Omar Marques | Lightrocket | Getty ImagesUnitedHealth Group’s third-quarter medical costs exceeded Wall Street estimates on Tuesday, as the insurer paid out more due to persistently high demand for healthcare services and received lower reimbursements on government-backed insurance plans.Demand for healthcare services under the government’s Medicare plans – for people aged 65 years and older or those with disabilities – has surged since late last year as many older adults opted for procedures they had delayed during the pandemic.Shares of UnitedHealth fell 3% in premarket trading after the health conglomerate also trimmed the higher end of its annual adjusted profit…
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LONDON — U.S. pharmaceutical giant Eli Lilly is exploring whether obesity drugs could be used to curb joblessness after signing a major investment deal with the U.K.The weight-loss treatment firm and creator of Zepbound announced Monday that it would commit £279 million ($364 million) to help tackle Britain’s significant health challenges — including obesity.The “strategic collaboration,” agreed with the U.K.’s Department of Health and Social Care (DHSC) and the Department for Science, Innovation and Technology (DSIT), came as part of a wider £63 billion package of investments announced at the close of the Labour government’s inaugural International Investment Summit on…
The bull market for the S & P 500 celebrated its second birthday over the weekend, but history says there will likely be growing pains in the year ahead. The benchmark large-cap stock index has steadily rallied since its trough on Oct. 12, 2022, fueled in large part by the excitement around artificial intelligence and the profits it may heap on tech stocks. The S & P 500 has gained more than 60% in total during that period. .SPX mountain 2022-10-12 The S & P 500 has gained more than 60% during this bull market. However, prior bull markets have…
Here are Tuesday’s biggest calls on Wall Street: Stephens initiates Valvoline as overweight Stephens said the automotive retailer is well positioned. “We are initiating coverage on Valvoline Inc . With an Overweight rating and a $49 price target.” Evercore ISI adds a tactical outperform on Alphabet Evercore said it’s bullish heading into earnings later this month. “With GOOGL, we see a stock that has underperformed intra-quarter, with relatively modest Street expectations for Q3 Search (1% Q/Q), YouTube (3%), and Cloud revenue, as well as overall Operating Margins.” Wells Fargo reiterates Tesla as underweight and Rivian as equal weight Wells said…
Check out the companies making headlines before the bell. Bank of America — Shares moved 1% higher after third-quarter earnings and revenue topped Wall Street analysts’ estimates. Earnings came in at 81 cents, beating the 77 cents expected from analysts polled by LSEG. Revenue was $25.5 billion, versus the $25.3 billion consensus estimate. Johnson & Johnson – The healthcare conglomerate saw shares rising slightly premarket after quarterly results exceeded expectations on the back of strong sales of oncology drugs. J & J also raised forward financial guidance for full-year 2024 profit and sales. Goldman Sachs — Shares of the investment…
Customers shop for produce at a Whole Foods Market 365 location in Santa Monica, California.Patrick T. Fallon | Bloomberg | Getty ImagesAs Amazon looks to add more automation into its supermarkets, the retailing giant is partnering with a Khosla-backed startup that just came out of stealth last year, CNBC has learned.Last week, Amazon announced it’s piloting a new concept at one of its Whole Foods locations in a Philadelphia suburb, where a micro-fulfillment center will be bolted onto the store and allow shoppers to purchase staples not typically stocked by the organic grocer.The facility relies on warehouse automation technology from…
Shoppers make their way through the Miami Design District featuring stores from many luxury fashion names on December 14, 2023 in Miami, Florida. Joe Raedle | Getty Images News | Getty ImagesThis report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayDow breaks 43,000 level On Monday, the S&P 500 advanced 0.77% and the Dow Jones Industrial Average climbed 0.47%. Both indexes closed at fresh highs, with the Dow closing…
The Citibank building in Canada Square at the heart of Canary Wharf financial district in London on May 7, 2024.Mike Kemp | In Pictures | Getty ImagesCitigroup is set to report its third-quarter earnings before the opening bell on Tuesday, as investors will get the latest updates about the progress of CEO Jane Fraser’s turnaround plan.Here are the results expected by Wall Street analysts, according to LSEG.Earnings per share: $1.31Revenue: $19.84 billionFraser took over in March 2021 and has focused on slimming down the bank during her tenure. That includes reducing Citigroup’s global presence and laying off workers.Investment banking and…
A person rides past a Walgreens truck, owned by the Walgreens Boots Alliance, in Manhattan, New York City, on Nov. 26, 2021.Andrew Kelly | ReutersWalgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street’s expectations, as the company slashes costs in an attempt to steer itself out of a rough spot.The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The company said those closures will be “immediately accretive” to its adjusted earnings and free cash flow.Walgreens has around 8,700 locations…
Investors should take hold of SM Energy ahead of its earnings report, according to TD Cowen. Analyst Gabe Daoud upgraded his rating on the stock to buy from hold. That said, lower commodity prices led him to cut his price target by $4 to $60. That still implies around 34.5% upside, as of Monday’s close. “While we’re cautious [on] crude we believe SM stands out as retaining multiple resource catalysts – at a time when that’s largely nonexistent in [earnings and profits] – that can shape a more capital efficient ’25 [versus] what’s appreciated,” he said in a note to…
