Market Snapshot
briefing.com
| Dow | 34587.54 | +78.60 | (0.23%) | | Nasdaq | 14233.69 | +119.61 | (0.85%) | | SP 500 | 4523.80 | +17.11 | (0.38%) | | 10-yr Note | +3/32 | 3.80 |
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| | NYSE | Adv 1664 | Dec 1292 | Vol 786 mln | | Nasdaq | Adv 2765 | Dec 1599 | Vol 4.60 bln |
Industry Watch
| Strong: Information Technology, Financials, Industrials |
| | Weak: Utilities, Health Care, Real Estate, Consumer Staples, Communication Services |
Moving the Market
--Waiting on earnings reports later in the week
--Select leadership from mega-cap stocks
--Outperformance of financial sector
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Closing Stock Market Summary
17-Jul-23 16:25 ET
Dow +76.32 at 34585.26, Nasdaq +131.25 at 14245.33, S&P +17.37 at 4524.06
[BRIEFING.COM] It was a grind today for the stock market, but that doesn't mean it was a bad session. On the contrary, it was a good day for the stock market, which saw very little challenge from sellers outside of some individual stocks and the S&P 500 hit a new 52-week high.
Leadership from select mega-cap stocks, but principally Apple (AAPL 193.99, +3.30, +1.7%), Tesla (TSLA 290.38, +9.00, +3.20), and NVIDIA (NVDA 464.61, +9.92, +2.2%), made the difference for the Dow, Nasdaq, and S&P 500. Those indices, though, still found themselves looking up at the Russell 2000 (+1.2%), which outperformed on the back of strength in its financial and semiconductor components.
There weren't any meaningful news drivers to account for today's buying interest. Rather, it was more of the same buying on weakness and forging ahead on the hopeful notion that the U.S. economy will avoid a hard landing, that the Fed is close to done raising interest rates, and that earnings growth will return in the second half of the year.
Notably, the financial sector (+1.0%) was a pocket of relative strength in front of earnings reports from Bank of America (BAC 29.40, +0.29, +1.0%), Morgan Stanley (MS 86.37, +0.59, +0.7%), and Charles Schwab (SCHW 58.64, +0.12, +0.2%) before Tuesday's open. The SPDR S&P Bank ETF (KBE) gained 1.7% and the SPDR S&P Regional Banking ETF (KRE) gained 1.7%.
Those performances were a far cry from the hit that AT&T (T 13.53, -0.97, -6.7%) and Verizon (VZ 31.46, -2.55, -7.5%) took amid concerns about potential liabilities and financial risk related to the telecom industry's historical use of lead sheathed cables. Those concerns precipitated a downgrade of AT&T to Neutral from Buy at Citigroup and triggered a wave of retail and institutional selling in both stocks. AT&T traded nearly four times its average volume while Verizon traded more than four times its average volume.
The weakness in those names, and a loss in Alphabet (GOOG 125.06, -0.64, -0.5%), was responsible for the underperformance of the communication services sector (-0.7%).
Led by Apple and its semiconductor components, the information technology sector (+1.3%), which is the market's most heavily-weighted sector, sat atop today's leaderboard. The Philadelphia Semiconductor Index jumped 2.3%, extending its gains in the afternoon when NVIDIA emerged from negative territory. Before the open, Citigroup raised its price target on NVIDIA to $520 from $420.
Microsoft (MSFT 345.73, +0.49, +0.1%) eked out a gain after the 9th Circuit Court of Appeals rejected the FTC's appeal to uphold the block on Microsoft's acquisition of Activision Blizzard (ATVI 93.21, +3.14, +3.5%). It was also reported by Bloomberg today that the UK court has put a hold on the UK's veto vote of Microsoft's acquisition of Activision Blizzard. In any case, the small gain in MSFT was another support factor for the information technology sector.
Overall, there wasn't a lot buying support in the utilities (-1.2%), real estate (-0.9%), health care (-0.4%), or consumer staples (-0.3%) sectors, which underperformed in a lightly-traded session that nonetheless had more of a risk-on look to it than not despite word that China's Q2 GDP was weaker than expected and that Russia suspended its participation in the Black Sea grain agreement.
Advancers outpaced decliners by a roughly 4-to-3 margin at the NYSE and a roughly 7-to-4 margin at the Nasdaq. The Invesco S&P 500 Equal-Weight ETF (RSP) rose 0.2%; however, the Vanguard Mega-Cap Growth ETF (MGK) gained 0.6%.
