$ONEM

1life Healthcare Inc

  • NASDAQ
  • Health Services
  • Medical/Nursing Services
  • Manufacturing
  • Dental Laboratories

PRICE

$17.87 β–²8.5%

Extented Hours

VOLUME

7,215,506

DAY RANGE

15.98 - 16.57

52 WEEK

0 - 16.57

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@dros #droscrew
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$F Jan 12.5 P $UBER Jan-24 12.5 P $ONEM Feb 15 P $LCID Jan 8 P

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@dros #droscrew
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$F Jan 12.5 P $UBER Jan-24 12.5 P $ONEM Feb 15 P $LCID Jan 8 P

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TIGER GLOBAL BOOSTS $DDOG, $WDAY, $GOOGL, $UBER, $SQ IN 3Q: 13F ADDS $HUBS, $PGY, $APP, $TSM, $PYPL REDUCES $CRWD, $NU, $JD, $S, $META, $RNG EXITS $PCOR, $XPEV, $ONEM, $MNDY, $IOT, $GTLB

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Summary Cano Health currently presents an interesting investment opportunity with a potential short-term 58% upside. Recently, rumors appeared that Cano Health has received acquisition interest, with healthcare industry giants CVS Health, Humana and UnitedHealth among the rumored buyers. Given ongoing pressure from two prominent activists and industry consolidation trends, I expect a company sale to be announced shortly. Looking for more investing ideas like this one? Get them exclusively at Special Situation Investing. Learn More Β» Health visitor and a senior woman during nursing home visit A Potential company sale might be brewing up behind the scenes. Cano Health (NYSE:CANO) owns and operates senior primary care health centers in nine US states, with a primary focus on Florida. Recently, Bloomberg, Reuters and WSJ reported that the company has received acquisition interests, with health industry giants Humana (HUM), UnitedHealth (UNH) and CVS Health (CVS) mentioned as the front-runners to buyout CANO. Acquisition rumors follow activism from several of CANO's shareholders. In March, Daniel Loeb's Third Point (2.2% of voting power) started to push the company towards strategic alternatives, arguing that CANO should address the value gap (arising from the company going public through a SPAC) by initiating a company sale. Then, in August, Owl Creek Asset Management (owns 1%) delivered a letter, also considering the company undervalued versus peers and industry transactions. As it stands, it seems that the management/insiders (who own 55%) have been under pressure from two prominent activists to sell the company. Not surprisingly, in August, CANO's management stated that the company is open to all strategic alternatives and has hired financial advisors. Reportedly, the second round of discussions is currently ongoing, with the deal possibly finalized in the upcoming weeks. Reports do not mention the acquisition price, however, peer/transaction multiples (also mentioned by the activist Owl Creek) suggest $14/share might be a reasonable price tag - this would imply a 58% upside from current levels. Buyout rumors come amid broader healthcare industry consolidation trends as large healthcare insurers are scooping up healthcare providers in an effort to combine insurance and healthcare provider activities. The industry is currently in a shift towards value based care - a model where providers are paid based on patient health outcomes (as opposed to the traditional fee-for-service model where patients pay for each service rather than outcome). Naturally, the value-based care model closely aligns the interests of both health insurance firms and healthcare providers. Numerous industry executives, including Humana's Medicare President, have noted that value-based model has benefits for providers/insurers, including noticeably higher contribution margins, thus pushing up incentives for consolidation. Not surprisingly, these dynamics have spurred a number of acquisitions of healthcare providers by major health insurers. CVS is currently buying health care platform provider Signify Health (Sep'22), UNH is scooping up home care provider LHC Group (announced in Mar'22) and HUM has already acquired home healthcare provider Kindred at Home (Aug'21). The industry has also seen increasing M&A activity from non-insurers entering