Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits. The company operates in the pharmacy services business; and markets and offers pharmacy services, including pharmacy benefit management, as well as home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database, and member services. In addition, it provides healthcare-related services and capabilities, including utilization management, behavioral health, integrated care delivery, palliative care, payment integrity services, subrogation services, and health and wellness programs, as well as services related to data management, information technology, and business operations. Further, the company is involved in the National Government Services business. The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brand names. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance Health, Inc. was incorporated in 2001 and is headquartered in Indianapolis, Indiana.

Elevance Health, Inc.

Средний индекс, значительно упал. Быки в растерянности.

Medium index, significantly down. The bulls are confused.

Средний индекс, без изменений. Рынок не поддерживает быков.

Medium index, flat. The market does not support the bulls.

Слабый индекс, незначительно вырос

Humana Inc. HUM reported second-quarter 2026 adjusted earnings of $7.61 per share, which beat the Zacks Consensus Estimate by 22.4%. The bottom line rose 21.4% year over year.
Adjusted revenues improved 26.2% year over year to $40.9 billion. The top line surpassed the consensus mark by 0.6%.
The strong quarterly results benefited on the back of premium gains and a robust performance from the CenterWell segment, which saw a revenue jump supported by its primary care business. A rise in overall medical membership also contributed to the upside. However, the upside was partly offset by escalating operating expenses and a deteriorating benefit ratio.
Humana Inc. Price, Consensus and EPS Surprise
HUM’s Q2 Operational Update
Humana’s premiums totaled $38.8 billion, which advanced 26.4% year over year, and surpassed the Zacks Consensus Estimate of $38.6 billion and our estimate of $38.1 billion. Services revenues rose 27.1% year over year to $1.8 billion, beating the consensus mark of $1.7 billion. Investment income of $253 million fell 7% year over year in the quarter under review. However, the metric beat the consensus mark of $235.3 million and our estimate of $241.9 million.
The benefit ratio came in at 91.1%, which deteriorated 140 basis points (bps) year over year. Total operating expenses increased 26.3% year over year to $39.5 billion, higher than our estimate of $38.9 billion. The year-over-year increase was due to higher benefits and operating costs. The adjusted operating cost ratio of 9.7% improved 120 bps year over year.
HUM’s net income increased 27.6% year over year to $693 million but beat our estimate of $562.1 million.
Q2 Segmental Update of HUM
Insurance
The segment’s revenues rose 25.9% year over year to $39.1 billion in the second quarter on the back of improved per-member premiums derived from HUM’s Medicare and stand-alone PDP businesses, supported by improved Medicare Advantage benchmark funding from the Centers for Medicare and Medicaid Services and a higher Part D direct subsidy tied to the IRA.
Adjusted operating income grew 7% year over year to $824 million. The benefit ratio deteriorated 130 bps year over year to 91.2%. The operating cost ratio of 7.1% improved 120 bps year over year.
Total medical membership of the segment was 17.9 million as of June 30, 2026, which rose 20.7% year over year. The metric beat the Zacks Consensus Estimate of 17.5 million and our estimate of 17 million.
CenterWell
The unit recorded revenues of $6.8 billion in the quarter under review, which improved 22.6% year over year and surpassed the Zacks Consensus Estimate of $6.3 billion. The metric benefited from higher revenues stemming from the company’s primary care business.
Adjusted operating income rose 27.2% year over year to $514 million. The operating cost ratio of 92.4% improved 30 bps year over year, driven by the ongoing maturation of the v28 risk model update within the company’s primary care business and its cost-cutting and transformation strategy.
Humana’s Financial Update (As of June 30, 2026)
Humana exited the second quarter with cash and cash equivalents of $6.9 billion, which rose 64.1% from the 2025-end level. Total assets of $57.2 billion increased 16.9% from the figure at 2025-end.
Long-term debt amounted to $12 billion, down 3.2% from the figure as of Dec. 31, 2025. Debt to capitalization deteriorated 200 bps year over year to 42.7% at the second-quarter end.
Total stockholders’ equity of $19.3 billion advanced 8.8% from the 2025-end figure.
HUM generated net cash from operations of $3.2 billion in the first half of 2026, which more than doubled year over year.
HUM’s Capital Deployment Update
Humana bought back shares worth $108 million in the first half of 2026. It also paid dividends of $214 million during the same period.
2026 View by HUM
Revenues are still projected to be a minimum of $160 billion, which implies a 23.4% increase from the 2025 reported figure. The Insurance segment’s revenues are expected to continue to be forecasted at a minimum of $155 billion. Revenues of the CenterWell segment are still expected to be at a minimum of $25 billion.
Adjusted EPS is still projected to be at least $9, which indicates a 47.5% decline from the 2025 figure. GAAP EPS is now projected to be at least $6.52, down from the previously expected guidance of at least $8.36.
Management still anticipates Individual Medicare Advantage membership to witness growth of around 25% in 2026. Group Medicare Advantage membership is still expected to record an increase of roughly 150,000.
Membership from the Individual Medicare stand-alone PDP is still expected to increase around 1,000,000 this year. State-based contracts are still anticipated to witness membership growth within 25,000-100,000.
The GAAP benefit ratio for the Insurance segment is still likely to be 92.75%, with a variability margin of plus or minus 25 basis points. The GAAP consolidated adjusted operating cost ratio is still expected to be at 10%, with a variability margin of plus or minus 25 basis points.
GAAP cash flow from operations is still estimated within $2.5-$2.9 billion. Meanwhile, capital expenditures are still projected to be roughly $650 million. The adjusted effective tax rate is expected to be around 25.5%, while the weighted average share count is anticipated at around 121 million.
HUM’s Zacks Rank
HUM currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
How Did Peers Perform?
Here are some stocks from the broader Medical space that have also reported their quarterly results: Tenet Healthcare Corporation THC, Elevance Health, Inc. ELV and UnitedHealth Group Incorporated UNH. Here's how they have performed:
Tenet Healthcare reported second-quarter 2026 adjusted earnings per share of $6.12, which surpassed the Zacks Consensus Estimate by 50%. The bottom line increased 52.2% year over year. THC’s net operating revenues advanced 6.8% year over year to $5.63 billion. The quarterly results were driven by strong same-facility revenue growth, higher patient acuity, disciplined expense management and higher Medicaid supplemental revenues. However, the gains were partly offset by an unfavorable payer mix due to lower exchange admissions.
Elevance Health reported second-quarter 2026 adjusted earnings per share of $7.45, which surpassed the Zacks Consensus Estimate by 20.6%. However, the bottom line declined 15.7% year over year. Operating revenues advanced 0.8% year over year to $49.8 billion. ELV’s quarterly results were primarily driven by higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. The gains were partly offset by a decline in overall medical membership and higher operating expenses.
UnitedHealth Group reported second-quarter 2026 adjusted earnings per share of $6.38, which beat the Zacks Consensus Estimate of $4.94. The bottom line rose 56.4% year over year. Revenues rose 0.4% year over year to $112 billion. UNH’s strong quarterly results were aided by growth in commercial fee-based membership and the strength in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weaker performance at Optum Health and Optum Rx, along with declining risk-based membership, partially offset these gains.
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Humana Q2 Earnings Beat Estimates on Medical Membership Growth

