target price of USD 130.
https://www.marketscreener.com/quote/stock/MERCK-CO-INC-13611/
Wednesday, December 4, 2024
UnitedHealth forecasts 2025 medical costs above expectations
UnitedHealth (UNH) on Wednesday forecast medical costs for 2025 above Wall Street expectations as it expects high demand for healthcare services in its government-backed insurance businesses to persist.
U.S. health insurers have grappled with higher medical costs related to their Medicare Advantage plans over the last one year as older adults seek non-urgent medical care they had postponed during the pandemic.
Changes in enrollment norms for Medicaid plans for low-income people and lower payment rates by government also weighed on insurers.
UnitedHealth expects 2025 medical cost ratio - the percentage of premiums spent on medical care - to be in the range of 86% to 87%, the midpoint of which was above analysts' estimates of 84.77%, according to data compiled by LSEG.
The company also forecast adjusted profit for 2025 largely in line with Wall Street estimates on Tuesday.
https://finance.yahoo.com/news/unitedhealth-forecasts-2025-medical-costs-123550024.html
'Lilly says Zepbound's weight-loss results beat those of rival Wegovy'
Zepbound helped patients lose more weight than a major rival in a head-to-head trial
Eli Lilly & Co. Inc.'s stock (LLY) rose 1.5% early Wednesday, after the company said its Zepbound weight-loss drug was more effective than rival Novo Nordisk's Wegovy in a head-to-head study.
Zepbound achieved an average weight loss of 20.2% at 72 weeks in adults living with obesity without diabetes, compared with just 13.7% for Wegovy, the company said in a statement.
Zepbound is a dual GIP and GLP-1 receptor agonist, while Wegovy is a mono GLP-1 receptor agonist, where GIP and GLP are hormones that lower blood sugar levels and slow digestion.
The two drugs are part of a new class used to manage diabetes and treat obesity, and have become so popular they have created shortages.
Participants taking Zepbound lost 50.3 pounds at 72 weeks, while participants taking Wegovy lost just 33.1 pounds. The trial enrolled 751 participants across the U.S. and Puerto Rico.
"Given the increased interest around obesity medications, we conducted this study to help health care providers and patients make informed decisions about treatment choice," Dr. Leonard C. Glass, senior VP of global medical affairs at Lilly Cardiometabolic Health said in prepared remarks.
In a secondary endpoint, people taking Zepbound achieved at least 25% body-weight loss compared with 16.1% taking Wegovy.
Zepbound's safety profile was similar to previous trials with the most common adverse event for both treatments being gastrointestinal-related and generally mild-to-moderate in severity.
Zepbound is marketed as Mounjaro as a treatment for diabetes in some markets.
Lilly plans to continue its analysis of the results, which will also be published in a peer-reviewed journal and presented at a medical meeting in 2025.
ADP Employment Disappoints, US Manufacturing Sees Biggest Job Losses Since June 2023
After surging 233k higher in October (biggest jump since July 2023), expectations were for a slowdown in job additions in November to +150k. The reality was a double whammy of pain with October's surge revised down to just +184k and November's print missing expectations at +146k...
Source: Bloomberg
"While overall growth for the month was healthy, industry performance was mixed," said Nela Richardson, Chief Economist, ADP.
"Manufacturing was the weakest we've seen since spring. Financial services and leisure and hospitality were also soft."
That was the biggest manufacturing job loss since June 2023...
Source: Bloomberg
October's revision was the largest to the downside since May 2023...
Source: Bloomberg
Worse still, wage growth starting to rise again (after unions scored huge wage increases).
Job-changer wage growth rose to 7.20% YoY from 6.70%, highest since August.
Job-stayer wage growth 4.80%, highest since June; year-over-year pay gains for job-stayers edged up for the first time in 25 months
Source: Bloomberg
...of course, all that matters is Friday's made-up data for The Fed's decision next week.
GM To Take More Than $5 Billion Charge, Close Plants, As Part Of China Restructuring
This morning, General Motors announced it will take over $5 billion in noncash charges and write-downs to address its declining business in China, reflecting the challenges faced by global automakers in the world’s largest car market, according to Bloomberg and Wall Street Journal.
A company 8-K filed ahead of today's GM investor presentation said:
On December 2, 2024, the Audit Committee of the Board of Directors of the Company concluded a material impairment of the Company’s interest in SGM was required based on a determination that a material loss in value of our investments in certain of the China JVs is other than temporary in light of the finalization of a new business forecast and certain restructuring actions that SGM is finalizing that are expected to be taken to address market challenges and competitive conditions.
These charges include a $2.9 billion writedown of its joint venture with Chinese partner SAIC Motor Corp. and $2.7 billion related to restructuring costs, such as factory closures and the discontinuation of unprofitable vehicle models, follow up reporting noted.
The moves come after years of dwindling market performance. GM, which once sold over four million vehicles annually in China at its 2017 peak, has seen sales nearly halve by 2023.
Profitability has plummeted, with a $347 million loss reported in the first nine months of 2023, compared to a $2 billion profit in 2017. The downturn is largely attributed to the rise of domestic Chinese automakers like BYD, which have benefitted from government subsidies and a surge in demand for electric vehicles.