- Nasdaq Composite: +36.1% YTD
- S&P 500: +17.8% YTD
- Russell 2000: +10.8% YTD
- S&P Midcap 400: +10.7% YTD
- Dow Jones Industrial Average: +4.3% YTD
Reviewing today's economic data:
- The July Empire State Manufacturing Survey checked in at a better-than-expected 1.1 (Briefing.com consensus -8.8), although that was a deceleration from the prior month's reading of 6.6.
Looking ahead to Tuesday, market participants will receive the following economic data:
- 8:30 a.m. ET: June Retail Sales
- 9:15 a.m. ET: June Industrial Production and Capacity Utilization
- 10:00 a.m. ET: May Business Inventories; July NAHB Housing Market Index
- 4:00 p.m. ET: May Net Long-Term TIC Flows
Trading with a positive bias in front of earnings reports
17-Jul-23 15:30 ET
Dow +126.93 at 34635.87, Nasdaq +149.64 at 14263.72, S&P +23.27 at 4529.96
[BRIEFING.COM] The S&P 500 hit a new high for the session (4,532.85) a short time ago before being met with some resistance. Overall, though, there hasn't been any meaningful resistance in today's session.
The stock market has been grinding its way higher all day, riding the leadership of small-cap and mega-cap stocks and trading, it seems, with an air of confidence going into tomorrow's earnings reports.
We say that knowing that the financial sector (+1.2%) is the second best-performing sector today, behind only the information technology sector (+1.5%), and that the earnings calendar before Tuesday's open will feature results from Bank of America (BAC 29.37, +0.26, +0.9%), Morgan Stanley (MS 86.61, +0.83, +1.0%), Charles Schwab (SCHW 58.99, +0.47, +0.8%) and other financial companies.
Separately, economic data will also factor as a trading catalyst on Tuesday with the June Retail Sales and June Industrial Production reports out before the start of trading.
Market grinding its way higher
17-Jul-23 15:00 ET
Dow +78.60 at 34587.54, Nasdaq +119.61 at 14233.69, S&P +17.11 at 4523.80
[BRIEFING.COM] The grinding action continues, but it is the type of grinding action that is painful for bears to watch. One can make a case that the market and the mega-cap stocks in particular are due for a period of consolidation after their big runs, but it seems like every little dip is being bought and that the influential mega-cap stocks just won't quit.
When the mega-cap stocks are leading, little gains can mean a lot for the market. That is the case today. The Vanguard Mega-Cap Growth ETF (MGK) is up only 0.5%, yet that has been more than enough to keep the market levitating near its best levels of the day.
Volume at the NYSE is light relatively speaking when taking into account that AT&T (T 13.55, -0.95, -6.6%) and Verizon (VZ 31.40, -2.61, -7.7%) combined have accounted for approximately 57% of the 350 million shares traded. Those stocks are getting pounded on retail and institutional selling interest linked to liability concerns pertaining to their historical use of lead sheathed cables.
First Solar, Chipotle among top S&P 500 performers on Monday
17-Jul-23 14:30 ET
Dow +87.75 at 34596.69, Nasdaq +127.93 at 14242.01, S&P +19.11 at 4525.80
[BRIEFING.COM] The S&P 500 (+0.42%) is now at HoDs, breaking out of the range from the prior half hour, now up about 19 points today pushing gains to about 75 points on the month.
S&P 500 constituents First Solar (FSLR 205.95, +14.65, +7.66%), Carnival (CCL 17.85, +0.62, +3.60%), and Chipotle Mexican Grill (CMG 2113.01, +57.03, +2.77%) dot the top of the S&P. Solar stocks show gains after a report finds wind energy could produce a third of the world's energy by the end of the decade, while CMG caught some sell side tgt raises out of Oppenheimer and Morgan Stanley.
Meanwhile, casino company Las Vegas Sands (LVS 59.67, -1.27, -2.08%) is underperforming ahead of Wednesday's earnings, pressured in part by the weaker than expected GDP reading out of China.
Gold slightly lower to begin the week
17-Jul-23 14:00 ET
Dow +62.71 at 34571.65, Nasdaq +113.69 at 14227.77, S&P +15.30 at 4521.99
[BRIEFING.COM] With about two hours to go on Monday the tech-heavy Nasdaq Composite (+0.81%) continues to lead, up more than double the percentage gains in the S&P 500 (+0.34%).