Centene Corporation CNC reported second-quarter 2026 adjusted earnings per share (EPS) of $2.51, which surpassed the Zacks Consensus Estimate of 89 cents. Moreover, the bottom line climbed from a loss of 16 cents per share a year ago.
Revenues totaled $53.6 billion, which rose 9.9% year over year. The top line beat the consensus mark by 12.7%.
The strong quarterly results benefited from strong premium and services revenues in Medicaid and Medicare businesses, fueled by increased premium yield, expanding membership in the Prescription Drug Plan (PDP) business and rate hikes in Marketplace and Medicaid businesses. However, the upside was partly offset by a decline in total membership and an increase in medical costs.
Centene Corporation Price, Consensus and EPS Surprise
Quarterly Operational Update of CNC
Revenues from Medicare advanced 17% year over year to $11.1 billion, and Medicaid revenues of $22.8 billion rose 5% in the quarter under review. Meanwhile, commercial revenues came in at $9.4 billion, down 7% year over year.
Centene's premium of $43.6 billion grew 4.4% year over year on the back of higher premiums yield, increased membership in the PDP business and strength in the Medicaid and Marketplace rate hikes. The metric beat the Zacks Consensus Estimate of $42.5 billion.
Service revenues rose 9.1% year over year to $793 million in the second quarter and surpassed the consensus mark of $723 million. Investment and other income of $435 million improved 17.3% year over year and topped the Zacks Consensus Estimate of $359 million.
Total membership was 25.9 million as of June 30, 2026, which decreased 7.6% year over year due to membership declines in the Medicaid, Marketplace and Medicare businesses. However, the metric marginally beat the consensus mark.
Centene’s health benefits ratio improved 340 basis points year over year to 89.6% in the quarter under review. Operating expenses totaled $52.4 billion, which increased 6.5% year over year due to higher medical costs, selling, general and administrative expenses, cost of services and premium tax expense. Medical costs escalated 0.6% year over year.
Adjusted net earnings were recorded at $1.2 billion against the year-ago loss of $79 million.
CNC’s Q2 Financial Update (As of June 30, 2026)
Centene exited the second quarter with cash and cash equivalents of $24.2 billion, which rose 35% from the 2025-end level. Total assets of $83 billion grew 8.2% from the figure at 2025-end.
Long-term debt amounted to $16 billion, down 7.6% from the figure as of Dec. 31, 2025. The current portion of long-term debt totaled $75 million.
Total stockholders’ equity of $22.6 billion increased 13% from the 2025-end figure.
Centene generated $8 billion of net cash from operations in the first half of 2026, which increased from the prior-year comparable period’s $3.3 billion.
CNC’s Revised 2026 Guidance
Management now expects premium and service revenues within the band of $173-$177 billion for 2026, up from the previous guidance range of $171-$175 billion. The midpoint of which indicates growth of 0.2% from the 2025 reported figure.
Revenues are now estimated between $193.5 billion and $197.5 billion, up from the previously projected band of $187.5 billion-$191.5 billion, the midpoint of which implies a 0.4% increase from the 2025 figure.
Adjusted EPS is now expected to be greater than $4.80, higher than the previously projected figure of $3.40, which indicates a surge of more than 130.8% from the 2025 figure. GAAP EPS is now forecasted to remain greater than $3.11.
Health benefits ratio is now estimated to be in the band of 90.5-91.3% for 2026, while the adjusted SG&A expense ratio is now anticipated to be 6.9-7.5%. The adjusted effective tax rate is now expected to be in the range of 25.5-26.5%.
Shares outstanding are now projected to be between 497 million and 500 million.
CNC’s Zacks Rank
CNC currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Peers Perform?
Here are some stocks from the broader Medical space that have also reported their quarterly results: Tenet Healthcare Corporation THC, Elevance Health, Inc. ELV and UnitedHealth Group Incorporated UNH. Here's how they have performed:
Tenet Healthcare reported second-quarter 2026 adjusted earnings per share of $6.12, which surpassed the Zacks Consensus Estimate by 50%. The bottom line increased 52.2% year over year. THC’s net operating revenues advanced 6.8% year over year to $5.63 billion. The quarterly results were driven by strong same-facility revenue growth, higher patient acuity, disciplined expense management and higher Medicaid supplemental revenues. However, the gains were partly offset by an unfavorable payer mix due to lower exchange admissions.
Elevance Health reported second-quarter 2026 adjusted earnings per share of $7.45, which surpassed the Zacks Consensus Estimate by 20.6%. However, the bottom line declined 15.7% year over year. Operating revenues advanced 0.8% year over year to $49.8 billion. ELV’s quarterly results were primarily driven by higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. The gains were partly offset by a decline in overall medical membership and higher operating expenses.
UnitedHealth Group reported second-quarter 2026 adjusted earnings per share of $6.38, which beat the Zacks Consensus Estimate of $4.94. The bottom line rose 56.4% year over year. Revenues rose 0.4% year over year to $112 billion. UNH’s strong quarterly results were aided by growth in commercial fee-based membership and the strength in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weaker performance at Optum Health and Optum Rx, along with declining risk-based membership, partially offset these gains.
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Centene Q2 Earnings Beat Estimates on Increasing Premiums

