gains Friday behind stronger-than-expected quarterly results from some regional lenders. Utilities also advanced.

The S&P 500 has fallen 5.5% from a record close March 28, more than halfway to the 10% threshold that’s traditionally viewed as a correction. The NASDAQ Composite is down 7.1% from a record close on April 11th.

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Filed under: "Ask-an-Advisor", Breaking News, Drugs and Pharma, 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: Bank America, BoA, Brian Moynihan, CBOE, debanking, DJIA, hosp;ital M&As, hospital mergers, Kaufman Hall, Marcinko, Modern Healthcare, NASDAQ, Ninvidia, NVDA, S&P 500, SOX, textbooks, TNX, VIX, Walmart health centers | Leave a comment »

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