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Carvana beats Wall Street's second-quarter expectations, guides toward record year 2024-07-31 21:28:00+00:00 - In an aerial view, a sign is posted on the exterior of a Carvana car vending machine on July 19, 2023 in Daly City, California. Shares of Carvana jumped as much as 14% during after-hours trading Wednesday as the company topped Wall Street's expectations for the second quarter and disclosed expectations for record adjusted earnings of at least $1 billion for 2024. Here is how the company performed in the second quarter, compared with average estimates compiled by LSEG: Earnings per share: 14 cents vs. a loss of 7 cents expected 14 cents vs. a loss of 7 cents expected Revenue: $3.41 billion vs. $3.24 billion expected The beats were driven by Carvana's retail vehicle sales of more than 101,400 units during the quarter, up 32.5% compared with the second quarter of 2023. The company's gross profit per unit, or GPU, which is closely watched by investors, was $7,049, up $529 from a year earlier. Carvana expects 2024 to be a record year for the used car retailer following the results, including projecting adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of between $1 billion and $1.2 billion for the full year 2024, an increase from $339 million in 2023. Carvana's guidance signals expectations for a strong second half of the year. The company said it expects a sequential increase in retail vehicle sales during the third quarter compared with the prior three months. "Looking forward, our business still has a lot of untapped potential. And our team is still unreasonable. We see opportunities to improve significantly from here over time," Carvana CEO and cofounder Ernie Garcia said Wednesday in a joint shareholder letter with CFO Mark Jenkins. The company's previous guidance for the year included a "sequential increase in adjusted EBITDA" for the second half of the year, but did not supply a dollar amount. If Carvana meets its 2024 earnings target, it would mark the company's third annual EDBITDA profit, including 2023's record of $339 million. Carvana's second-quarter net income was $48 million and net income margin was 1.4%. Adjusted EBITDA was $355 million and adjusted EBITDA margin was 10.4%, both company records. The second-quarter results continue a massive turnaround for Carvana following Wall Street fears of bankruptcy for the company in early 2022.

Lawyers for families of passengers killed in 737 Max crashes ask court to block Boeing plea deal 2024-07-31 21:26:31+00:00 - Lawyers for relatives of some of the people killed in Boeing Max crashes asked a federal judge on Wednesday to reject a plea agreement that the aircraft maker struck with prosecutors, saying it is too lenient and lets Boeing avoid accountability for causing 346 deaths. Some of the lawyers argued that the Justice Department is treating Boeing lightly because the company is a major contractor to the U.S. government. Boeing agreed in July to plead guilty to a single count of fraud to settle allegations that it deceived regulators who approved the 737 Max and then broke a 2021 settlement that would have let the company escape criminal prosecution. Under this month’s deal, Boeing would pay a fine of at least $243.6 million, invest $455 million in compliance and safety programs, and be placed on probation for three years. The Justice Department and Boeing would pick a monitor to oversee the company’s compliance. U.S. District Judge Reed O’Connor in Fort Worth, Texas, can accept the agreement and the proposed sentence, or reject the deal, which likely would lead to new negotiations between Boeing and prosecutors. Relatives of many of the victims want Boeing to be put on trial.

Seeking Your First Job After College? Share Your Story. 2024-07-31 21:24:16.201000+00:00 - The economy is growing. Unemployment is low. But the job market is not as hot as it used to be, and younger applicants, with or without college degrees, are feeling the pinch. Hiring projections for this year’s college graduating class are below last year’s, and the downturn is particularly notable in fields like finance, insurance, marketing and real estate. I cover economics at The New York Times, and I would like to hear from recent college graduates and other young job seekers, as well as hiring managers, about what the job market has looked like to them this year. Your responses will help us gain a fuller, more nuanced understanding of how the broader trends are being felt — or, in some cases, overcome. We’ll read every response, and we’ll reach out to some people to learn more. We won’t publish your name or any part of your submission without hearing back from you and verifying your story. And we won’t share your contact information outside the Times newsroom. If you prefer to share tips or thoughts confidentially, you can do so here.