Tenet Healthcare Corporation THC reported second-quarter 2026 adjusted earnings per share (EPS) of $6.12, which surpassed the Zacks Consensus Estimate by 50%. The bottom line increased 52.2% year over year.
Net operating revenues advanced 6.8% year over year to $5.63 billion. The top line surpassed the consensus mark by 4.4%.
The strong quarterly results were driven by strong same-facility revenue growth, higher patient acuity, disciplined expense management and higher Medicaid supplemental revenues. However, the gains were partly offset by an unfavorable payer mix due to lower exchange admissions.
Tenet Healthcare Corporation Price, Consensus and EPS Surprise
Inside THC’s Q2 Performance
Adjusted net income of $514 million climbed 39.3% year over year.
Adjusted EBITDA rose 16.3% year over year to $1.3 billion, supported by strong same-facility revenue growth and disciplined expense management despite an unfavorable payer mix stemming from lower exchange admissions. The figure also exceeded our estimate of $1.1 billion. Adjusted EBITDA margin improved 190 basis points year over year to 23.2%.
Salaries, wages and benefits increased 3.3% year over year to $2.2 billion in the second quarter, while supply costs rose 5.6% and net other operating expenses increased 4.9%.
Q2 Segmental Details
Ambulatory Care: The segment’s net operating revenues climbed 9.3% year over year to $1.4 billion in the quarter, driven by strong growth in consolidated same-facility net patient service revenues, contributions from facility acquisitions and an expansion of service lines. The metric topped our estimate by 1.4%.
Adjusted EBITDA was $542 million, which advanced 8.8% year over year. The metric topped our estimate by 6.6%. Adjusted EBITDA margin contracted 20 basis points year over year to 39.0%.
Hospital Operations and Services: The segment recorded net operating revenues of $4.2 billion, which increased 6% year over year, driven by higher adjusted admissions and increased acuity, partly offset by an unfavorable payer mix. The metric beat our model estimate by 5%.
Adjusted EBITDA rose 22.3% year over year to $762 million in the quarter, driven by strong same-facility revenue growth, disciplined expense management and higher Medicaid supplemental revenues. Adjusted EBITDA margin improved 240 basis points year over year to 18.0%.
THC’s Q2 Financial Update
Tenet Healthcare exited the second quarter with cash and cash equivalents of $2.2 billion, which declined from the 2025-end level of $2.9 billion. Total assets of $30.7 billion rose from the 2025-end figure of $29.7 billion.
Long-term debt, net of the current portion, amounted to $13.1 billion, down marginally from the level as of Dec. 31, 2025. The current portion of long-term debt totaled $160 million.
Total shareholders’ equity of $4.7 billion increased from the 2025-end level of $4.2 billion.
THC generated $585 million of net cash from operations, down 37.5% year over year. Free cash flows decreased 43.9% year over year to $417 million in the quarter.
THC’s Share Repurchase Update
THC repurchased 5.7 million common shares for approximately $1 billion in the second quarter of 2026. The board of directors authorized a $2 billion increase to the company's share repurchase program. As of July 23, 2026, it had approximately $2.1 billion remaining under its share repurchase authorization.
THC Raises 2026 Outlook
Net operating revenues are projected to be in the range of $21.9-$22.5 billion, up from the prior guidance of $21.5-$22.3 billion and $21.3 billion reported in 2025. Hospital segment revenues are expected to be in the band of $16.4-$16.8 billion, up from the previous outlook of $16.0-$16.6 billion. The Ambulatory Care segment's revenue guidance remains unchanged at $5.5-$5.7 billion.
Adjusted EBITDA is now expected to be between $4.83 billion and $5.03 billion, up from the prior guidance of $4.485-$4.785 billion and $4.566 billion reported in 2025. The company also raised its adjusted EBITDA margin outlook to 22.1-22.4% from the previous 20.9-21.5%. At the midpoint, the revised guidance implies an improvement over the 2025 margin of 21.4%. Adjusted EPS for 2026 is now anticipated to be in the range of $20.30-$21.69, up from the earlier guidance of $16.38-$18.68.
Net cash provided by operating activities is now expected to be between $3.84 billion and $4.29 billion, while free cash flow is projected to be in the range of $3.14-$3.49 billion. Capital expenditures are estimated to remain between $700 million and $800 million.
Tenet Healthcare currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Other Medical Companies Perform?
Here are some stocks from the broader Medical space that have also reported their quarterly results: HCA Healthcare, Inc. HCA, Elevance Health, Inc. ELV and UnitedHealth Group Incorporated UNH. Here's how they performed:
HCA Healthcare reported second-quarter 2026 adjusted earnings per share of $7.59, which beat the Zacks Consensus Estimate of $7.57. The bottom line advanced 11% year over year. Revenues rose 8.7% year over year to $20.2 billion. The top line was in line with the Zacks Consensus Estimate. HCA’s quarterly results benefited from increased same-facility admissions, solid revenue per equivalent admission and strong emergency room visit growth. However, declining inpatient and outpatient surgeries, along with elevated operating expenses, partially offset these positives.
Elevance Health reported second-quarter 2026 adjusted earnings per share of $7.45, which surpassed the Zacks Consensus Estimate by 20.6%. However, the bottom line declined 15.7% year over year. Operating revenues advanced 0.8% year over year to $49.8 billion. The top line beat the consensus mark by 2.9%. ELV’s quarterly results were primarily driven by higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. The gains were partly offset by a decline in overall medical membership and higher operating expenses.
UnitedHealth Group reported second-quarter 2026 adjusted earnings per share of $6.38, which beat the Zacks Consensus Estimate of $4.94. The bottom line rose 56.4% year over year. Revenues rose 0.4% year over year to $112 billion. The top line beat the consensus mark by 1.7%. UNH’s strong quarterly results were aided by growth in commercial fee-based membership and the strength witnessed in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weaker performance at Optum Health and Optum Rx, along with declining risk-based membership, partially offset these gains.
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HCA Healthcare, Inc. (HCA) : Free Stock Analysis Report
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Tenet Healthcare Tops Q2 Earnings Estimates, Raises 2026 Outlook