the space, including Amazon (AMZN) acquiring primary care company One Medical (announced in Jul'22, by the way CVS was one of the bidders there as well) and Walgreens Boots Alliance (WBA) purchasing a majority stake in primary care provider VillageMD (Oct'21). These dynamics and the fact that CANO might be an attractive target have also been recently reiterated by CANO's CEO: I expect continued consolidation and acceleration in the paradigm shift of value-based care. And what this means for us is yet another validation of how attractive our asset is and the industry as a whole. A Potential acquisition would make strategic sense for either of the rumored buyers HUM, UNH or CVS given CANO's extensive presence in Florida's primary care market. CANO is reportedly the largest independent value-based primary care provider to Medicare/Medicaid patients in the state. Meanwhile, three potential suitors currently rank as the three largest primary care insurers in the Florida. Humana and Cano have seemingly deep ties - HUM has been invested in Cano Health prior to CANO's IPO and still owns an undisclosed stake. Currently, CANO is HUM's biggest independent primary care provider in Florida. Interestingly, as part of their earlier agreement, HUM has a right of first refusal, meaning that HUM can match any acquisition offer made for CANO. Notably, HUM has significantly expanded its investment in primary senior care in the last five years, recently stating that the TAM is very large at $700bn. As part of its joint venture with PE firm Welsh Carson, Humana now aims to open 100 new CenterWell senior primary care clinics in the next three years. From the CEO's remarks during Q2'22 earnings call: We do see some great opportunity today, both CenterWell primary care and the home are agnostic and continue to see great growth, serving both other payers and other parts of the Medicare system. And at the same time, we're also seeing opportunity within our primary - within our pharmacy area to offer some agnostic opportunities there. So the ability for it to integrate and also to expand beyond the Medicare side of the business is really at the heart of what you see us more formally creating the CenterWell service side, while on the insurance side, continuing to leverage the efficiencies across the various different insurance platforms. Meanwhile, CVS's management, in addition to the recent acquisition of Signify Health, has recently stated that their priority is the same - to expand into the primary care segment: From Morgan Stanley Healthcare Conf: Well I think we are urging, obviously - we're very urging, I just ask our teams and I think if you think about our strategy, really we've been very clear that we want to extend into care delivery and we're starting with Signify. We can't always determine the order. Obviously primary care is something we believe we need to advance because we really want to enable consumers to have a differentiate experience and improve health outcomes. So we're playing our game. From the CVS Q2'22 earnings call: As you would expect, we are being very disciplined both strategically and financially, as we pursue kind of our M&A strategy. We can't be in the primary care without M&A. We've been very clear about that. Valuation Chart Comp Filings At current price levels, CANO seems undervalued on a TTM/2022E revenue basis relative to larger peers OSH (also owns and operates primary care centers) and AGL (runs primary care physician networks so not as comparable). Moreover, recently announced ONEM and SGFY acquisitions were done at noticeably higher multiples. Activist Owl Creek notes the following reasons for why CANO might be trading at a discount to peers/industry transactions: Unfortunately, Cano has consistently traded at a discount to its peers due to its SPAC heritage, its hybrid model (owned and operated medical centers along with affiliates), and heavy concentration in the South Florida market. One could argue for some discount due to one or more of these factors, but the valuation discrepancy between Cano and peers is highly punitive. Another activist Third Point also agrees that the undervaluation is explained by both SPAC heritage and the company's shareholder base (given dual class