Inari Medical Q2 Earnings Miss, Revenues Increase Y/Y - Hologic (NASDAQ:HOLX), Boston Scientific (NYSE:BSX) 2024-07-31 21:17:00+00:00 - Inari Medical, Inc. NARI reported an adjusted loss per share of 41 cents in the second quarter of 2024 compared with the year-ago period's loss of 4 cents per share. The Zacks Consensus Estimate for loss per share was pegged at 16 cents. On a GAAP basis, the company recorded a loss per share of 54 cents. There was no adjustment in the prior-year period. Revenues in Detail Inari Medical registered revenues of $145.8 million in the second quarter, up 22.5% year over year. The figure beat the Zacks Consensus Estimate by 1.3%. Q2 Highlights According to management, Inari Medical saw record cases and revenue generation outside of the United States in the second quarter. Increased adoption of Inari Medical's products in Western Europe was the main factor driving its performance and excellent case growth in early-stage markets in Latin America, Canada, and the Asia-Pacific region. The company is expecting to start treating patients in China and Japan in 2024, and it is currently making good progress in both regions. Management expects its international business to represent more than 20% of total revenues in the future on the back of unmet needs. During the reported quarter, NARI witnessed growth in revenues from its global VTE business on the back of commercial expansion and market development. The global VTE revenues were 138 million, up 21% year over year. Emerging therapies business saw robust growth as well. The company recorded $8 million during the quarter, reflecting 66% year-over-year growth and 36% sequentially. Per the second-quarter earnings call, Inari Medical received PMA approval from the FDA for its second-generation stent delivery system, which is likely to improve a key component of the LimFlow System. The company is currently progressing well with the limited market release of the LimFlow system in the United States. It has already signed several reimbursement deals for the system. NARI expects to start the full commercial release of the system in the fourth quarter of 2024. During the second quarter of 2024, Inari Medical commenced the full commercial launch of VenaCore, its latest purpose-built device within the CBD toolkit for the treatment of acute and chronic venous diseases. Inari Medical expects to showcase its PEERLESS data, which is one of the three randomized controlled trials (RCTs), in the fourth quarter of 2024. PEERLESS study evaluates patient outcomes using the FlowTriever device. The company is progressing well with the other two RCTs as well. Margin Trend In the quarter under review, Inari Medical's gross profit improved 19.7% to $125.8 million. The gross margin contracted 210 basis points (bps) to 86.3%. Selling, general and administrative expenses rose 33.4% to $114.2 million. Research and development expenses increased 18.1% year over year to $24.9 million. The operating expenses of $148.3 million increased 38.9% year over year. The operating loss totaled $22.4 million compared with $1.5 million in the year-ago period. Excluding acquisition-related costs of $1 million, acquired intangible asset amortization of $2.4 million, and change in fair value of contingent consideration liability of $5.7 million, adjusted operating loss in the second quarter was $13.3 million. Financial Position Inari Medical exited second-quarter 2024 with cash and cash equivalents and short-term investments of $109.7 million compared with $101.8 million at the first quarter of 2024-end. Cumulative net cash used in operating activities at the end of second-quarter 2024 was $0.8 million compared to cumulative net cash provided by operating activities of approximately $7.7 million in the year-ago quarter. Guidance Inari Medical has raised its financial outlook for 2024. For 2024, the company now expects revenues in the range of $594.5-$604.5 million (reflecting growth of 20.5%-22.5% from 2023) compared with the previous guidance of $592.5-$602.5 million. The Zacks Consensus Estimate is pegged at $599.1 million. Our Take Inari Medical exited the second quarter of 2024 with an improvement in overall revenues. However, earnings missed the Zacks Consensus Estimate. The business's product portfolio witnessed consistent improvement, which led to robust product adoption by its customers. The geographical performances were equally remarkable. However, Inari Medical's lower gross margin and dismal bottom-line performances were disappointing. The company incurred an operating loss during the quarter, which raised our apprehension. Inari Medical, Inc. Price, Consensus and EPS Surprise Inari Medical, Inc. price-consensus-eps-surprise-chart | Inari Medical, Inc. Quote Zacks Rank and Key Picks Inari Medical currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space that have announced quarterly results are Boston Scientific Corporation BSX, Hologic HOLX and Universal Health Services UHS. Boston Scientific reported second-quarter 2024 adjusted EPS of 62 cents, which beat the Zacks Consensus Estimate by 6.9%. Revenues of $4.12 billion surpassed the Zacks Consensus Estimate by 2.5%. It currently carries a Zacks Rank of 2 (Buy). Boston Scientific has a long-term growth rate of 12.5%. BSX's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%. Hologic, carrying a Zacks Rank of 2 at present, has a long-term growth rate of 7.4%. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 4.50%. Hologic reported second-quarter 2024 adjusted EPS of $1.06, which beat the Zacks Consensus Estimate by 3.9%. Revenues of $1 billion surpassed the Zacks Consensus Estimate by 1.1%. Universal Health Services reported second-quarter 2024 adjusted EPS of $4.31, which beat the Zacks Consensus Estimate by 27.9%. Revenues of $3.9 billion surpassed the Zacks Consensus Estimate by 1.5%. It currently carries a Zacks Rank of 1. Universal Health Services has a long-term growth rate of 18%. UHS' earnings surpassed estimates in each of the trailing four quarters, the average surprise being 14.58%. To read this article on Zacks.com click here.

Meta’s Reality Labs posts $4.5 billion loss in second quarter 2024-07-31 21:08:00+00:00 - A visitor wears a virtual reality headset Meta Quest as he takes part in an immersive experience stand during the Viva Technology show at Parc des Expositions Porte de Versailles on May 24, 2024 in Paris, France. Meta's ambitious plans to develop the metaverse is still costing the company billions of dollars a quarter. As part of the company's second-quarter earnings report on Wednesday, Meta's Reality Labs unit, which houses augmented and virtual reality technologies, recorded an operating loss of $4.48 billion. Analysts polled by StreetAccount were expecting a loss of $4.55 billion. Since late 2020, the Reality Labs unit has generated cumulative losses of about $50 billion, underscoring CEO Mark Zuckerberg's massive investments into the hardware and software that underpins what he says will be the next era of personal computing. Revenue in Reality Labs, largely derived from the company's Quest family of VR headsets and Ray-Ban Meta smart glasses, came in at $353 million, representing growth of 28% from $276 million a year earlier. Analysts were expecting the unit to bring in $371 million. In September, Meta debuted the Quest 3 VR headset, which has a starting price of $499. A few months later, Apple released its Vision Pro VR and AR headset, which starts at $3,500. In June, CNBC reported that Apple started deliveries of its Vision Pro headset to China, where it has a retail price that starts at 29,999 yuan, or $4,128. With the VR market remains nascent, Meta has been increasingly promoting its smart glasses, which it co-develops with Ray-Ban. Zuckerberg has pointed to advances in artificial intelligence and related large language models as improving the capabilities of smart glasses. Earlier in July, Francesco Milleri, the CEO of Ray-Ban parent EssilorLuxottica, told analysts that Meta plans to become a shareholder in the European eyewear maker, expanding on a previous partnership between the two companies dating back to 2020. Meta's second generation of smart glasses went on sale in October with a starting price of $299. Zuckerberg said in April during an earnings call with analysts that there can be a "meaningful market for fashionable AI glasses without a display."

Bill Ackman Abruptly Withdraws Planned I.P.O. 2024-07-31 21:06:33.429000+00:00 - The billionaire investor William Ackman won’t be ringing the opening bell at the New York Stock Exchange anytime soon. His firm, Pershing Square, will withdraw its plans for an initial public offering that would have allowed investors to buy into a portfolio of roughly a dozen stocks of his choosing, Mr. Ackman told his 1.3 million followers on the platform X on Wednesday. The abrupt withdrawal came after he had spent the last seven weeks and more than 150 meetings pitching the deal to potential investors. Mr. Ackman said in a statement that he would reconsider how to structure an offering and “report back once we are ready to launch a revised transaction.” A day earlier, Pershing Square had revealed plans for a much smaller offering — $2 billion — than the one he originally predicted. Mr. Ackman said in February that he would look to raise $10 billion or more in a U.S. publicly traded vehicle, Pershing Square USA. More recently in investor meetings, he floated $25 billion as a possible size.

