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Toronto Sun
4 hours ago
- Business
- Toronto Sun
UnitedHealth says it is under a federal investigation and cooperating
Published Jul 25, 2025 • 2 minute read The logo for UnitedHealth Group appears above a trading post on the floor of the New York Stock Exchange, April 17, 2025. Photo by Richard Drew / AP UnitedHealth Group says it is cooperating with federal criminal and civil investigations involving its market-leading Medicare business. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The health-care giant said Thursday that it had contacted the Department of Justice after reviewing media reports about investigations into certain elements of its business. '(UnitedHealth) has a long record of responsible conduct and effective compliance,' the company said in a Securities and Exchange Commission filing. Earlier this year, The Wall Street Journal said federal officials had launched a civil fraud investigation into how the company records diagnoses that lead to extra payments for its Medicare Advantage, or MA, plans. Those are privately run versions of the government's Medicare coverage program mostly for people ages 65 and over. The company's UnitedHealthcare business covers more than 8 million people as the nation's largest provider of Medicare Advantage plans. The business has been under pressure in recent quarters due to rising care use and rate cuts. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The Journal said in February, citing anonymous sources, that the probe focused on billing practices in recent months. The paper has since said that a federal criminal health-care-fraud unit was investigating how the company used doctors and nurses to gather diagnoses that bolster payments. UnitedHealth said in the filing Thursday that it 'has full confidence in its practices and is committed to working cooperatively with the Department throughout this process.' UnitedHealth Group Inc. runs one of the nation's largest health insurance and pharmacy benefits management businesses. It also operates a growing Optum business that provides care and technology support. UnitedHealth raked in more than $400 billion in revenue last year to come in third in the Fortune 500 list of biggest U.S. companies. Its share price topped $630 last fall to reach a new all-time high. This advertisement has not loaded yet, but your article continues below. But the stock has mostly shed value since December, when UnitedHealthcare CEO Brian Thompson was fatally shot in midtown Manhattan on his way to the company's annual investor meeting. A suspect, Luigi Mangione, has been charged in connection with the shooting. In April, shares plunged some more after the company cut its forecast due to a spike in health-care use. A month later, former CEO Andrew Witty resigned, and the company withdrew its forecast entirely, saying that medical costs from new Medicare Advantage members were higher than expected. The stock price was down more than 3%, or $10.73, to $281.78 Thursday afternoon. That represents a 55% drop from the all-time high it hit in November. Broader indexes were mixed. UnitedHealth will report its second-quarter results next Tuesday. Toronto & GTA Columnists Toronto & GTA Sunshine Girls News
Cision Canada
5 hours ago
- Business
- Cision Canada
NYSE Content Advisory: Pre-market update + Accelerant celebrates IPO
NEW YORK, July 25, 2025 /CNW/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins. Stocks are mixed Friday morning after the S&P 500 closed at a record for the 13 th time this year. The index has been bolstered by earning season so far with over 80% of quarterly figures topping expectations, according to FactSet. Investors are paying close attention to the relationship between President Trump and Fed Chair Jerome Powell. On Thursday, the President paid a visit to the central bank, ramping up pressure to lower interest rates. Accelerant (NYSE: ARX), a tech-forward platform that helps provide coverage for hard-to-insure companies, will ring the opening bell to celebrate its IPO. Shares surged by 26% during the company's first day of trade. Opening Bell Accelerant (NYSE: ARX) celebrates its initial public offering Closing Bell Manchester United (NYSE: MANU) celebrates its pre-season tour of the U.S.
The Standard
9 hours ago
- Business
- The Standard
Hang Seng Index down on Friday after five-day gain
A Wall Street sign hangs in front of a U.S. Flag outside the New York Stock Exchange (NYSE). REUTERS/Andrew Kelly/File Photo
Asahi Shimbun
15 hours ago
- Business
- Asahi Shimbun
Alphabet and AI stocks nudge Wall Street to more records
Trader John Gorman works on the floor of the New York Stock Exchange, July 21, 2025. (AP Photo) NEW YORK--Wall Street inched to more records on Thursday as gains for Alphabet and artificial-intelligence stocks helped make up for Tesla 's steep tumble. The S&P 500 added 0.1% to its all-time high set the day before. The Dow Jones Industrial Average fell 316 points, or 0.7%, while the Nasdaq composite rose 0.2% to its own record. Alphabet climbed 1% after the company behind Google and YouTube delivered a fatter profit for the latest quarter than analysts expected. It's leaning more into artificial-intelligence technology and said it's increasing its budget to spend on AI chips and other investments this year by $10 billion to $85 billion. That helped push up other stocks in the AI industry, including a 1.7% rise for Nvidia. The chip company was the strongest single force lifting the S&P 500 because it's the largest on Wall Street in terms of value. But an 8.2% drop for Tesla kept the market in check. Elon Musk's electric-vehicle company reported results for the spring that were roughly in line with or above analysts' expectations, and Musk is trying to highlight Tesla's moves into AI and robotaxis. The focus, though, remains on how Musk's foray into politics is turning off potential customers, and he said several rough quarters may be ahead as 'we're in this weird transition period where we'll lose a lot of