structure and high insider ownership): However given recent developments at the Issuer and taking into account the market's largely unfavorable view of companies taken public through special purpose acquisition vehicles, the Reporting Persons believe the Board of Directors should immediately engage financial and legal advisors to commence a review of strategic alternatives. […] The Reporting Persons believe this strategic review should focus on a sale of the Issuer, and that a properly run sales process is likely to result in offers representing a substantial premium to the Issuer's trading price. The Reporting Persons believe that the Issuer is unlikely to achieve such valuation on a stand-alone basis, in part due to structural issues with its shareholder base. The activist Owl Creek has stated that CANO has been undervalued by the market despite having higher 2022E revenues than both OSH/AGL and being on track to exceed 2022 membership/revenue/EBITDA guidance. Using a 3x revenue multiple based on peers OSH/AGL and Amazon's acquisition of ONEM, Owl Creek arrives at an acquisition price tag of $14/share. The markets have moved down a bit since the letter was written, so a 3x multiple would now translate to a $13/share price. More background on CANO Historical financials are provided below: Table Company Filings Financially, since going public in 2020, CANO has managed to record high revenue growth - 93% in 2021. Notably, the growth has to a large degree been driven by acquisitions, including purchase of University Health Care and Doctor's Medical Center for a total of $900m (announced in Jun'21 and Jul'21). This has allowed the company to significantly increase its patient base as number of memberships has expanded from 156k to 282k over the last year. That said, the business is yet to turn profitable and is still burning cash - $135m in 2021 operating losses. From a liquidity perspective, the company is quite highly levered with $878m in net debt (compared to $4.2bn market cap). Given CANO's business model, the company needs extensive capital to accelerate further growth. At current share price levels, any equity raise would seem highly dilutive given that even after the buyout rumors the stock trades below pre-2022 levels of $9-$16/share. CANO's shares are rather tightly held with 55% of the voting power (Class A + Class B shares) held by the management + insiders. CANO went public in 2020 through a SPAC backed by Starwood Capital CEO Barry Sternlicht who now holds 9% voting power. Another 33% of total shares are owned by a PE firm InTandem Capital Partners which has backed the company since 2016. Both Sternlicht and InTandem's managing partner Elliot Cooperstone currently sit on CANO's board. Interestingly, Cooperstone was previously the CEO of Prodigy Health Group which was acquired by Aetna, a subsidiary of CVS Health. Another 17% are held by six institutional investors, including FMR (7%), BlackRock (3%) and Millennium Asset Management (2%), among others. Risks According to the activist Owl Creek, last year CVS stated that the company had well over $10bn to deploy towards strategic initiatives related to value-based care. With the SGFY acquisition, the company will spend around $7bn, potentially implying that the management might not be willing to pursue another large acquisition. This risk, however, seems limited given CVS's overall large gross cash position ($15bn in cash + investments) and the fact that SGFY captures a slightly different market niche than CANO - it is a healthcare platform which does not own and operate health centers. Management/insiders not agreeing to sell their stake. That said, considering prominent activist pressure, current market turbulence and the fact that the company is yet to inflect towards profitability, an offer at $14/share - a share price close to 2021 highs - could seal the deal. Conclusion CANO presents a very interesting investment opportunity with a short potential timeline. I believe that prominent activist involvement and industry consolidation dynamics point to a company sale brewing up behind the scenes. Importantly, risk/reward seems to be highly favorable here, suggesting that investors might consider CANO as a long position in their portfolios.