Humana Inc. HUM is set to report second-quarter 2026 results on July 29, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at $6.22 per share on revenues of $40.65 billion.
The second-quarter earnings estimate has witnessed three upward revisions and no movement in the opposite direction over the past 60 days. However, the bottom-line projection indicates a year-over-year decrease of 0.8%. Yet, the Zacks Consensus Estimate for quarterly revenues implies year-over-year growth of 25.5%.
For full-year 2026, the Zacks Consensus Estimate for Humana’s revenues is pegged at $162.60 billion, implying a rise of 25.3% year over year. However, the consensus mark for current-year EPS is pegged at $9.25, implying a plunge of around 46% on a year-over-year basis.
HUM’s earnings beat the consensus estimate in three of the trailing four quarters and missed once, with the average surprise being 3.8%.
Humana Inc. Price and EPS Surprise
Q2 Earnings Whispers for HUM
Our proven model predicts a likely earnings beat for the company this time around as well. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is precisely the case here.
Humana has an Earnings ESP of +1.71% and a Zacks Rank #1. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
You can see the complete list of today’s Zacks #1 Rank stocks here.
What’s Shaping HUM’s Q2 Results?
The Zacks Consensus Estimate for HUM’s second-quarter premiums indicates a 25.6% increase from the prior-year quarter’s reported figure, whereas our model predicts 24% growth. We expect total Medicare to witness 26.6% growth in the quarter under review. Similarly, the consensus mark for service revenues signals a 22.3% increase from a year ago, whereas our model predicts a nearly 16% jump.
Also, the Zacks Consensus Estimate for insurance membership predicts a 18.2% year-over-year growth, whereas specialty membership is expected to rise 3.7%.
The Zacks Consensus Estimate for operating income from the Insurance unit indicates 10.2% growth from a year ago. The same for the CenterWell unit predicts a 12.8% growth from the year-ago level. The above-mentioned factors are expected to have positioned the company for an earnings beat in the second quarter.
However, the consensus estimate indicates that Humana’s investment income will see a 13.5% drop from the year-ago level. We expect total operating costs to increase 24.4% in the second quarter, bringing the figure above $38.9 billion. This is likely to have led to a year-over-year decline in the bottom line.
The consensus mark for insurance benefits expense ratio is pegged at 91.3% for the to-be-reported quarter, deteriorating from 89.9% a year ago. These are likely to have partially offset the positives.
How Did Peers Perform?
Several healthcare companies, including UnitedHealth Group Incorporated UNH, Molina Healthcare, Inc. MOH and Elevance Health, Inc. ELV, have already reported their financial results for the June quarter of 2026. Here’s how they performed:
UnitedHealth reported second-quarter 2026 adjusted EPS of $6.38, which beat the Zacks Consensus Estimate of $4.94. The bottom line rose 56.4% year over year. Its strong quarterly results were aided by growth in commercial fee-based membership and the strength witnessed in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weakness in UNH’s Optum Health, Optum Rx and declining risk-based membership partially offset the positives.
Molina reported second-quarter 2026 adjusted EPS of $1.51, which beat the Zacks Consensus Estimate by 10.2%. But the bottom line declined 72.4% from the year-ago period's level. MOH’s earnings benefited from lower operating expenses. However, lower premium revenues, declining membership, and weaker investment income weighed on its performance.
Elevance reported second-quarter 2026 adjusted EPS of $7.45, which surpassed the Zacks Consensus Estimate by 20.6%. However, the bottom line declined 15.7% year over year.The quarterly results were primarily driven by higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. The upside was partly offset by a decline in ELV’s overall medical membership and an elevated expense level.
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Can Humana Beat Q2 Earnings Estimates on Growing Premiums?