Gold futures settled $6.50 lower (-0.3%) to $1,957.90/oz, peeling back a bit off last week's gains as underwhelming econ data out of China weighs on the yellow metal.
Meanwhile, the U.S. Dollar Index is up less than +0.1% to $99.92.
Market idles in front of big week of earnings and economic news
It was yet another good week last week for the stock market, but more to the point, it was another good week for the broader stock market. Every stock did not go up, but collectively, most stocks did, which was reflected in the 2.4% gain in the Invesco S&P 500 Equal-Weight ETF (RSP).
Where we sit at the end of this week will be interesting to see because this week will feature a ramp in Q2 earnings reporting, insight on the housing market, and retail sales activity in June.
For the time being, the equity futures market is idling, governed by a wait-and-see mentality, not only with respect to what the rest of the week will bring but what today will bring in terms of price action.
The S&P 500 futures are down five points and are trading 0.1% below fair value, the Nasdaq 100 futures are up nine points and are trading 0.1% above fair value, and the Dow Jones Industrial Average futures are down 78 points and are trading 0.2% below fair value.
Some reports are highlighting the Q2 GDP report out of China that was weaker than expected on a year-over-year basis as the basis for this morning's halting action in the equity futures market. We'd call that an ostensible excuse for the lack of buying interest.
Traders want to see what unfolds with market pricing this week knowing that stocks have been on a tear, riding the notion that the economy can avoid a hard landing, that the Fed is close to being done with its rate hikes, and that the guidance coming out of the earnings reporting period will substantiate analysts' expectations for renewed earnings growth in the second half of the year.
That view has translated into stretched valuations for a number of stocks and for the market cap-weighted S&P 500. Said another way, a lot of good news has been priced into stocks already, meaning the bar of earnings expectations is on the higher side even though the blended Q2 earnings growth estimate calls for a 7.5% year-over-year decline in S&P 500 earnings, according to FactSet.
We'll know more soon enough if Friday's action was a sign of things to come post-earnings news. To that end, the broader market came under selling pressure, albeit on light volume at the NYSE, despite the better-than-expected earnings results from the likes of JPMorgan Chase (JPM), Wells Fargo (WFC), and UnitedHealth (UNH).
There was little reaction in the equity futures market to the July Empire State Manufacturing Survey checking in better than expected at 1.1 (Briefing.com consensus -8.0), although that did mark a deceleration from the prior month's reading of 6.6.
The 2-yr note yield is up one basis point to 4.74% and the 10-yr note yield is down one basis point to 3.81%. The U.S. Dollar Index is up 0.1% to 100.04.
-- Patrick J. O'Hare, Briefing.com
AT&T dialing up more losses in wake of WSJ article and ensuing analyst downgrades (T)
An ugly month for AT&T (T) has become even uglier with shares down sharply yet again, reaching their lowest levels since the early 1990s. The sell-off, which now amounts to a 15% dive so far in July, hit another gear last Wednesday after the Wall Street Journal reported that AT&T and Verizon (VZ) have done little to remove toxic lead cables underground that may pose serious health risks. That article has prompted a couple notable downgrades for the stock, including a rating cut to Neutral from Buy this morning at Citigroup. The downgrade comes on the heels of JPMorgan lowering their rating on AT&T to Neutral from Overweight on Friday morning.
- According to John Malone, a senior AT&T manager who was cited in the WSJ article, the telecom giant was aware that employees who worked with the lead-sheathed cables regularly showed high amounts of metal in their blood.
- Lead exposure increases the risk of kidney issues, heart disease, and reproductive problems, but the concerns don't end there. Mr. Malone also stated in a 2010 presentation that the soil immediately surrounding these cables retained between 83-98% of the lead that was released, turning this into a potentially massive environmental hazard.
- At this point, there are many unknowns, including how widespread the problem actually is. However, the WSJ believes that there are more than 2,000 lead-covered cables crisscrossing around the country -- not all of which are AT&T's.
- For its part, AT&T is defending its practices and policies regarding its treatment of lead-covered cables, with a spokesman stating that the company has managed these outdated cables in accordance with relevant laws and regulations.