Trump on JD Vance: VP Candidate Has 'Virtually No Impact' on the Race 2024-07-31 21:01:07+00:00 - Trump sought to downplay any impact that JD Vance may have on his own chances of winning. "Historically, the vice president — in terms of the election — does not have any impact," he said. It comes as Vance faces scrutiny over his "childless cat ladies" remarks. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement On Wednesday, former President Donald Trump suggested that his choice of Sen. JD Vance as his running mate would have no impact on the race. Trump's remarks — delivered in the midst of a chaotic interview at the National Association of Black Journalists' conference — come after the Ohio senator has faced scrutiny for a string of past remarks, including about "childless cat ladies." Vance also appears to be the worst-polling vice presidential candidate in decades. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

The Apple of One Business Reporter’s Eye 2024-07-31 21:00:06.452000+00:00 - Times Insider explains who we are and what we do and delivers behind-the-scenes insights into how our journalism comes together. Some journalists have broad beats — animals, the entire state of California, even the cosmos. Tripp Mickle, however, focuses on just one company: Apple. But there’s still more than enough to write about. Since joining the Business desk at The New York Times in April 2022, Mr. Mickle has reported on Apple’s flashy new Vision Pro headset, its foray into artificial intelligence and the ongoing antitrust case against the company, which has been accused by U.S. regulators of running a smartphone monopoly. Despite having a specific beat, Mr. Mickle’s work still finds a wide audience. “It’s this incredible company that has such influence in our lives,” Mr. Mickle said in an interview. “And it’s a fortress of secrecy.” Before writing for The Times, he dabbled in other topics, including NASCAR for Sports Business Journal, and the tobacco and alcohol industries for The Wall Street Journal. It was during his time at The Journal that Mr. Mickle decided to take a bite of the Apple beat. In a phone conversation from his home in the Glen Park district of San Francisco, Mr. Mickle discussed how his beat has changed over the years and his experience staking out the offices of OpenAI. These are edited excerpts.

Qualcomm beats estimates and phone chip sales are up 12% 2024-07-31 20:58:00+00:00 - Qualcomm president and CEO Cristiano Amon speaks at a news conference during CES 2022 in Las Vegas, Nevada, U.S. January 4, 2022. Qualcomm reported fiscal third-quarter earnings on Wednesday that beat Wall Street expectations, particularly for sales, and provided strong guidance for the current quarter. Qualcomm stock fell 1% in extended trading after initially rising 7% at one point. Here's how Qualcomm did versus LSEG consensus estimates for the quarter ending in June 23: Earnings per share : $2.33, adjusted versus $2.25 expected : $2.33, adjusted versus $2.25 expected Revenue: $9.39 billion, adjusted, versus $9.22 billion expected Net income during the quarter was $2.13 billion, or $1.88 per share, versus $1.8 billion, or $1.60 per share in the year-ago period. Qualcomm said it expected between $9.5 billion and $10.3 billion in sales in the current quarter, compared to Wall Street expectations of $9.71 billion. Analysts were looking for earnings guidance of $2.45, versus the company's forecast of between $2.38 and $2.58. Qualcomm's biggest and most important business is processors and modems for smartphones, which it calls its handsets business. The summer months are traditionally a slower part of the annual cycle for smartphones, because most new models launch in the fall. Handset sales rose 12% on a year-over-year basis to $5.9 billion in revenue, in line with analyst estimates from StreetAccount, which suggests that a deep slump in smartphone sales over the past two years is abating. Qualcomm is also framing its most advanced Snapdragon chips as necessary for "AI smartphones," such as recent Samsung models, which can run some generative AI tasks like creating images. "AI has expanded the size of the premium tier," Qualcomm CEO Cristiano Amon said on the earnings call. "So even in a market which it's kind of flattish to low single digits in growth, the premium tier is actually growing faster and we've seen that." Automotive chips remains small for Qualcomm but the company sees placing more software and semiconductors into cars as one of its strongest opportunities for growth and diversification. Automotive revenues rose 87% on an annual basis to $811 million. Analysts polled by StreetAccount were looking for $641.7 million. The company sells chips for lower-cost devices as well as Meta's Quest headsets in a business it calls "Internet of Things." The line also includes revenues from the company's new PC chip for Windows laptops, called Snapdragon X Elite, which it launched alongside Microsoft during the quarter. Amon hailed the Snapdragon X launch as a "milestone" in Qualcomm's efforts to diversify. Still, Qualcomm said IoT revenue fell 8% on an annual basis to $1.4 billion, which beat StreetAccount expectations of $641.7 million. Those three hardware lines are reported together as QCT, the company's chip business, which in total reported $8.1 billion in sales, up 12% year-over-year. Qualcomm also collects licensing fees from companies that integrate 5G or other cellular technologies into their products, reported as QTL sales. Licensing revenue only rose 3% on an annual basis to $1.3 billion. Qualcomm said that it previously had a U.S. license to export its products to Huawei, but that the license was revoked, and that it would hurt the company's revenue. Qualcomm said it paid $949 million in dividends and repurchased 7 million shares of stock for $1.3 billion during the quarter.

Vintage photos show how glamorous train travel used to be 2024-07-31 20:51:33+00:00 - Vintage photos from decades ago show how traveling by train used to be a lot fancier. First-class cabins were furnished like living rooms and included radio gramophones. Passengers dined on fine china and played cards to pass the time. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Traveling by train was pretty swanky in the early to mid-1900s, and it hasn't gone out of style. Today, Japan's bullet trains can make the trip from Tokyo to Osaka in just 2 1/2 hours, and in the US, Amtrak is working on high-speed trains of its own. Still, the lavish furnishings and fine dining of the past hold a special place in the railroad's rich history. These vintage photos show how glamorous train travel used to be.