Thermo Fisher Scientific TMO delivered second-quarter 2026 adjusted earnings of $6.03 per share, up 13% year over year. The figure beat the Zacks Consensus Estimate by 5.6%.
Revenues rose 10% to $11.99 billion and surpassed the consensus mark by 2.67%. Results were supported by 5% organic revenue growth, while customer activity strengthened across the company’s end markets.
Following the earnings announcement, TMO stock rose 4.4% in pre-market trading today.
TMO's Segmental Growth Broadens
Life Sciences Solutions revenues increased 12.6% year over year to $2.82 billion. Segment income rose to $1.04 billion from $919 million, while the segment income margin expanded 20 basis points to 37%.
Laboratory Products and Biopharma Services remained the largest business, with revenues climbing 11.6% to $6.69 billion. Segment income increased to $936 million from $825 million, and margin improved to 14% from 13.8%. The segment accounted for 55.8% of consolidated revenues before eliminations.
Thermo Fisher Scientific Inc. Price, Consensus and EPS Surprise
Analytical Instruments revenues advanced 6.9% to $1.85 billion. Segment income jumped to $424 million from $325 million, driving margin expansion to 23% from 18.8%. The improvement made this segment the strongest margin gainer in the quarter.
Specialty Diagnostics revenues grew 6.3% to $1.21 billion. Segment income reached $334 million compared with $306 million a year earlier, while margin increased to 27.7% from 27%. Together, the two smaller segments added growth without diluting overall operating profitability.
TMO Expands Operating Leverage
Adjusted operating income increased 15% year over year to $2.74 billion. The adjusted operating margin widened 90 basis points (bps) to 22.8%, reflecting stronger profitability across all four business segments.
On a GAAP basis, operating income rose 14% to $2.09 billion, while the operating margin improved 50 bps year over year. The cost of revenues was $7.05 billion, selling, general and administrative expenses were $1.91 billion, and research and development spending totaled $364 million.
Thermo Fisher’s Cash Deployment Reflects Strategic Moves
Thermo Fisher ended the second quarter with cash and cash equivalents of $4.06 billion compared with $3.25 billion at the end of the first quarter.
Cumulative net cash provided by operating activities came to $3.32 billion, compared with $2.12 billion in the year-ago period.
The company repurchased $1 billion of stock during the quarter and announced the divestiture of its microbiology business. For the first six months of 2026, acquisitions net of cash acquired totaled $8.87 billion, share repurchases reached $4 billion, and dividends paid amounted to $337 million.
Thermo Fisher Deepens Customer Partnerships
Thermo Fisher opened its flagship U.S. Bioprocess Design Center in Plainville, MA. The site expands its network of collaborative innovation hubs intended to help pharma and biotech customers accelerate drug development and optimize manufacturing.
The company also announced a collaboration with Precision Health Research, Singapore, to support the PRECISE-SG100K population health study. The project will use Thermo Fisher's integrated proteomics capabilities, including Olink technology and the Orbitrap Astral mass spectrometry system.
Our Take
Thermo Fisher ended the second quarter with both earnings and revenues beating respective estimates. Performance reflected the strength of the company’s proven growth strategy, strong execution and the power of the PPI Business System. Expansion of the adjusted operating margin in the quarter is also very promising.
During the quarter, Thermo Fisher launched a range of high-impact, innovative new products, including the next-generation Orbitrap mass spectrometry platforms with AI-driven analytics. It also introduced the Applied Biosystems PowerFlex Thermal Cycler to improve workflow flexibility, speed and reproducibility in molecular biology laboratories.
TMO’s Zacks Rank and Key Picks
Thermo Fisher currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Intuitive Surgical ISRG, Danaher DHR and Elevance Health ELV.
Intuitive Surgical, carrying a Zacks Rank #2 (Buy), reported second-quarter 2026 adjusted EPS of $2.80, which surpassed the Zacks Consensus Estimate by 12.9%. Revenues of $2.89 billion beat the Zacks Consensus Estimate by 3.1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ISRG has an earnings yield of 3.1% compared to the industry’s negative 3% yield. The company beat earnings estimates in each of the trailing four quarters, the average surprise being 16.53%.
Danaher, carrying a Zacks Rank #2 at present, posted second-quarter 2026 adjusted EPS of $1.94, exceeding the Zacks Consensus Estimate by 5.44%. Revenues of $6.27 billion topped the Zacks Consensus Estimate by 2.88%.
DHR has an earnings yield of 4.7% compared to the industry’s 4.1% yield. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 5.65%.
Elevance Health, carrying a Zacks Rank #2 at present, posted second-quarter 2026 adjusted EPS of $7.45, exceeding the Zacks Consensus Estimate by 20.6%. Revenues of $49.8 billion outperformed the consensus mark by 0.8%.
ELV has an earnings yield of 6.9% compared to the industry’s 4.1% yield. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 5.65%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

TMO Q2 Earnings & Revenues Top Estimates, Stock Up in Pre-Market

As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Elevance Health, a filing with the SEC revealed that on Friday, CEO Gail Boudreaux purchased 2,725 shares of ELV, for a cost of $367.79 each, for a total investment of $1.00M. So far Boudreaux is in the green, up about 5.7% on their buy based on today's trading high of $388.60. Elevance Health is trading up about 2.8% on the day Monday.
And on Thursday, Homer John Livingston III purchased $494,967 worth of FuelCell Energy, purchasing 26,343 shares at a cost of $18.79 a piece. FuelCell Energy is trading up about 4% on the day Monday. So far Livingston III is in the green, up about 6.7% on their purchase based on today's trading high of $20.05.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Monday 7/20 Insider Buying Report: ELV, FCEL