- The market, however, is betting that AT&T and VZ -- which is down by about 8% since the WSJ article -- may soon be facing a barrage of class action and government-backed lawsuits.
- In a worst-case scenario, both companies could be dragged through a multi-year litigation process that ends with billions paid out in claims and fines.
- Even if the companies ultimately aren't on the hook for a huge sum of money, the uncertainty surrounding this situation will cast an overhang on their stock -- similar to what 3M (MMM) has experienced over the past several years with its "forever chemical" lawsuits.
Making matters worse for AT&T is that its recent financial performance and growth has been subpar.
- Although the company broke a string of six consecutive quarters of yr/yr revenue declines in Q1, its top-line growth remained unimpressive at just 1.4%. Postpaid phone adds slowed considerably to 424,000 from 656,000 in Q4, while free cash flow of $1.0 bln also missed expectations.
- Perhaps the biggest issue that's kept a lid on the stock is AT&T's mountain of debt, which stood at a whopping $137.5 bln at the end of Q1. Being strapped with a heavy debt burden is not an ideal position to be in with interest rates climbing higher.
AT&T's hefty dividend with an annualized yield of about 7.7% is the best thing going for the stock, but investors may be questioning the sustainability of that rate given the company's debt load, slowing growth, and now, the possibility of mounting litigation against the company. The bottom line is that it was already difficult to make a strong bullish case for the stock before the WSJ article hit. Now, it's even more difficult to envision the stock making a meaningful recovery with this uncertainty hanging over the company.
Tesla receives another jolt after announcing initial Cybertruck production (TSLA)
Tesla (TSLA) shares have been supercharged over the past two months, surging by about 75% since mid-May, and now the stock is amped up again after the company announced that the first Cybertruck was built at its Austin, Texas facility.
- Originally planned for production in 2021, the Cybertruck has been both a source of excitement and frustration for investors as delays continually pushed the launch date out. With the finish line finally in sight -- TSLA is expecting its first deliveries in Q3 -- the long-awaited (and funny-looking) Cybertruck is poised to become its next major growth catalyst.
- During the Q2 earnings call in April, Elon Musk commented that there's a "tremendous amount of demand" for Cybertruck, which represents TSLA's first new vehicle launch since it introduced the Model Y SUV in 2020.
- However, it will take some time before it becomes a meaningful contributor on the top-line as TSLA ramps up production. In fact, if TSLA cracks the 10,000 mark for deliveries this year, that would likely be viewed as a success. For some perspective, the company is targeting total deliveries of approximately 1.8 mln for FY23.
- Furthermore, TSLA's automotive gross margin will likely be pressured due to the manufacturing inefficiencies associated with low production rates. Considering that TSLA's margins are already being squeezed from its price-cutting strategy, the prospects of another dip in margins isn't great news.
- Last quarter, automotive gross margin (excluding regulatory credits) cratered by five percentage points sequentially to about 16%.
- CFO Zachary Kirkhorn had previously stated that automotive gross margin should stay above 20% for FY23, but that seems unlikely now -- especially since TSLA just announced another set of price decreases in China.
- Market participants, though, are looking ahead to FY24 when Cybertruck production has fully ramped up and deliveries are moving the needle. The general expectation is that margins should bottom out in 2H23 before rebounding in FY24, setting the stage for strong earnings growth next year. On that note, analysts are currently forecasting EPS to grow by more than 40% in FY24, compared to a projected 16% drop this year.
There are still some key unknowns.
- For instance, the price for Cybertruck has yet to be disclosed. Musk has noted in the past that Cybertruck has some new technology and that its frame is made out stainless steel, making it expensive to produce. In an environment in which TSLA is frequently cutting prices to drive demand up, we're curious whether a higher-priced EV with an odd design will meet the high delivery expectations that are set for it.
- Earlier this morning, Ford Motor (F) reported that it lowered the price of its F-150 Lightning pickup truck by up to 17% as the EV price war heats up. Combined with the Cybertruck launch news, the price cut disclosure has sent shares of Ford sharply lower. Rivian (RIVN), which makes the R1T pickup truck, is also notably lower on rising competition concerns.
The bottom line is that the production of the first Cybertruck at the Texas facility marks an important milestone for TSLA and signals that a new growth catalyst is on the horizon. There may be some more bumps in the road as it relates to TSLA's margins, but market participants seem to be looking beyond those issues and focusing on a return to solid earnings growth in FY24.