Trump judge in Texas border case goes too far for far-right court 2024-07-31 20:50:40+00:00 - As surprising as it sounds, the Supreme Court isn’t the most right-wing court in the country. That label better applies to the 5th U.S. Circuit Court of Appeals, which has gone too far in some cases that have led to Supreme Court smackdowns. So it doubly stands out when a 5th Circuit judge goes further than his colleagues. That just happened in a dispute between Texas and the United States over the state’s installation of a floating barrier in the Rio Grande. By way of background, the federal government sued Texas over the move, arguing that the state had violated the law by obstructing the “navigable” capacity of the Rio Grande without congressional authorization and building the barrier without approval from the U.S. Army Corps of Engineers. Ahead of a trial on the matter, the full Circuit Court sided with the state on Tuesday, reversing a trial court injunction that said the state had to move it. So the barrier remains for now. In an opinion by Donald Trump appointee Don Willett, the circuit majority decided that the trial court “clearly erred in finding that the United States will likely prove that the barrier is in a navigable stretch of the Rio Grande.” Though the circuit sided with Texas, Willett’s ruling didn’t need to address the state’s far-reaching claim that it is permitted to erect the barrier in defense of a border “invasion.” The Constitution says that “No State shall, without the Consent of Congress . . . engage in War, unless actually invaded, or in such imminent Danger as will not admit of delay.” And here’s where we get to the circuit judge who went further than his colleagues: James Ho, also a Trump appointee. The former Clarence Thomas clerk deemed it necessary to address the invasion question and he agreed with Texas, writing that the case “presents a strategic military decision directed toward a foreign enemy within the State’s authority” and that because the state’s claim presents a “political question” that courts can’t review, the case should be dismissed. Ho’s opinion has been criticized from the right and the left. One of his Trump-appointed colleagues, Judge Andrew Oldham (who clerked for Justice Samuel Alito), wrote separately to explain why the court didn’t need to reach the invasion issue. Oldham noted that it’s “well settled that we should not reach constitutional questions if we can instead decide the case on a non-constitutional ground.” A dissenting opinion from Biden-appointed Judge Dana Douglas further pointed out that Texas’ position “would enable Governor Abbott to engage in acts of war in perpetuity.” Ho is known for taking outlandish positions, so his opinion isn’t entirely surprising, however extreme its implications. But it’s worth considering because he has been floated as a possible Supreme Court nominee should Trump return to office in November — a scenario that could make the high court more like the 5th Circuit. Subscribe to the Deadline: Legal Newsletter for updates and expert analysis on the top legal stories. The newsletter will return to its regular weekly schedule when the Supreme Court’s next term kicks off in October.