incentives in the U.S.' Stocks have broadly been rallying for weeks on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. The record-setting gains have been so strong that criticism is rising about how expensive stock prices have become. That in turn puts pressure on companies to deliver solid growth in profits in order to justify their gains. Chipotle Mexican Grill also helped weigh on the market despite delivering a profit for the spring that topped analysts' expectations. The restaurant chain's growth in revenue came up short of expectations, and its stock fell 13.3%. IBM dropped 7.6% even though it likewise reported a stronger profit than expected. Analysts pointed to slowing growth in its software business, among other things underneath the surface. American Airlines lost 9.6% despite reporting a stronger profit than expected. The company said it expects to report a loss for the summer quarter. It also gave a forecast for full-year results that had a wide range: between a loss of 20 cents per share and a profit of 80 cents per share, depending on how the economy performs. Reactions in the stock market have generally been stronger than usual when companies beat or miss their profit targets by a wide margin, according to Julian Emanuel at Evercore. Other extreme moves have also been roaring underneath the market's surface, including huge swings for 'meme stocks.' Those are stocks where traders are looking to jump in amid online cheerleading and ride it higher, before a halt in momentum leaves some investors holding the bag. Opendoor Technologies rose 5.7% following a manic stretch where it swung by at least 10%, up or down, in 10 straight days. Such swings, though, haven't been showing up in overall market indexes, which have been gliding recently. The S&P 500 hasn't had a day where it moved by at least 1% in a month. All told, the S&P 500 rose 4.44 points to 6,363.35. The Dow Jones Industrial Average fell 316.38 to 44,693.91, and the Nasdaq composite rose 37.94 to 21,057.96. In the bond market, Treasury yields held relatively steady following the latest signals that the U.S. economy seems to be holding up OK despite pressures from tariffs and elsewhere. One report said that fewer U.S. workers applied for unemployment benefits last week, a potential signal of easing layoffs. A separate report from S&P Global suggested growth in U.S. business activity accelerated in July, and the preliminary results easily topped economists' expectations. That helped solidify expectations on Wall Street that the Federal Reserve will hold interest rates steady at its next meeting next week, even though Trump has been agitating angrily for cuts. The European Central Bank, which had earlier been cutting its rates, also held steady on Thursday as it waits to see how Trump's tariffs affect the economy. The yield on the 10-year U.S. Treasury note briefly approached 4.44% in the morning before pulling back to 4.40%, where it was late Wednesday. In stock markets abroad, indexes rose across much of Asia and Europe. Tokyo's jump of 1.6% and London's rise of 0.8% were two of the bigger gains.
CNBC
20 hours ago
- Business
- CNBC
Stock futures are little changed after S&P 500, Nasdaq score another record close: Live updates
A trader works on the floor at the New York Stock Exchange in New York City, U.S., July 24, 2025. Brendan Mcdermid | Reuters Stock futures were relatively unchanged on Thursday after the S&P 500 and Nasdaq Composite reached another record closing high. S&P 500 futures traded up 0.1%, along with Nasdaq 100 futures . Futures tied to the Dow Jones Industrial Average likewise rose 50 points, or 0.1%. Thursday marked another positive day for the S&P 500 and Nasdaq, as both indexes scored fresh all-time intraday and closing highs. That marked the broad market index's 13th record close of 2025, four of which were recorded this week as the index finished above 6,300 for the first time on Monday. The Nasdaq, meanwhile, has seen three record closes this week, breaking the 21,000 threshold on Wednesday. While the Dow Jones Industrial Average saw losses Thursday, all three major averages are on pace to finish the week with gains. The 30-stock Dow is tracking for an almost 1% advance on the week, as is the tech-heavy Nasdaq, while the S&P 500 has risen about 1.1% week to date. The journey to all-time highs over this past week has been supported by a strong earnings season, including Alphabet's better-than-expected earnings report. Almost 83% of the 155 S&P 500 companies that have reported to date beat Wall Street's expectations. "This part of the rally has to broaden out or become more consistent with what we've seen from the broader market in order to keep going another leg higher," said Keith Buchanan, senior portfolio manager at Globalt Investments, on CNBC's "Power Lunch" Thursday. Recent trade deals between the U.S. and its trading partners have also helped push the market to new heights. Earlier this week, President Donald Trump announced a "massive" trade deal with Japan, which includes 15% "reciprocal" tariffs. The president also said this week that the U.S. and Indonesia have agreed to the framework of a trade agreement. Investors are now awaiting any further trade announcements before the Trump administration's Aug. 1 tariff deadline. Next week is also when the Federal Reserve is scheduled to meet once again, with eyes on whether it will choose to lower interest rates. Trump, who has also been putting pressure on Fed Chairman Jerome Powell to lower rates, sparred with Powell over renovation costs during an historic visit to the central bank's headquarters after the bell Thursday, at one point presenting a cost figure that was knocked down as incorrect by Powell in front of the press. But after completing the tour of the renovation, Trump softened his tone a bit on the Fed chief and said he wasn't planning on firing him, a threat that has worried markets. "To do that is a big move, and I just don't think it's necessary. And I believe that he's going to do the right thing," said Trump.