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RECAP 7/21 Unusual Calls: $CANO Sep 6/10 C Spd $PYPL Jul22 84 C $NCLH Jul29 13.5 C $NKLA Aug 6 C $LYFT Aug 15 C $SMH Sep 240 C $ARKK Sep 50 C $DHI Sep 80 C $ONEM Jan 17.5 C $CCJ Sep 31 C $NCR Jul29 25 C $SBUX Oct 87.5 C $BAC Jul-23 40 C

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@soheil.n #StockTraders.NET
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sorry no time to alert...playing during meetings...$ONEM longed for HOD clear out

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@CarlosH-carvan #ivtrades
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$ONEM, $MQ, $KWEB, $PINS, $XBI, $JD, $RBLX, $LCID, $TTD, $PDD, $DT, $PYPL, $NET, $NVAX

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@CarlosH-carvan #ivtrades
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My favorite in the week $ONEM

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@CarlosH-carvan #ivtrades
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Good morning...as said all days....we need a confirmation to trade in swing.......Market still lateral.....On watch from yesterday $ONEM

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@CarlosH-carvan #ivtrades
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More on watch tomorrow $PINS 27.5C Jun, $ZM 113C jun03, $DHI 77.5C Ago, $ONEM 12,5C Jun...Need confirmation tomorrow...$SPY daily need more volume

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@dros #droscrew
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400 $ONEM JAN2023 $20 Cs trade 5.8

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400 $ONEM JAN2023 $20 Cs trade 5.8