Key Points
The purchase of 1,000 shares at $366.05 per share represents a total capital commitment of $366,050.
This transaction increased the director's total direct equity position by 10% relative to his pre-trade holdings.
The acquisition was completed directly, bringing his total direct ownership to 10,908 shares with no indirect holdings reported.
The trade occurred at $366.05 per share, as the stock had delivered a 22% one-year return as of July 17, 2026.
Ramiro G. Peru, Chairman of the Board of Directors at Elevance Health, Inc. (NYSE:ELV), purchased 1,000 shares of common stock on July 17, 2026. SEC Form 4 filing.
Transaction summary
Transaction value
$366,050
Shares purchased
1,000
Post-transaction shares (directly held)
10,908
Post-transaction value
~$4.03 million
Transaction value based on SEC Form 4 weighted average purchase price ($366.05); post-transaction value based on July 17, 2026 market close ($369.16).
Key questions
How does this purchase affect the director's total equity position?
The acquisition of 1,000 shares increases Ramiro G. Peru's direct equity holdings from 9,908 shares to 10,908 shares, reflecting a 10% expansion of his stake in the company.
What is the current market valuation of the director's holdings?
Following this transaction, the total direct position is valued at ~$4.03 million based on the July 17, 2026 market close of $369.16.
What was the share price context at the time of the transaction?
The purchase was executed at $366.05 per share, while the common stock was priced at $372.85 as of the July 16, 2026 market close, having generated a 22% return over the preceding year as of the transaction date.
What is the broader context of insider ownership at Elevance Health?
Following this acquisition, the total beneficial ownership for the reporting director is 10,908 shares, which is an insignificant ownership level of the firm.
Company Overview
Share Price (as of market close 2026-07-16)
$372.85
Market Capitalization
$80.0 billion
Revenue (TTM)
$201.1 billion
Net Income (TTM)
$5.0 billion
Company Snapshot
Elevance Health operates as a comprehensive health benefits organization offering medical, digital, pharmaceutical, behavioral health, and clinical care solutions to approximately 118 million individuals across consumers, families, and communities.
The company generates revenue through health insurance premiums, managed care services, and integrated healthcare solutions that span the entire health and wellness continuum for its diverse member base.
Elevance Health serves employers, government programs, and individual consumers seeking comprehensive health coverage and wellness solutions across the United States.
Elevance Health is one of the nation's largest health benefits organizations, commanding a significant market position with $201.1 billion in trailing twelve-month (TTM) revenue from serving over 118 million individuals. The company's integrated platform approach—combining medical plans, pharmacy management, behavioral health services, and digital health tools—provides a competitive advantage in delivering coordinated care and managing healthcare costs. Founded in 1944 and headquartered in Indianapolis, Elevance Health demonstrates substantial profitability with $5 billion in TTM net income, reflecting strong operational execution and market leadership in the managed care sector.
What this transaction means for investors
There are many reasons an insider may sell, some of which have nothing to do with the person’s outlook for the stock price. These reasons can include having to pay a big personal expense.
There is only one reason an insider buys: they expect the share price will rise.
By that rule alone, it’s bullish that Ramiro Peru bought $366,000 worth of Elevance Health shares. Peru has been a director of the business since 2004, so he knows the business inside and out.
In the stock market, Elevance investors are reacting positively to the company’s plan to exit unprofitable Medicaid markets, such as the District of Columbia, with more to be announced. Wall Street sees fiscal 2026 bringing a slight slip in revenue and net income, but free cash flow should just about double to more than $6 billion, a positive development. Good trends in morbidity this year — which, in insurance speak, refers to the number and severity of customers getting sick — could also help offset the fact that most of its ACA (Obamacare) customers tend to backload care in the latter half of each year.
Further cost controls and the use of technology to improve the customer experience are expected to benefit the bottom line in the long term.
Peru’s purchase isn’t a large fresh commitment by some standards, but it’s a positive signal that Elevance investors should take into account.
Should you buy stock in Elevance Health right now?
Before you buy stock in Elevance Health, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Elevance Health wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $371,842!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,244,783!*
Now, it’s worth noting Stock Advisor’s total average return is 900% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 20, 2026.
Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Elevance Health Chairman Ramiro Peru Buys $336,000 of Shares. What Does This Mean for Investors Right Now?