Humana Q2 Earnings Beat on Medicare Advantage Strength - Humana (NYSE:HUM), Ensign Group (NASDAQ:ENSG) 2024-07-31 20:46:00+00:00 - Humana Inc. HUM posted second-quarter 2024 adjusted earnings per share of $6.96, which surpassed the Zacks Consensus Estimate by 18.2%. However, the bottom line fell 22.1% year over year. Adjusted revenues improved 14.2% year over year to $29.4 billion. The top line beat the consensus mark by 2.6%. The quarterly results benefited from strong premium growth and increased service revenues, driven by expanding Medicare Advantage membership and an improved Primary Care business. However, the upside was partly offset by rising benefits expenses and a continued decline in the company's group commercial medical and standalone prescription drug plan membership. Nevertheless, a hiked 2024 guidance for individual Medicare Advantage membership growth seems commendable as Humana derives a major portion of its premiums from this business line. Humana Inc. Price, Consensus and EPS Surprise Humana Inc. price-consensus-eps-surprise-chart | Humana Inc. Quote Operational Update Humana's total premiums of $28.1 billion advanced 10.4% year over year, higher than the Zacks Consensus Estimate of $27.2 billion and our estimate of $26.8 billion. Services revenues rose 12.5% year over year to $1.1 billion, beating the consensus mark of $988.5 million and our estimate of $984.7 million. Investment income was $298 million, up 8.8% year over year. The metric, however, lagged the consensus estimate of $304.7 million and our estimate of $363.7 million. The benefits expense ratio deteriorated 270 basis points (bps) year over year to 89% due to increased Medicare Advantage medical cost trends. Total operating expenses escalated 12.2% year over year to $28.4 billion, higher than our estimate of $27.1 billion. The year-over-year increase was mainly due to elevated benefits expenses and operating costs. Meanwhile, the operating cost ratio improved 100 bps year over year to 10.8%, thanks to a boost in scale as a result of expanding Medicare Advantage membership coupled with administrative cost efficiencies. HUM's operating income of $1.14 billion, which tumbled 20.5% year over year, outpaced our estimate of $1.06 billion. Segmental Update Insurance The segment recorded adjusted revenues of $28.4 billion in the second quarter, which grew 14.1% year over year, attributable to improved per-member Medicare premiums, and membership growth in Medicare Advantage business and state-based contracts. Adjusted operating income dropped 29.5% year over year to $826 million. Adjusted benefits expense ratio of 89.4% deteriorated 280 bps year over year. Adjusted operating cost ratio improved 80 bps year over year to 8.4%. Total medical membership of the segment was 16.3 million as of Jun 30, 2024, which fell 4.8% year over year and came lower than the Zacks Consensus Estimate of 16.33 million. CenterWell The segment's revenues advanced 9.2% year over year to $4.9 billion, higher than the Zacks Consensus Estimate of $4.8 billion and our estimate of $4.7 billion. The unit was aided by an expanding value-based home care model and improved revenues derived from the company's Primary Care business. Adjusted operating income of $394 million rose 16.9% year over year. The operating cost ratio improved 60 bps year over year to 92%. Financial Update (As of Jun 30, 2024) Humana exited the second quarter with cash and cash equivalents of $5.5 billion, which climbed 17.2% from the 2023-end level. Total assets of $50.1 billion increased 6.4% from the figure at 2023 end. Long-term debt amounted to $11.7 billion, up 15% from the figure as of Dec 31, 2023. Short-term debt was $1.1 billion. Debt to capitalization came in at 43.6%, which deteriorated 260 bps from the prior-year comparble period. Total stockholders' equity of $16.7 billion grew 2.5% from the 2023-end level. HUM generated net cash from operations of $1.6 billion in the first half of 2024, which declined more than six-fold from the prior-year comparable period. Capital Deployment Update Humana bought back shares worth $749.6 million till Jul 30, 2024. It had a leftover share repurchase capacity of $2.93 billion as of Jul 30, 2024. 2024 Outlook Updated Adjusted EPS is projected to be $16, which indicates a 38.7% decline from the 2023 reported figure. GAAP EPS is estimated to be $12.81 compared with the earlier mentioned $13.93. The revised guidance implies a 36% fall from the 2023 reported figure. Revenues are forecast to be $116 billion, up from the prior stated $113 billion. The updated outlook indicates a 9% improvement from the 2023 reported figure. The Insurance segment's revenues are estimated to be $112 billion, up from the earlier mentioned $110 billion. Revenues of the CenterWell segment, on a GAAP basis, are expected to be $19 billion. Management currently projects individual Medicare Advantage membership to witness growth of around 225,000 this year while the earlier view called for the metric to witness growth of roughly 150,000 members. Group Medicare Advantage membership is still expected to increase by around 45,000 members. Membership from the Medicare stand-alone PDP is estimated to decline by around 600,000. The previous view expected the metric to witness a membership decline of around 650,000. The benefit ratio of the Insurance unit continues to be expected around 90%. The consolidated GAAP operating cost ratio is still anticipated at approximately 11.4%. Cash flow from operations continues to be expected around $2 billion. Meanwhile, capital expenditures are still projected to be roughly $800 million. Zacks Rank Humana currently carries a Zacks Rank #3 (Hold). Other Medical Sector Releases Of the Medical sector players that have reported second-quarter 2024 results so far, the bottom-line results of Tenet Healthcare Corporation THC, Universal Health Services, Inc. UHS and The Ensign Group, Inc. ENSG beat the Zacks Consensus Estimate. Tenet Healthcare reported second-quarter 2024 adjusted EPS of $2.31, which outpaced the Zacks Consensus Estimate by 22.2%. The bottom line soared 60.4% year over year. Net operating revenues of $5.103 billion inched up 0.4% year over year. The top line beat the consensus mark by 2.5%. Adjusted net income of $226 million climbed 46.8% year over year. Adjusted EBITDA was $945 million, which advanced 12.1% year over year. Adjusted EBITDA margin of 18.5% improved 190 bps year over year. The Hospital Operations and Services segment's net operating revenues tumbled 4.3% year over year to $3.96 billion. On a same-hospital basis, net patient service revenues advanced 8.2% year over year. The Ambulatory Care segment recorded net operating revenues of $1.14 billion, which rose 21.1% year over year. Universal Health reported second-quarter adjusted EPS of $4.31, which beat the Zacks Consensus Estimate by 27.9%. The bottom line rose 70.4% from the year-ago period. Net revenues amounted to $3.9 billion, which rose from $3.6 billion a year ago. The top line outpaced the consensus mark by 1.5%. Adjusted EBITDA net of NCI rose 35.9% year over year to $578.7 million. In the Acute Care Hospital Services unit, adjusted admissions (adjusted for outpatient activity) increased 3.4% year over year on a same-facility basis. Adjusted patient days rose 1.6% year over year. Net revenues stemming from Universal Health's acute care services improved 6.6% year over year on a same-facility basis. In the Behavioral Health Care Services segment, adjusted admissions declined 0.4% year over year on a same-facility basis. Meanwhile, adjusted patient days increased 1.4% year over year, lower than our model estimate of 1.9%. On a same-facility basis, net revenues derived from the behavioral healthcare services of UHS increased 11% year over year. Ensign Group reported second-quarter 2024 EPS of $1.32, which beat the Zacks Consensus Estimate by 2.3%. The bottom line increased 13.8% year over year. Operating revenues of $1.04 billion improved 12.5% year over year. The top line outpaced the consensus mark by 2%. Ensign Group's adjusted net income grew 15.3% year over year to $76.4 million. Same-store occupancy improved 280 bps year over year while transitioning occupancy expanded 430 bps year over year. The Skilled Services segment's revenues rose 12.1% year over year to $991.3 million. Segment income of $122.2 million improved 4.4% year over year. Skilled nursing and campus operations of the segment totaled 272 and 29, respectively, at the second-quarter end. In the Standard Bearer unit, Rental revenues amounted to $23.4 million, which grew 17.3% year over year. To read this article on Zacks.com click here.