Citigroup banks another earnings beat, but results don't measure up to peers (C)
Earnings season for the June quarter has kicked into full swing for the banking industry and the early returns show that those with heavy exposure to trading and investment banking are still underperforming their more consumer-centric counterparts, as illustrated by Citigroup's (C) disappointing Q2 results. While it doesn't come as a surprise that those two businesses continue to struggle, it's the significant impact on earnings and the lack of a meaningful recovery that's particularly discouraging.
For instance, while JPMorgan Chase (JPM) and Wells Fargo (WFC) posted yr/yr EPS growth of 58% and 69%, respectively, Citigroup's earnings fell by 39%.
- In Q2, Citigroup's Institutional Clients Group (ICG), which houses its trading and investment banking businesses, experienced a 9% yr/yr decline in revenue to $10.4 bln, representing about 54% of total revenue. As a point of comparison, JPM's Corporate and Investment Banking segment generated revenue growth of 4% and accounted for approximately 29% of total revenue.
- The drop in ICG's revenue would have been worse if not for the strength in the Treasury and Trade Solutions (TTS) unit -- a division that CEO Jane Fraser has characterized as Citigroup's "crown jewel." Bolstered by higher interest rates, TTS delivered revenue growth of 15%, partially offsetting weakness in the Markets and Banking businesses.
- Within Markets, both fixed income and equity trading revenues decreased on a yr/yr basis, slipping by 13% and 10%, respectively. Citigroup cited the uncertainty surrounding the debt ceiling as a key headwind during the quarter, stating that clients "stood on the sidelines" beginning in April as the situation played out.
- It's also worth noting that the company lapped a challenging yr/yr comparison as fixed income trading revenue jumped by 31% in the year-earlier quarter.
- While the investment banking industry still hasn't fully turned a corner -- especially in the IPO market -- it seems that Citigroup also lost some ground to its peers in Q2. The company's banking revenue dropped by 22% (excluding losses on loan hedges), while JPM reported a 6% decline in investment banking fees. Meanwhile, WFC posted a 40% jump in investment banking revenue, although that's off a small base of just $222 mln in revenue in the year-ago quarter.
On the consumer side of the business, Citigroup performed much better, aided by higher interest rates that pushed net interest income higher, and healthy loan growth across U.S. Personal banking.
- More specifically, net interest income in the Personal Banking and Wealth Management segment grew by 7% yr/yr to nearly $6.0 bln, while average loan balances in U.S. Personal banking were higher by 13% to $167 mln.
- Branded cards was another source of strength with revenue climbing by 8% due to higher net interest income as rates increased.
- One area of concern, though, is that net credit losses on loans shot higher by 78% yr/yr to $1.2 bln, reflecting the impact that higher interest rates have on the ability for some consumers to make loan payments on time.
Citigroup edged past Q2 EPS estimates, reaffirmed its FY23 EPS guidance, and nudged its net interest income guidance higher to slightly above $46 bln, but its results underperformed relative to JPM and WFC as its investment banking and trading businesses weighed it down. The weakness in those two areas doesn't bode well for Morgan Stanley (MS) and Goldman Sachs (GS), which are slated to report earnings on July 18 and July 19, respectively.
JPMorgan Chase eases investor fears with another large EPS beat, was generally positive on 2H (JPM)
JPMorgan Chase (JPM +0.4%) is modestly higher after it reported huge EPS upside this morning. JPM has now posted three consecutive EPS beats of $0.40 or more. JPM also eased concerns with its comments about the 2H23 macro picture.
- In its Consumer & Community Banking (CCB) segment, revenue rose a healthy 37% yr/yr to $17.23 bln. New checking account production was very strong, while card loans were up 18%. Banking & Wealth Mgmt was the standout with revenue surging 68% yr/yr to $10.94 bln, driven by higher deposit margins on lower balances. Home Lending revenue was $1.0 bln, up 1%, or down 23% excluding First Republic, driven by lower net interest income from tighter loan spreads. Card Services & Auto revenue rose 5% yr/yr to $5.3 bln, driven by higher revolving balances.