The restructuring aims to stabilize GM’s joint venture with SAIC, which produces Buicks, Chevrolets, and Cadillacs, and restore profitability without requiring additional capital investment from GM.
Recall, back in August we noted that GM was cutting jobs amidst a "larger structural overhaul" in China. At the time we noted the shift indicated GM likely wouldn't eclipse its peak sales in the country it set in 2017.
Earlier this year they announced they were reducing staff in their China-focused departments, including research and development. At the time, GM and its partner SAIC were expected to discuss potential capacity cuts.
Bloomberg wrote this summer that the overhaul marked a significant change for GM, which once made billions in the Chinese market.
Despite the writedowns, GM says it remains optimistic about the venture's future viability, though the new valuation underscores reduced expectations for earnings in the region.
CEO Of UnitedHealthcare Killed In Alleged Targeted Attack In Manhattan, Suspect At Large
Update (0955ET):
Additional details about the shooting are emerging.
* * *
NYC media outlet PIX11 News has learned that the CEO of UnitedHealthcare, the parent company of UnitedHealth Group Incorporated, was shot and killed in Midtown Manhattan, just outside the Hilton Hotel.
"Multiple sources confirm to @PIX11News that United Healthcare CEO Brian Thompson was shot and killed outside the Hilton hotel in midtown just before 7 am, where he was slated to speak at a investor meeting later today," PIX11's Dan Mannarino wrote on X.
Brian Thompson's LinkedIn profile.
NYPost reports the fatal shooting of CEO Brian Thompson,50, was a "targeted attack."
Here's more:
The CEO of UnitedHealth was fatally shot in the chest Wednesday morning outside the Hilton hotel in Midtown in what police say was a targeted attack. Brian Thompson, 50, was at the hotel at around 6:46 am when a masked man fired at the CEO and fled eastbound on 6th Avenue, police sources told The Post. Thomas was rushed to the hospital in critical condition, where he was pronounced dead, police said.
Thompson became CEO of UnitedHealthcare in 2021 after joining UnitedHealth Group in 2004. UnitedHealth Group is largest health insurance company in the US by revenue, with over $189 billion in 2024.
*Developing...
https://www.zerohedge.com/markets/ceo-unitedhealthcare-killed-alleged-targeted-attack-manhattan
Hegseth Hit Piece Debunked By Over A Dozen Current And Former Fox Employees
An anonymously sourced NBC News hit piece accusing Trump DoD pick Pete Hegseth of being frequently inebriated at Fox News has been refuted by over a dozen current and former Fox News personalities and guests, including his two cohosts.
According to NBC, two of their anonymous sources said that "on more than a dozen occasions during Hegseth’s time as a co-host of ‘Fox & Friends Weekend,’ which began in 2017, they smelled alcohol on him before he went on air," adding "“Those same two people, plus another, said that during his time there he appeared on television after they’d heard him talk about being hungover as he was getting ready or on set."
"Horseshit"
In response to the hit piece, Hegseth's co-host Will Cain - who NBC never reached out to - posted to X: "Bullshit. 100 percent bullshit. Actually…horseshit," adding in a subsequent post, "Your story is horseshit @NBCNews. Put my name on it. On the record. It’ll be your only on the record source.
"Signed, The guy who sat next to him for 8 hours every week for five years starting at 6am."
Your story is horseshit @NBCNews. Put my name on it. On the record. It’ll be your only on the record source.
— Will Cain (@willcain) December 3, 2024
Signed,
The guy who sat next to him for 8 hours every week for five years starting at 6am.
Rachel Campos Duffy, Hegseth's other cohost, also chimed in - posting on X: "The losers at @NBCNews never reached out to me either," adding "Will Cain is right – your story IS horseshit. You now have 2 people who sat next to him 8+ hours a week on the record. Will you retract or correct your story?"
The losers at @NBCNews never reached out to me either. @willcain is right - your story IS horseshit. You now have 2 people who sat next to him 8+ hours a week on the record. Will you retract or correct your story? https://t.co/s5YJsI23EV
— Rachel Campos-Duffy (@RCamposDuffy) December 4, 2024
Hegseth's mother appeared on Fox & Friends, saying that her son is "the most faithful patriot of this country ... he has fought and almost died for his country. He's a good dad, he's an amazing son and father — and that's the Pete I want people to know."
Love you mom https://t.co/6l1VW7fyag
— Pete Hegseth (@PeteHegseth) December 4, 2024
And he says Trump told him this morning to "Keep going, keep fighting."
HEGSETH to @NikolenDC
— Alan He (@alanhe) December 4, 2024
I spoke to the President elect this morning. He said keep going keep fighting. I’m behind you all the way.”