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Healthcare Moderna ($MRNA) Q2 EPS $6.46 vs. est. $6.04; Q2 revs $4.4B vs. est. $4.28B; expects dose capacity for its covid-19 vaccine in fy 2021 to be between 800 mln and 1 bln doses; advance purchase agreements signed for expected product sales of $20 bln in 2021, including sales already recorded in 6 months ended June 30; signed agreements for $12 bln worth of sales for covid-19 vaccine in 2022, option for about $8 bln more; continue to expect $450 mln -$550 mln of capital investments for 2021 Cigna ($CI) Q2 adj EPS $5.24 vs. est. $4.96; Q2 revs $43.13B vs. est. $41.31B; pharmacy customer base at Q2 grew to 101.9M, an organic increase of 3.1M year to date; total medical customer base at Q2 was 17M, an increase of 279,000 customers YTD; Q2 profit overall fell -16% hurt by higher medical costs; backs year EPS but ups its rev guidance to at least $170B from $166B Nevro ($NVRO) slides after withdrawing FY forecast on COVID-19 concerns and guided Q3 sales between $90M-$93M which is below analyst estimates of $114.7M Regeneron Pharma ($REGN) phase 3 Trial of Libtayo combined with chemotherapy stopped early due to significant improvement in overall survival in patients with first-line advanced non-small cell lung cancer Abiomed ($ABMD) Q1 adj EPS $1.10 vs. est. $1.05; Q1 revs $252.6M vs. est. $240.91M; raises FY22 revenue view to $1.03B-$1.05B from prior $990M-$1.03B (22%-24% growth); expects its fiscal year 2022 non-GAAP operating margin to be in the range of 24% to 26% Amedisys ($AMED) announces new $100M share repurchase program; Q2 adj EPS $1.69 vs. est. $1.67; Q2 revs $564.2M vs. est. $566.19M; guides 2021 adj EPS $6.37-$6.49 vs. est. $6.96; sees 2021 adj net service revenue $2.23B-$2.245B. Evolent Health ($EVH) 2Q EPS ($0.11) vs est. ($0.04) on revs $222.1Mm vs est. $216.9Mm; guides 3Q revs $215-230Mm vs est. $217.7Mm, sees FY revs $870-900Mm vs est. $870.8Mm; announces agreement to acquire Vital Decisions outstanding equity interests for aggregate price up to $130Mm, says transaction is accretive to EBITDA/share before synergies McKesson ($MCK) Q1 adj EPS $5.56 vs. est. $4.15; Q1 revs $62.7B vs. est. $59.99B; raises FY22 adj EPS view to $19.80-$20.40 from prior view $18.85-$19.45 (est. $19.23) 1life Healthcare, Inc. ($ONEM) Q2 EPS loss (-$0.30) vs. est. loss (-$0.20); Q2 revs $120.4M vs. est. $115.7M; sees Q3 revs $113M-$120M vs. est. $118M; sees year revs $475M-$485M vs. est. $482.3M; Membership count as of quarter-end was 621,000 compared to 475,000, a 31% increase; Adjusted EBITDA was positive $6.9 million, or 6% of net revenue Sarepta Therapeutics ($SRPT) Q2 non-GAAP EPS loss (-$1.52) vs. est. loss (-$1.26); net product sales for q2 reached $141.8 mln, a 27% increase over same quarter of prior year; raises full-year product revenue guidance by nearly $30 mln to between $565 mln to $575 mln Tandem Diabetes ($TNDM) 2Q revs $172.1Mm vs est. $143.4Mm; guides FY sales $670-685Mm vs est. $637Mm; guides FY adj EBITDA mgn about 15% vs est. 13.5% Industrials & Materials Albemarle ($ALB) Q2 adj EPS $0.89 vs. est. $0.83; Q2 revs $773.9M vs. est. $788.6M; qtrly lithium net sales of $320.3 mln increased $36.6 mln yoy primarily driven by higher volumes; full-year 2021 net sales guidance improved vs previous guidance primarily due to increased lithium sales, improving catalysts trends – sees year sales $3.3B-$3.4B vs. est. $3.24B Hillenbrand ($HI) 3Q adj EPS $0.85 vs est. $0.76 on revs $695Mm; guides 4Q adj EPS $0.82-0.92 vs est. $0.85, sees 4Q revs $713-738Mm vs est. $709.1Mm Maxar Technologies ($MAXR) 2Q EPS $0.60 vs est. $0.14 on revs $473Mm vs est. $441.5Mm Summit Materials ($SUM) 2Q EPS $0.48 vs est. $0.52 on revs $618.5Mm vs est. $647.1Mm; no change to FY guide Valvoline ($VVV) Q3 adj EPS $0.55 vs. est. $0.45; Q3 revs $792M vs. est. $745.32M; Q3 retail Services system-wide same-store sales grew 40.5%; Q3 same-store