Trump kicked off his NABJ appearance in a combative mood. It only got worse from there. 2024-07-31 20:37:59+00:00 - Most people expected fireworks when it was announced that former President Donald Trump would appear at this year's National Association of Black Journalists convention in Chicago. By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview And that's exactly what happened almost immediately after Trump walked onto the stage, as the former president complained about the tone of the first few questions that he was asked and accused Vice President Kamala Harris of downplaying her Indian heritage. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "I didn't know she was Black until a number of years ago, when she happened to turn Black, and now she wants to be known as Black," the former president said of Harris. "Is she Indian or is she Black?" the former president asked. (The vice president is of Indian and Jamaican heritage.) Advertisement When Trump was asked by ABC News journalist Rachel Scott if Harris was a "DEI" hire — a term that some Republicans have lobbed against Harris to invalidate her qualifications for president due to her gender and race — he said that he was unsure. "I really don't know, could be," he said. Related stories Trump then defended his vice-presidential selection of Ohio Sen. JD Vance, attacked President Joe Biden's cognitive abilities, and accused Harris of not passing her bar exam. (Harris passed the exam on her second try, which paved the way for her career as a San Francisco district attorney and California attorney general.) Before the conversation, many members argued that having an open forum with the GOP presidential contender was exactly what journalists should facilitate, regardless of his myriad controversies. Advertisement But Trump's remarks will likely only further polarize many within the organization, especially as the former president took digs at the equipment used for the event. "The mics are really in lousy shape," he said at one point. "I cannot understand what you're saying." And the conversation has heightened pressure on the NABJ from its members over the Trump visit. NABJ President Ken Lemon in a statement Tuesday said that the organization had been in talks with Harris' team for an in-person panel before she became the presumptive Democratic presidential nominee. But he said that the organization was told that such a request could not be fulfilled, adding that a virtual option was also something that the Harris team couldn't accommodate this week. Advertisement Lemon then said that NABJ would work to schedule a panel with Harris before the election. But April Ryan, the White House correspondent for The Grio, reported that NABJ leadership informed Harris' team that it was preferable that she be in-person for her appearance. Ryan also reported that NABJ later approached Harris about holding a virtual town hall, but that the vice president's team had "moved on" after their earlier request for a virtual option was denied. SCOOP: according to those (many) familiar with this situation, Tuesday am both Ken Lemon President of NABJ and Drew Berry Executive Director of the NABJ told Harris folks she “needed” to be in Chicago in person for the convention. The NABJ shut down the conversation for a virtual… https://t.co/xORdcfsE3q — AprilDRyan (@AprilDRyan) July 31, 2024 When Trump's appearance at the NABJ convention was announced Monday evening, it attracted widespread criticism from a broad array of members, with many of them arguing that the longstanding organization was "platforming" a polarizing candidate whose political brand has been shaped by his disdain for journalists. Tia Mitchell, the Washington correspondent for The Atlanta Journal-Constitution, helped put together the event as a chair of the NABJ political task force. In defending the move, she took to X to argue that the invitation was part of a long line of invitations that the organization has issued to presidential candidates. Advertisement But the conversation quickly turned to accusations that the organization not been been more forthcoming about the invitation. NABJ member Kathia Woods took to X to express her opposition to the organization's decision to invite Trump to speak in Chicago. "We as members have the right to say we're disappointed and don't agree," she wrote. Mitchell responded: "Members can disagree. No one is forcing them to attend. But there is precedent of such invitations and great care taken with this particular one." Advertisement Still, despite the NABJ's vision of an orderly discussion, Trump largely ran roughshod through the questions. And as the panel with the former president ended, divisions over his appearance seemingly only hardened further.

We almost had a secret Deadpool Christmas movie — and it was going to be marketed as a deliberately bad buddy cop movie to avoid leaks 2024-07-31 20:34:07+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Ryan Reynolds and Hugh Jackman are on a massive promotional tour for "Deadpool & Wolverine" — but there was a chance things could have looked very different if one of Reynolds' more outlandish ideas for marketing was approved. Reynolds revealed on an episode of "Hot Ones" that he had once planned to promote an intentionally bad-sounding movie called "Alpha Cop" as a ruse. The idea was that a handful of people would see it opening weekend, quickly realize that it's "Deadpool & Wolverine" after a few minutes of a fake bad movie played before cutting to the Marvel logo, and then word of mouth would power its box office the rest of its run. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. But according to Reynolds' longtime writing partners Rhett Reese and Paul Wernick, the star's plan to playfully dupe the audience was actually devised back in 2017 when "Deadpool 2" was being shot. "We wrote a Deadpool Christmas movie, and Ryan had this idea of what if we just didn't market it at all," Reese, along with Wernick, told Business Insider in a recent Zoom interview. Advertisement "Deadpool 2." Fox/Marvel "The dirty little secret was the three of us wrote it on spec, while on the set of 'Deadpool 2.' Fox didn't even know about it," Wernick said. So while Reynolds was having fun filming Deadpool forming X-Force and battling Cable in the hit sequel, off-set, he, Reese, and Wernick were writing what they thought would end up being the third movie. As Reynolds pointed out on "Hot Ones," marketing a fake movie would help with leaks of what was being cooked up for the next Deadpool movie. But the star also felt it could be financially rewarding for him and his writing partners as their backend, the money top creatives receive after the studio breaks even on a movie, would kick in much quicker without a massive marketing budget. "Ryan's idea was, the $100-plus million that studios spend on marketing a big Marvel movie, fuck that, let's do 'Alpha Cop,'" Wernick said. "That was Ryan's genius plan of getting our backend to kick in immediately." Advertisement Reese explained the plan: "He would go out and publicize it, go on 'The Tonight Show' and show a clip from 'Alpha Cop,' but when people went to see it after five minutes, the Marvel logo would come up, and it would be the new Deadpool movie, 'Christmas Saves Deadpool.' That was the name of it." There was even an "Alpha Cop" poster made. Wernick recently posted on X that the poster appears in Wade and Vanessa's apartment in "Deadpool 2." "Christmas Saves Deadpool" was eventually put out to pasture once Fox was bought by Disney. And Reese confirms that trying to pull off the "Alpha Cop" ruse was brought up as a creative way to release "Deadpool & Wolverine" but was quickly declined. "Marvel was basically like, 'We'll let you do a lot of things, not that though,'" Reese said. Advertisement Traditional marketing turned out to do the trick for "Deadpool & Wolverine." The movie took in $211 million domestically its opening weekend, passing the first "Deadpool" ($132 million) as the biggest opening ever for an R-rated movie. It will likely surpass $500 million worldwide before going into its second weekend in theaters. "Deadpool & Wolverine" is in theaters now.