Key Points
The CEO executed an open-market purchase of 2,725 shares, representing a capital commitment of ~$1.0 million.
The transaction increased the insider's total equity holdings by 2% of the previously held position.
Direct ownership now consists of ~172,000 shares, with an additional 60 shares held indirectly via a spouse's revocable trust.
This capital allocation follows a period where the stock has generated a 22% total return over the 12 months ending July 17, 2026.
Gail Boudreaux, President and CEO of Elevance Health, Inc. (NYSE:ELV), purchased 2,725 shares of common stock on July 17, 2026, at $367.79 per share. SEC Form 4 filing.
Transaction summary
Shares purchased
2,725
Transaction value
~$1.0 million
Post-transaction shares (total)
~172,000
Post-transaction shares (directly held)
~172,000
Post-transaction shares (indirectly held)
60
Post-transaction value
$63.51 million
Transaction value based on SEC Form 4 weighted average purchase price ($367.79); post-transaction value based on July 17, 2026 market close ($369.16).
Key questions
How significant is this purchase relative to the CEO's existing position?
The purchase of 2,725 shares represents a 2% expansion of Gail Boudreaux's total equity stake in Elevance Health. Following the transaction, the market value of the insider's total holdings is $63.51 million based on the July 17 valuation price.
What is the financial profile of Elevance Health at the time of this activity?
Elevance Health maintains a market capitalization of $80 billion as of the July 16 market close. The company reported trailing twelve-month revenue of $201.1 billion and net income of $5.0 billion, indicating a solid fundamental backdrop for this capital commitment.
What is the structure of the insider's remaining equity interest?
The vast majority of the insider's position is held directly, totaling ~172,000 shares. A nominal indirect holding of 60 shares is maintained through a spouse's revocable trust, and the insider also holds derivative securities.
Company Overview
Share Price (as of market close 2026-07-16)
$372.85
Market Capitalization
$80.0 billion
Revenue (TTM)
$201.1 billion
Net Income (TTM)
$5.0 billion
Company Snapshot
Elevance Health operates as a comprehensive health benefits organization offering medical, digital, pharmaceutical, behavioral health, and clinical care solutions to approximately 118 million individuals across consumers, families, and communities.
The company generates revenue through health insurance premiums, managed care services, and integrated healthcare solutions that span the entire health and wellness continuum for its diverse member base.
Elevance Health serves employers, government programs, and individual consumers seeking comprehensive health coverage and wellness solutions across the United States.
Elevance Health is one of the nation's largest health benefits organizations, commanding a significant market position with $201.1 billion in trailing twelve-month (TTM) revenue and serving over 118 million individuals. The company's integrated platform approach—combining medical plans, pharmacy management, behavioral health services, and digital health tools—provides a competitive advantage in delivering coordinated care and managing healthcare costs. Founded in 1944 and headquartered in Indianapolis, Elevance Health demonstrates substantial profitability with $5 billion in TTM net income, reflecting strong operational execution and market leadership in the managed care sector.
What this transaction means for investors
There are many reasons an insider may sell, some of which have nothing to do with the person’s outlook for the stock price, like having to pay a big personal expense.
There is only one reason an insider buys: they think the stock price is going up.
By that rule alone, it’s bullish that Gail Boudreaux spent another million dollars on Elevance Health stock. Investors are reacting positively to the company’s plan to exit unprofitable Medicaid markets, like the District of Columbia, with more expected to be announced. Wall Street sees fiscal 2026 bringing a slight slip in revenue and net income, but free cash flow should just about double to more than $6 billion, a positive development. Good trends this year in morbidity — the number and severity of customers getting sick — also could help balance out the fact that most of its ACA (Obamacare) customers tend to backload care in the latter half of each year.
Further cost controls and the use of technology to improve the customer experience are expected to benefit the bottom line in the long term.
If Bourdreax’s buying is any indication, 2026 should be positive for Elenvance Health.
Should you buy stock in Elevance Health right now?
Before you buy stock in Elevance Health, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Elevance Health wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,964!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,272,955!*
Now, it’s worth noting Stock Advisor’s total average return is 930% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 17, 2026.
Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Elevance Health CEO Boudreaux Buys $1 Million in Shares. What Does This Mean For its 2026 Outlook?

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Elevance Health (ELV) Q2 2026 Earnings Call Transcript