sales rose 27%; sees FY sales growth 25%-26% and FCF $250M-$270M Media & Telecom Fox Corp. ($FOXA) Q4 adj EPS $0.65 vs. est. $0.57; Q4 revs $2.89B vs. est. $2.75B; raises semi-annual dividend to 24c; cable network programming reported quarterly segment revenues of $1.40B, an increase of $128M; affiliate revenues increased 10% with 16% growth at the television segment and 6% growth at the cable network programming segment in q4 Roku Inc. ($ROKU) Q2 EPS 52c vs est. 13c on revs $645M vs est. $618.4M, average rev per user $36.46 (+46% YoY), active accounts 55.1M vs est. 55.8M; at midpoint of Q3 guidance, sees revs $675M-$685M vs est. $645M, gross profit $315M-$325M, adj EBITDA $60M-$70M, net income (-$3M)-$7M, anticipates sequential increases in operating expenses in 2H from investments in headcount, product development, and sales & marketing Technology Amdocs Ltd. ($DOX) 3Q adj EPS $1.35 vs est. $1.18 on revs $1.066B vs est. $1.06B; guides 4Q adj EPS $1.13-1.19 vs est. $1.28, sees 4Q revs $1.065-1.105B vs est. $1.087B Booking Holdings ($BKNG) 2Q adj EPS ($2.55) vs est. ($2.04) on revs $2.2B vs est. $1.9B, encouraged by sequential improvement in booking trends with 2Q room nights +59% vs 1Q; said in in q2, we saw the first sequential increase in the number of properties on booking.com and lowest number of properties coming off of our platform since the onset of the covid-19 pandemic DXC Technology ($DXC) Q1 adj EPS $0.84 vs. est. $0.74; Q1 revs $4.14B vs. est. $4.11B; Q2 guidance falls short of views but backs year EPS view $3.45-$3.65 vs. est. $3.56 and backs FY22 revenue view $16.6B-$16.8B (est. $16.74B); Bookings of $4.6 billion and book-to-bill ratio of 1.12x in Q1 FY22 Electronic Arts ($EA) Q1 EPS $0.71 vs. est. $0.62; Q1 net bookings $1.336B vs. est. $1.28B; sees Q2 EPS roughly $0.36 vs. est. $1.07; sees Q2 net bookings $1.725B vs. est. $1.62B; raises FY22 EPS view to $1.58 from $1.34 and ups FY21 bookings view to $7.4B from $7.3B Fastly Inc. ($FSLY) shares fall -18%; Q2 adj EPS ($$0.15) vs est. ($0.17) on revs $85.03M vs est. $85.7M, sees Q3 EPS loss (21c)-(18c) vs est. (18c) on revs $82M-$85M vs est. $97.9M, and forecasts FY EPS (65c)-(57c) vs est. (43c) on revs $340M-$350M vs est. $382.5M GoDaddy ($GDDY) Q2 EPS $0.27 vs. est. $0.32; Q2 revs $931.3M vs. est. $919.7M; total bookings of $1.055B, up 12.7% year over year, or 10.6% on a constant currency basis; Domains revenue of $436.7 million, up 18.2% yoy; Hosting and presence revenue of $318.5 million, up 9.0% yoy; Business applications revenue of $176.1 million, up 21.8% yoy; sees year revs $3.75B, in-line HubSpot ($HUBS) 2Q adj EPS $0.43 vs est. $0.32 on revs $310.8Mm vs est. $296Mm; guides 3Q adj EPS $0.42-0.44 vs est. $0.39, sees 3Q revs $325-327Mm vs est. $318.7Mm; guides FY revs $1.268-1.272B vs est. $1.244B MercadoLibre ($MELI) Q2 EPS $1.37 vs est. $0.19 on revs $1.7B vs est. $1.48B with commerce revs +96.4% YoY and fintech revs +88.9%; unique active users 75.9M in quarter (+47.4% YoY), total payment volume through Mercado Pago topped $17.5B (+56.3% in USD), gross merchandise volume $7B (+39.2% in USD) Ping Identity ($PING) 2Q adj EPS $0.11 vs est. $0.04 on revs $78.9Mm vs est. $66.1Mm; guides 3Q revs $65-70Mm vs est. $65.1Mm, sees 3Q total ARR $286-288Mm; guides FY revs $278-285Mm vs est. $269.3Mm, sees FY total ARR $304-306Mm Qorvo ($QRVO) Q1 EPS $2.83 vs. est. $2.45; Q1 revs $1.11B vs. est. $1.08B; sees Q2 EPS $3.24 at midpoint vs. est. $3.02; sees Q2 revenue $1.24B-$1.26B vs. est. $1.21B Trimble Inc. ($TRMB) Q2 adj EPS $0.72 vs. est. $0.59; Q2 revs $945.3M vs. est. $867.8M; sees FY21 adj EPS $2.45-$2.65 vs. est. $2.45; sees FY21 adjusted revenue $3.55B-$3.65B vs. est. $3.48B; Q2 annualized recurring revenue (ARR) was $1.35 billion, up 11% yoy Western Digital ($WDC) 4Q adj EPS $2.16 vs est. $1.51 on revs $4.9B vs est. $4.55B; guides 1Q revs $4.9-5.1B vs est. $4.9B, sees 1Q adj EPS $2.25-2.55 vs est. $2.05

