Medicare Decision Shifts Markets…
Good Morning Wake-Up Watchlisters! While you’re still trying to save face with your family over an April Fools joke that went too far you’ll see stock futures were poised for losses on Tuesday. The big shifter came in the healthcare sector, as insurers dealt with the prospect of rate cuts happening later than expected. A key job report on Friday could serve as another big influencer in the Fed’s decision making.
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Here’s a look at the top-moving stocks this morning.
PVH Corp. (Nasdaq: PVH)
PVH is down 22.14% in premarket after its latest earnings report. Revenue was flat on the year at $2.49 billion. The company also gave full-year sales guidance that fell short of expectations. The clothing company said it expected revenue this year to decrease 6% to 7%, compared with a 2% increase last year.
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Roivant Sciences (Nasdaq: ROIV)
Roivant Sciences is up 8.34% in premarket trading after announcing positive results from its Phase 2 NEPTUNE study of brepocitinib in non-infectious uveitis, showing promising efficacy data. Its board also authorized a share repurchase program of up to $1.5 billion, including buying back the entire stake held by Sumitomo Pharma for $648 million.
Humana Inc. (NYSE: HUM)
Humana is down 8.95% premarket due to disappointment over the final Medicare Advantage rates set by US regulators for 2025, which did not increase as much as the health insurance industry had anticipated. This decision by the Biden administration marks a departure from the usual practice of rates improving from initial proposals, a trend that has been consistent for the past decade. Other health groups like CVS and United Health also dropped in premarket trading.