The S&P 500 Index ($SPX) (SPY) on Wednesday closed up +0.38%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.29%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.28%. September E-mini S&P futures (ESU26) rose +0.35%, and September E-mini Nasdaq futures (NQU26) fell -0.30%.
Stock indexes settled mixed on Wednesday, with the S&P 500 posting a 6-week high. The broader market garnered support from Wednesday’s US economic news, which showed that June producer prices rose less than expected and the July Empire manufacturing survey rose more than expected.
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Strength in technology stocks also bolstered the broader market, following strong earnings from ASML, which offered fresh evidence of the relentless demand for chips needed for the global artificial intelligence buildout. ASML is the only maker of sophisticated lithography machines needed to manufacture advanced semiconductors. Also, Apple closed up more than 4% to lead the Magnificent Seven technology stocks higher after China approved the rollout of Apple's generative artificial intelligence feature.
However, the Nasdaq 100 settled lower on Wednesday amid a rout in chipmakers. Also, health insurance stocks were under pressure after Elevance Health plunged following its updated guidance that fell short of the second-quarter beat.
US MBA mortgage applications fell -2.7% in the week ended July 10, with the purchase mortgage sub-index down -7.3% and the refinancing mortgage sub-index up +3.5%. The average 30-year fixed-rate mortgage rose +7 bp to 6.65% from 6.58% in the prior week.
US Jun PPI final demand eased to +5.5% y/y from +6.0% y/y, weaker than expectations of +6.2% y/y. Jun PPI ex food and energy rose +4.7% y/y, weaker than expectations of +5.1% y/y.
The US Jul Empire manufacturing survey of general business conditions rose +9.9 to 15.6, stronger than expectations of 9.2.
Dovish comments on Wednesday from New York Fed President John Williams were supportive for stocks and bonds when he said, "Inflation is unquestionably too high, but there are encouraging reasons to expect that inflation has peaked and should edge down in coming quarters."
The Fed Beige Book was mixed for stocks as it stated that economic activity in the 12 Fed regions increased at a slight to moderate pace in the 6 weeks to July 6, unchanged from June's summary. Most regions reported little to no change in employment and, "consumer prices continued to rise, with several districts reporting their contacts saw greater price sensitivity among their customers."
Chinese economic news was mixed for global growth prospects. On the negative side, China's Q2 GDP rose +4.3% y/y, slightly weaker than expectations of +4.4% y/y and the smallest increase in 3.5 years. Also, Jun new home prices fell by -0.15% m/m, marking the 37th consecutive month of declines. On the positive side, China's industrial production rose 5.3% y/y, stronger than the expected 4.6% y/y. Also, Jun retail sales unexpectedly rose +1.0% y/y, stronger than expectations of -0.1% y/y. In addition, the Jun surveyed jobless rate unexpectedly fell -0.1 to 5.0%, showing a stronger labor market than expectations of no change at 5.1%.
On the negative side, geopolitical risks are ramping up, as the interim peace deal between the US and Iran has effectively collapsed. The US maintained its naval blockade of Iran and launched another wave of airstrikes on Iran on Wednesday, the fifth straight day of attacks. President Trump pledged to intensify the bombardment until Iran stops attacking ships in the Strait of Hormuz and agrees to open the waterway. Iran responded with missile and drone attacks against Kuwait.
The outlook for strong Q2 earnings, which will begin this week, is a bullish factor for stocks. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2.
The markets are discounting a 10% chance of a +25 bp rate hike at the next FOMC meeting on July 28-29.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed down -0.23%. China's Shanghai Composite closed down -0.29%. Japan's Nikkei-225 Stock Average closed up +1.49%.
Interest Rates
September 10-year T-notes (ZNU6) on Wednesday closed up +12 ticks, and the 10-year T-note yield fell -4.8 bp to 4.541%. T-notes recovered from early losses on Wednesday and moved higher after US Jun producer prices rose less than expected, a dovish factor for Fed policy. T-notes added to their gains on Wednesday when New York Fed President John Williams said, “there are encouraging reasons to expect that inflation has peaked and should edge down in coming quarters." T-notes initially moved lower on Wednesday’s strength in WTI crude oil prices, which boosts inflation expectations and is bearish for T-notes.
European government bond yields were mixed on Wednesday. The 10-year German bund yield rose to a 1.75-month high of 3.148% and finished up +0.8 bp to 3.122%. The 10-year UK gilt yield fell -4.0 bp to 4.937%.
Eurozone May industrial production unexpectedly fell -0.2% m/m, weaker than expectations of a+0.2% m/m increase.
ECB Governing Council member and Bundesbank President Joachim Nagel said, "The development of energy prices is a decisive factor in determining the future inflation outlook, and monetary policy will maintain its vigilant stance."
Swaps are discounting a 6% chance of a +25 bp ECB rate hike at its next policy meeting on July 23.
US Stock Movers
Strength in the Magnificent Seven technology stocks was a supportive factor for the overall market on Wednesday. Apple (AAPL) closed up more than +4% to lead gainers in the Dow Jones industrials after Bloomberg News reported the company received government approval to roll out its Apple Intelligence generative artificial intelligence feature in China. Also, Alphabet (GOOGL), Amazon.com (AMZN), and Meta Platforms (META) closed up more than +3%. In addition, Microsoft (MSFT) closed up more than +2% and Nvidia (NVDA) closed up +0.33%. Bucking the trend, Tesla (TSLA) closed down -0.46%.
Software stocks settled higher on Wednesday, recovering some of Tuesday’s sharp losses. Thomson Reuters (TRI) closed up more than +4%, and Atlassian Corp (TEAM) and Oracle (ORCL) closed up more than +3%. Also, Adobe Systems (ADBE), Workday (WDAY), and Autodesk (ADSK) closed up more than +1%.
Chipmakers and AI-infrastructure stocks were under pressure on Wednesday, a negative factor for the broader market. The iShares Semiconductor ETF (SOXX) closed down more than -2%. Western Digital (WDC) closed down more than -8% to lead losers in the Nasdaq 100, and Sandisk (SNDK) and Micron Technology (MU) closed down more than -6%. Also, Marvel Technology (MRVL) closed down more than -7%, and Seagate Technology Holdings Plc (STX) closed down more than -5%. In addition, Intel (INTC) closed down more than -4%, and Advanced Micro Devices (AMD) and Lam Research (LRCX) closed down more than -3%.
Elevance Health (ELV) closed down more than -8% to lead health insurance stocks lower after Evercore ISI said the company’s updated guidance was “lower” than the beat in the second quarter. Also, Molina Healthcare (MOH) and Centene (CNC) closed down more than -3%, and Cigna Group (CI) and UnitedHealth Group (UNH) closed down more than -1%.
PayPal Holdings (PYPL) closed up more than +17% to lead gainers in the S&P 500 and Nasdaq 100 after Reuters reported Stripe and Advent International have made a joint offer to buy the company for $53 billion, or $60.50 per share.
Karman Holdings (KRMN) closed up more than +6% after S&P Dow Jones Indices reported that the company will replace BrightSpring Health Services in the S&P SmallCap 600 effective before the opening of trading on Friday, July 17.
BlackRock (BLK) closed up more than +6% after reporting Q2 adjusted EPS of $13.91, well above the consensus of $12.66.
Lionsgate Studios (LION) is up more than +6% after Reuters reported the company is exploring a sale and has attracted takeover interest from Bollore Group.
Cintas (CTAS) closed up more than +4% after reporting Q2 revenue of $2.91 billion, better than the consensus of $2.87 billion, and forecasting 2027 revenue of $12.10 billion to $12.25 billion, the midpoint above the consensus of $12.12 billion.
3M Co (MMM) closed up more than +2% after announcing a strategic partnership with Microsoft focused on AI data center infrastructure and enterprise transformation.
Pentair Plc (PNR) closed down -15% to lead losses in the S&P 500 after cutting its full-year adjusted EPS forecast to $4.60 to $4.80 from a previous forecast of $5.30 to $5.40, well below the consensus of $5.33.
Phoenix Education Partners (PXED) closed down more than -12% after cutting its 2026 net revenue forecast to $1.02 billion to $1.03 billion from a previous estimate of $1.03 billion to $1.04 billion.
Progressive Corp (PGR) closed down more than -9% after reporting Q2 net premiums written were $21.08 billion, below the consensus of $21.29 billion.
Travelers Cos (TRV) closed down more than -2% after Morgan Stanley downgraded the stock to underweight from equal weight with a price target of $290.
Earnings Reports(7/16/2026)
Abbott Laboratories (ABT), Alcoa Corp (AA), Citizens Financial Group Inc (CFG), Commerce Bancshares Inc/MO (CBSH), FNB Corp/PA (FNB), General Electric Co (GE), Intuitive Surgical Inc (ISRG), Netflix Inc (NFLX), Prologis Inc (PLD), State Street Corp (STT), UnitedHealth Group Inc (UNH), US Bancorp (USB).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.