Top soccer leagues and broadcasters send letter to X demanding more action against illegal content 2024-07-31 20:32:16+00:00 - Some of Europe’s main broadcasters and top soccer leagues have sent a letter to the CEO of social media platform X, Linda Yaccarino, demanding more action against the distribution of illegal content. The letter, which was obtained by The Associated Press, had 14 signatories, including the Premier League, Spanish league, Bundesliga, Italian league, DAZN, Sky, beIN, DirecTV and Movistar Plus+. Soccer governing bodies UEFA and CONMEBOL also signed the letter. The signatories said they wanted “to draw X’s immediate attention to its persistent failings in the fight against the availability of unlawful content on its platform and urgently call for a meeting with X’s representatives to address this unacceptable situation.” “X’s approach to taking down unlawful live content notified to them is woefully insufficient and inadequate,” the letter said. “This makes our respective intensive efforts to tackle this problem hugely inefficient. Critically, since you acquired the platform, we have witnessed a demoralizing reduction in technical support making it ever more difficult to engage with the platform in any kind of meaningful discussion on this topic.” The platform formerly known as Twitter did not immediately respond to a request from the AP for comment. The letter was obtained from a person on condition of anonymity as they were not authorized to speak publicly about the issue. In the letter, the signatories complained that X recently decreased its content moderation resources by 20%, and claimed the platform “lacks many of the features which other responsible social media operators deploy to combat piracy.” The letter added there is “an increased perception among pirates that they can do as they wish on X with impunity,” resulting in an increased number of illegal live streams of games and ”making the overall situation absolutely untenable.” They said “X is increasingly the home of unlawful social media piracy.” “The signatories to this letter express their severe concern as to the current state of affairs and urge X to take all necessary measures to (i) become a responsible platform which respects intellectual property and (ii) comply in full of its obligations under Digital Services Act as soon as possible.” ___ AP soccer: https://apnews.com/hub/soccer

Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hours 2024-07-31 20:29:10+00:00 - SAN FRANCISCO (AP) — Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading. The Menlo Park, California-based company earned $13.47 billion, or $5.16 per share, in the April-June period. That’s up 73% from $7.8 billion, or $2.98 per share, in the same period a year earlier. Revenue rose 22% to $39.07 billion from $32 billion. Analysts, on average, were expecting earnings of $4.72 per share on revenue of $38.26 billion, according to a poll by FactSet. “We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” said CEO Mark Zuckerberg in a statement. The number of daily active users for Meta’s family of apps — Facebook, Instagram, WhatsApp and Messenger — was 3.27 billion for June, an increase of 7% from a year earlier. The company no longer breaks out user figures for Facebook as it had in the past. Meta said it expects its third-quarter revenue to land in the range of $38.5 billion to $41 billion. Analysts are expecting $39.1 billion. The company hasn’t given guidance for 2025 yet — it said it will do so during its fourth-quarter earnings call — but it expects infrastructure costs to be a “significant driver of expense growth” in the coming year. Like other big tech companies, Meta is investing heavily in building its artificial intelligence capacity, including in data centers, and expects “significant capital expenditures growth in 2025 as we invest to support our artificial intelligence research and product development efforts.” Meta is in a good position to grow “at a much faster pace than the competition in both the AI and ad spaces going forward,” said Thomas Monteiro, senior analyst at Investing.com. “That’s because Zuckerberg’s company keeps showing signs that it is able to keep growing at the 20%+ per quarter level in a much more efficient way than other big tech peers, such as Alphabet and Microsoft, for example; which are not only struggling to keep revenue growth in the double digits, but also are progressively taking a bigger hit on the margins side,” he added. Monteiro added that Meta’s strategy of focusing its growth on younger users outside of the U.S. appears to be paying off, though the numbers “would have been even better” were it not for its Reality Labs segment dragging revenue lower. Meta’s stock rose $23.67, or 5%, to 498.50 in after-hours trading.

Fed will hold interest rates steady but officials hint rates could be cut this year 2024-07-31 20:20:00+00:00 - The US Federal Reserve announced on Wednesday it will hold interest rates steady, though officials hinted at optimism that rates could be cut later this year. Interest rates are set by the Fed’s federal open market committee (FOMC), which meets eight times a year and will next meet in September. The Fed was largely expected to keep interest rates steady this meeting, but investors are looking closely for hints that rate cuts could come as early as the Fed’s next meeting. In a Wednesday press conference, Fed chair Jerome Powell expressed a tone of cautious optimism. He said “we’re getting closer to the point” where the Fed could lower interest rates, “but we’re not quite at that point yet”. Powell said if inflation moves down quickly or in line with expectation, “a rate cut could be on the table at the September meeting”. But, he said: “If inflation were to prove stickier, and we were seeing higher rates of inflation and disappointed readings, we would weigh that along with other things.” He said that the “last couple of readings have added to confidence” that inflation is moving down towards the Fed’s target of 2%. Meanwhile, the labor market made “a move from over-heated to more normal conditions”. Powell said: “We think we don’t need to be 100% focused on inflation because of the progress that we’ve made.” Rates have held steady at a two-decade high of 5.25% to 5.5% over the past year. The Fed last raised interest rates in July last year, the 11th time it had hiked rates. Rates were at near zero during the early pandemic, from 2020 to early 2022. The Fed has been trying to balance its “dual mandate” of cooling inflation, which peaked at 9.1% in the summer of 2022, with minimal damage to the labor market. The unemployment rate in June rose slightly to 4.1%, the highest it had been since late 2021. Though Fed officials have not explicitly said the central bank will cut rates at their next meeting in mid-September, investors have expected that cuts could start if inflation remains cool. Hints often show up in small changes in the Fed’s press release after the FOMC meeting. This time around, Fed officials seem to suggest they are paying more attention to keeping the labor market balanced with inflation, rather than being laser-focused on bringing down inflation. “The economic outlook is uncertain,” the Fed wrote in its press release after last month’s meeting, “and the committee remains highly attentive to inflation risks.” This month, the Fed said it “is attentive to the risks to both sides of its dual mandate”. Inflation stood at 3% in June, down from 3.3% in May. The Fed’s target inflation rate is 2%. The core personal consumption expenditure index, measured by the US commerce department, also showed a cooling in economic activity. The prices of goods and services minus food and fuel, which experience price swings, measured by the index was 2.6% in June, offering another reflection of decreasing prices to the Fed. In comparison, the core index was at 4.3% the same time last year. Other Fed officials have implied more strongly that they believe cuts could come later this year. “The time to lower the policy rate is drawing close,” Christopher Waller, a Fed governor, said in remarks on 17 July. “Right now, the labor market is in a sweet spot. We need to keep the labor market in this sweet spot.”