Q. So you are in this all the way?
“Why would I back down? I’ve always been a fighter. Im here for the fighters. This is personal & passionate… pic.twitter.com/HLFdfflES4
As American Greatness notes further, Duffy’s husband, former congressman Sean Duffy (R-Wis.), is Trump’s pick for Transportation Secretary. Their daughter, Evita Duffy-Alfonzo, posted her heartfelt defense of Hegseth, along with a photo of his family on X: “I stand with Pete and his beautiful family in the face of these smears,” Alfonzo wrote. “@NBCNews did not contact my mom @RCamposDuffy or @willcain for their latest anonymously sourced hit piece because it is total bs. The state and their mouthpieces in the propaganda press hate Pete because they FEAR Pete—and that’s exactly what America needs.”
Numerous Fox News employees defended the Army veteran throughout the afternoon and evening Tuesday.
Leo Terrell, a civil rights attorney and Fox News contributor, described Hegseth as a “great American” on X. “No one ask me my opinion about the great @PeteHegseth aka my friend!” Terrell wrote.
Fox News contributor Tomi Lahren also weighed in on X. “Add me also. Pete has always been the epitome of a class act and a great guy,” Lahren posted. “These attacks are shameful BS.”
Mollie Hemingway, Federalist Editor-in-Chief and Fox News contributor, wrote on X: “I can’t stand the propaganda practice of using anonymous sources to smear political opponents, as NBC does here. FWIW, I have nothing but good things to say about Pete and the anonymously sourced stories don’t match my personal experience in any way. Quite the contrary, in fact.”
Dr. Nicole Saphier, Fox’s medical news contributor, said she has regularly interacted with Hegseth on Fox and Friends and has never observed the behaviors reported by NBC.
“I have routinely sat on the couch with Pete Hegseth for 8 years,” Saphier posted on X. “Not once did I suspect he had consumed anything other than an egg sandwich and coffee before going on air.”
Fox News contributor Joey Jones called the allegations “Laughable.”
“I don’t drink. I’m disgusted by the smell of alcohol on someone’s breath,” Jones wrote on X. “I’ve never EVER seen Pete drink like that, and have never smelled alcohol on his breath at work. These hit pieces are getting laughable.”
Town Hall columnist and Fox News contributor Guy Benson also expressed his doubts about the story: “I’ve co-hosted with Pete and have never experienced anything like what was claimed in this anonymously-sourced report,” Benson wrote on X.
Lisa Boothe, another Fox News contributor who has worked closely with Hegseth, flatly stated that NBC’s allegation’s “did not happen.”
“I’ve guest co-hosted with him numerous times before,” Booth wrote. “Not once did this happen. Not once have I heard this from others. This is such a disgusting and false smear. It is wrong and malicious.”
Radio talk Show host and Fox News contributor Dan Bongino didn’t mince words: “Worked with Pete for years. This is absolute BULLSHIT,” he posted on X.
Former Fox News producer Kyle Becker posted on X that he had worked with Hegseth “numerous times” and “never got the impression he was ever drunk.”
Becker added: “No bloodshot eyes. No slurred speech. No disheveled appearance. No wobbly gait. Nothing. I’m also calling bullshit.”
Another former Fox producer, Brianna Morello said “I’ve never heard this in my life.”
“Everyone spoke highly of him and still does til this day,” Morello wrote on X. “I noticed the employees are anonymous.”
Fox News Contributor Sarah Carter said she has known Hegseth for a long time and has never observed the behavior described in the NBC report.
“I have known Pete Hegseth since we were both at The Blaze way back when and as a contributor for Fox since 2017, I have never once seen this type of reported lies or behavior.” Carter wrote on X. “He’s always been a gentleman and great guy!”
Fox News producer William Case claimed to know who NBC’s anonymous sources are, and said they’re the one’s who came into work hungover.
“I worked with Pete Hegseth for YEARS –on set, in the control room, in the newsroom, in taxis, on boats, on location. This is all LOLOL,” Case posted on X.
The F&F staff all LOVED Pete, and women of every rank thought he was just the greatest thing (oh the stories). Also:
1. I know the NBC producers anonymously quoted here and they’re 100% cowards. They’re also loaded with medications and likely functioning alcohols themselves.
2. I have photos of F&F weekend staff coming into work hungover, on the floor, by their desks. They were too drunk to notice Pete most days.
3. I don’t let problematic alcoholics hold my children.
Numerous guests who have appeared on Fox News, also vouched on the record for Hegseth, including Corey de Angelis, Senior Fellow at the American Culture Project; author Carol Roth; musician Chad Prather, TPUSA founder Charlie Kirk; TPUSA contributor Graham Allen; combat veteran and author Sean Parnell; and British media personality Piers Morgan, who said, “this relentless onslaught against Pete Hegseth is getting pathetic.” Morgan added: “Done Fox and Friends many times with him and never known Pete be anything but utterly professional on camera and a nice, respectful guy off it.”
Running a hit piece on a man that's solely based on anonymous sources is cowardly and isn't journalism.
— Breanna Morello (@BreannaMorello) December 4, 2024
I'm willing to go on the record regarding Pete Hegseth.
As a former Fox booking producer, I've never heard a negative remark about Hegseth--until now.
This is the letter I… pic.twitter.com/lFvUAceqIj
In short:
This is exactly what they are doing. pic.twitter.com/okAVq6s3wr
— Brent T Garrett 🇺🇸 (@Dawgfatherof2) December 4, 2024
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