- In the Corporate & Investment Bank (CIB) segment, revenue was up a modest 4% yr/yr at $12.52 bln. Markets revenue was down 10% to $7.0 bln. Investment Banking fees were down 6%, driven by lower advisory fees. Payments revenue was $2.5 billion, up 61%, predominantly driven by higher rates. Commercial Banking (CB) revs jumped 49% yr/yr to $3.99 bln while Asset & Wealth Mgmt (AWM) revs rose 15% to $4.94 bln. As you can see, most segments performed pretty well.
- The provision for credit losses was $2.9 bln, up from $2.28 bln in Q1. Excluding First Republic, the provision was $1.7 bln, reflecting net chargeoffs of $1.4 bln and a net reserve build of $326 mln. We think investors are pleased with these numbers.
- JPM says the US economy continues to be resilient. Consumer balance sheets remain healthy, and consumers are spending, albeit a little more slowly. Labor markets have softened somewhat, but job growth remains strong. However, there were some notes of caution. Specifically, JPM says consumers are slowly using up their cash buffers, core inflation has been stubbornly high, fiscal deficits are large, and the war in Ukraine continues.
- Quickly on the First Republic transaction, JPM said it worked around the clock to onboard an unprecedented number of new First Republic clients across all lines of business as a result of the recent banking turmoil. Also, the systems integration is on pace and JPM is targeting being substantially complete by mid-2024. First Republic employees formally joined on July 2 and JPM is pleased to have had very high acceptance rates on its offers.
Overall, investors are very happy with JPM's robust Q2 results. Consumer banking and commercial banking were both notably strong and even investment banking seems like it is finally starting to stabilize. We think the huge EPS and revenue beat coupled with a sequential decrease in PCL (ex-First Republic) is easing investor concerns. We also think investors were glad that JPM was generally positive on the consumer and the US economy generally as we enter 2H23.
JPM did caution about some macro concerns, but this language was generally similar to past comments. All in all, this was a very good quarter for JPM and eased investor fears. This report, coupled with several other bank earnings beats this morning, bodes well for other banks set to report early next week.
UnitedHealth's beat-and-raise report the right prescription for an ailing stock (UNH)
One month ago today, UnitedHealth (UNH) warned that its medical care ratio, the percentage of premiums used to cover claims, was trending above the high end of its FY23 guidance range of 82.1-83.1%, spurring a sell-off that sent shares to new 52-week lows. Heading into last night's earnings report, the main concern was that an upswing in deferred care, particularly for UNH's Medicare Advantage business, may have pushed the medical ratio even higher, pressuring Q2 earnings and its FY23 outlook. As it turns out, though, UNH's costs were better-than-feared while revenue grew by nearly 16% yr/yr -- its strongest growth in over five years -- leading to a solid beat-and-raise performance.
- In Q2, UNH's medical care ratio came in at 83.2% compared to 82.2% last quarter and 81.5% in the year-earlier period. Although the ratio ticked higher, the increase was in line with analysts' expectations, providing a sigh of relief for investors.
- There are a couple factors that are pushing the medical ratio higher, but the main driver is that many people who postponed elective procedures during the pandemic are now taking care of those operations. This is especially true for those in the retirement age bracket.
- Additionally, in the wake of the pandemic, many people are seeking help for mental and emotional health issues, adding to health insurers' claims expenses.
- The good news for UNH is that this unwinding of pent-up demand for care is primarily occurring on the outpatient side, which carries lower costs compared to inpatient. However, the magnitude of the volume increase for procedures is still enough to drive UNH's medical care ratio higher.
While most of the attention is centering on UNH's costs, the company's top-line growth certainly warrants some recognition.
- Growth was well-balanced across UNH's segments as the total number of members with health coverage increased by over 1.1 mln on a year-to-date basis.
- A standout was the Optum business, which saw a 25% increase in revenue to $56.3 bln. For some quick background, Optum has three core offerings -- OptumRx, OptumHealth, and OptumInsight -- focusing on data/analytics, pharmacy care services and healthcare delivery.
- Optum's overall operating margin did slip by 70 bps yr/yr to 6.6% as UNH ramped up investments in services provided, but the segment's earnings from operations still grew by 12% yr/yr to $3.7 bln.
UNH delivered solid Q2 results and healthy EPS growth of 10%, while nudging the low end of its FY23 EPS guidance range higher to $24.70-$25.00 from $24.50-$25.00. The main takeaway is that the earnings report and outlook eased fears that medical care costs would keep trending higher, further cutting into UNH's margins and earnings.
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