What's In Store For Uber In Q2? Analyst Sees 21% Bookings Growth - Uber Technologies (NYSE:UBER) 2024-07-31 20:11:00+00:00 - BofA Securities analyst Justin Post reiterated a Buy rating on Uber Technologies, Inc. UBER, with a price forecast of $87. The company will hold its quarterly conference call on Tuesday, August 6th, to discuss its second quarter 2024 financial results. The analyst projects stable 21% growth in bookings excluding foreign exchange, with total bookings, revenue, and EBITDA expected to reach $39.7 billion, $10.6 billion, and $1.52 billion, respectively. BAC aggregated credit & debit card data suggests stable second-quarter mobility growth trends and improving growth in Online Restaurants following a soft April. While macro weakness is a risk for Uber Delivery, increasing penetration & New Verticals growth should help offset, the analyst adds. Also Read: Uber And BYD Team Up For Electric Future,100K EVs To Hit The Road Per the analyst, Uber plans to emphasize recent positive developments to boost sentiment: 1) Delay of its robotaxi event indicates early development stages (competition angle); 2) Costco Wholesale Corporation‘s COST delivery partnership with Uber is expected to drive growth; 3) Uber’s settlement with MA regulators and favorable California court ruling on Prop 22. For the third quarter, the analyst sees that comps are tougher, and with data suggesting cracks in lower-income restaurant & travel spending and Freight weakness, the analyst projects some year over year deceleration, and lower bookings to $41.2 billion from $41.7 billion. For the third quarter guidance, the analyst projects a bookings guidance range of $40.0 billion-$41.5 billion (vs. Street at $41.3 billion) and EBITDA of $1.56 billion-$1.64 billion. Price Action: UBER shares are trading higher by 2.8% to $64.86 at last check Wednesday. Photo by Daniel Fung on Shutterstock Read Next:

Dark chocolate and other cocoa products contain lead and other heavy metals, study finds 2024-07-31 20:06:00+00:00 - A concerning percentage of chocolate products on U.S. grocery store shelves contain levels of heavy metals that exceed guidelines, with the highest concentrations found in organic products, a new study finds. A multiyear analysis of 72 consumer cocoa products found 43% contaminated with lead above acceptable levels, while 35% surpassed cadmium thresholds, according to research led by scientists at George Washington University and published Wednesday in Frontiers in Nutrition. "Cocoa-containing products are notoriously rich in metals owing to cultivation and manufacturing practices required to produce such products," according to the study. "Dark chocolate in particular is a rich source of earth metals and contamination in the course of its processing has been well documented." The study based its findings on a California law that sets maximum allowable dose levels for heavy metals in food. The state regulations are frequently used as a safety standard as the U.S. Food and Drug Administration does not specify limits on heavy metals in most foods, although the agency does have suggested limits for chocolate and sugar-based candy but solely for kids. There is no known safe level of exposure to lead, according to the FDA. Surprisingly, organic products were found to contain higher levels of lead and cadmium compared to nonorganic items. None of the products surpassed the maximum for arsenic. The findings suggest eating less chocolate as a means of limiting exposure, Leigh Frame, director of integrative medicine at George Washington University School of Medicine and Health Sciences. "Chocolate is not dangerous, it's not that bad. But, as with any food potentially contaminated with heavy metals, diversifying your diet is important so you don't get exposed to the same things, whether it's too much heavy metals in chocolate or too much vitamin A if you're eating carrots," Frame told CBS MoneyWatch. The researcher recommends restricting consumption to one ounce of dark chocolate a day — or one third of the average candy bar. "Many people, including myself, have a hard time limiting themselves to an ounce," said Frame. "So have two ounces every other day," the researcher advised. "Chocolate and cocoa are safe to eat and can be enjoyed as treats as they have been for centuries," the National Confectioners Association stated in response to the findings.

Ailing Etsy rolls out its first loyalty program in move to spark growth 2024-07-31 20:01:00+00:00 - Etsy said Wednesday it will begin testing its first-ever loyalty program in September, a move designed to boost the online retailer's sluggish sales. The company said it will send invitations to a select number of Etsy buyers who will beta test the program. Etsy Insider members will receive free shipping on purchases and discounts on certain products, among other perks, the New York-based company said. Etsy did not disclose how much customers must pay for the new loyalty program, but Raina Moskowitz, the company's chief operating and marketing officer said the monthly fee will cost roughly as much as a latte "While Etsy Insider's benefits deliver great value for buyers, the program comes at no cost to the Etsy seller community," Simona Shakin, Etsy's vice president of product and retention marketing, said in a statement. "Benefits, including the free shipping, will be funded by Etsy and through the membership fee." Etsy, which started as as an online crafts marketplace, grew quickly during the pandemic, when homebound consumers turned to the website for items such as artistic face masks. Since then, however, the company has faced more challenges since the worst of the pandemic eased. Online shoppers, who typically go to Etsy to purchase discretionary items, are now feeling the pressure from inflation and have decided to reign in spending. Etsy Insider is launching as the company is trying to reverse its decline in gross merchandise sales, a measure of the amount of goods sold over a certain period. Etsy reported merchandise sales were down 5.3% during the first three months of 2024 when compared to the same period last year. Competition from Amazon, Temu and Shein have also contributed to Etsy's slump. "Etsy used to be a very focused site that really was about makers, crafting, authentic and unique products," said Neil Saunders, managing director at GlobalData Retail. "That's still true to some extent, but there's a lot more junk on the site and a lot of random things being sold." Etsy shares have lost nearly 78% of their value since late 2021. Etsy said in December it would lay off 225 employees, which represented nearly 11% of its workforce.