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Wednesday, August 4, 2021 Futures Up/Down % Last Dow -25.00 0.07% 34,973 S&P 500 -1.25 0.04% 4,413 Nasdaq 11.50 0.08% 15,058 U.S. S&P futures are flat heading into the trading day, looking to build on record highs from Tuesday as positive earnings boost U.S and European stocks while worries over China’s gaming and technology crackdown ease, helping lift those markets. Risk sentiment improves across Asia as Chinese and Hong Kong stocks push higher on tech recovery and solid Caixin PMI data. In Asian markets, The Nikkei Index fell -57 points to 27,854, the Shanghai Index rose 29 points to 3,477 and the Hang Seng Index jumped 231 points to settle at 26,426. In Europe, the German DAX is climbing around 125 points to 15,680, while the FTSE 100 is up 0.4% to 7,135. Chinese Jul Caixin Services PMI beat: 54.9 vs 50.6 consensus. Some also see the spread of the Covid-19 delta variant as delaying rather than stopping the economic recovery. The New York Times reported overnight that the FDA plans to give full approval to Pfizer (PFE) and BioNTech (BNTX) coronavirus vaccine by the start of the next month. Earnings season has been strong with about 87% of S&P 500 companies reporting earnings and revenue beats, according to FactSet. Just under 70% of the S&P 500 now has reported earnings. The S&P 500 closed at record highs with gains in Apple and healthcare stocks, as concerns over a surge in the Delta variant of the coronavirus was put to the back-burner, overshadowed by continued upbeat corporate earnings. Ten of the 11 S&P indexes traded higher, with energy stocks rebounding after getting hit by a dip in oil prices. Market Closing Prices Yesterday The S&P 500 Index gained 35.99 points, or 0.82%, to 4,423.15 The Dow Jones Industrial Average rose 278.24 points, or 0.80%, to 35,116.40 The Nasdaq Composite climbed 80.23 points, or 0.55%, to 14,761.29 The Russell 2000 Index advanced 8.09 points, or 0.36% to 2,223.58 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 8:15 AM ET ADP Employment Change for July…est. 695K 9:45 AM ET Markit Composite PMI, July-F 9:45 AM ET Markit Services PMI, July-F 10:00 AM ET ISM Non-Manufacturing Services PMI for July…est. 60.5 10:30 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: ABC, AEIS, ALE, APO, ASTE, BCOR, BDC, BGCP, BWA, CDW, CLVS, CLH, CLW, CMLS, CRL, CSII, DNOW, DOC, EDIT, EMR, ETR, EXC, FLOW, FUN, GEL, GM, HDSN, HFC, HZNP, IONS, JLL, KHC, LL, MAC, MKL, MPC, MPLX, MTOR, NI, NYT, ODP, RCL, SBGI, SGRY, SITE, SMG, SPR, SUP, TGI, TUP, TXMD, UTHR, VCEL, VMC, WLL Earnings After the Close: ACAD, ACLS, ADPT, ADTN, AGL, ALB, ALL, AMED, ANGI, ANSS, APA, ATO, AXGN, BBSI, BE, BFAM, BKNG, BOOT, CCMP, CDAY, CENX, CHNG, CMP, CPS, DGII, DOX, DVAX, DXC, EA, EGHT, ELF, EMKR, EOG, ETSY, EVH, FLT, FOXA, FSLY, FTDR, GDDY, GNK, HI, HUBS, IAC, INGN, IVR, JACK, LESL, LNC, LPI, LUMN, MAXR, MBI, MCK, MED, MET, MGM, MOD, MRO, MTG, NUS,NVRO, ONEM, PARR, PDCE, $PING, PLYA, QRVO, QTWO, RCII, REGI, RGR, RMAX, RNWK, EOKU, RPD, $RVLV, RYN, SBRA, SMSI, SUM, T$NDM, TPC, TTGT, TVTY, TWNK, TWO, TXG, $UBER, UHAL, VVV, VZIO, WDC, WU, YELL Other Key Events: Jefferies Industrials Conference (virtual), 8/3-8/4 Piper Wealth Management Forum (virtual), 8/3-8/6 Macro Up/Down Last Nymex -0.34 70.22 Brent -0.18 72.23 Gold 3.30 1,813.75 EUR/USD -0.0008 1.1856 JPY/USD 0.13 109.17 10-Year Note +0.008 1.182% Sector News Breakdown Consumer Caesar’s Entertainment ($CZR) Q2 EPS $0.34 vs. est. loss (-$0.26); Q2 revs $2.5B vs. est. $2.27B; Q2 same-store Adjusted EBITDA was $1B versus (-$131M) for the comparable prior-year period; Company posted all-time records in quarterly Adjusted EBITDA and Adjusted EBITDA margin. Denny’s ($DENN) Q2 adj EPS $0.18 vs. est. $0.11; Q2 revs $106.2M vs. est. $98.1M; Q2 domestic system-wide same-store sales decreased 1.2% compared to the equivalent fiscal period in 2019, including a 1.5% decrease at domestic franchised restaurants and a 1.9% increase at company restaurants. Herbalife ($HLF) Q2 adj EPS $1.52 vs. est. $1.29; Q2 revs $1.55B vs. est. $1.57B; Q2 adjusted EBITDA of $262.1M; raises FY21 EPS view to $4.70-$5.10 from $4.65-$5.05 (est. $4.93); sees FY net sales growth to be in a range of 8.5% to 12.5%, lowering the midpoint by 150 basis points compared to prior full year 2021 guidance. Host Hotels ($HST) Q2 adj FFO $0.12 vs. est. $0.04; Q2 revs $649M vs. est. $606.58M; said RevPAR reached nearly $100 for the quarter, which dramatically outperformed consensus RevPAR, with average room rates only 8.4% below our 2019 second quarter rates; not providing year guidance Hyatt ($H) 2Q adj EPS ($1.15) vs est. ($0.85) on comparable system-wide REVPAR $72.47, qtrly total revs $663Mm vs est. $686.9Mm; guides FY net rooms growth more than +6%, sees FY adj SG&A about $240Mm, sees FY CAPEX about $110Mm Energy Devon Energy ($DVN) Q2 adj EPS $0.60 vs est. $0.52 on revs $2.42B vs est. $2.35B, operating cash flow $1.1B, production for the quarter averaged 291k barrels/day; will pay total dividend of 49c/shr (11c fixed + 38c variable), a 44% increase from Q1; sees 3q production 566-594 mboe/d vs est. 564.80 mboe/d Occidental Petroleum ($OXY) Q2 adj EPS 32c vs est. 1c on revs $5.96B vs est. $5.92B, FCF $2B, cash flow from continuing operations $3.3B; said oil and gas results improved from Q1 due to higher commodity prices and sales volumes; executed debt tender offer and repaid over $3B of long-term debt in July ONEOK ($OKE) Q2 EPS $0.77 vs. est. $0.75; Q2 revs $3.39B vs. est. $3.03B; sees 2021 net income, adj earnings before interest, taxes, depreciation, amortization to be above midpoints of ranges provided on April 27, 2021 SunPower ($SPWR) Q2 adj EPS $0.06 vs. est. $0.04; Q2 revs $308.9M vs. est. $327.31M; guides Q3 revs $325M-$375M vs. est. $400.83M; sees Q3 GAAP net loss of $10 to $0 million and MW recognized of 125 MW to 150 MW; Q2 added 13,000 residential customers – residential bookings up 16 percent sequentially, 67 percent year-over-year (YoY) The American Petroleum Institute ($API) showed a draw of 879K barrels of oil for the latest week; gasoline inventories show a draw of 5.75M barrels, distillate inventories show a draw of 717K barrels and Cushing inventories show a build of 659K barrels W&T Offshore ($WTI) Q2 EPS $0.02 vs. est. $0.07; Q2 revs $132.8M vs. est. $122.38M; Q2 Production was 40,888 Boe/d or 3.7 MMBoe, an increase of 3% compared to 39,657 Boe/d in Q1 and down 3% versus 42,037 Boe/d in Q2 of 2020 Financials Assurant Inc. ($AIZ) Q2 operating EPS $2.99 vs. est. $2.45; Q2 revs $2.54B vs. est. $2.39B; continue to expect to grow eps, ex. catastrophes, by 10 to 14 percent for 2021 Fair Isaac ($FICO) Q3 non-GAAP EPS $3.38 vs. est. $2.76; Q3 revs $338M vs. est. $328.3M; Applications revenues, which include the company’s decision management applications and associated professional services, were $133.2 million in the third quarter, compared to $141.5 million in the prior year period, a decrease of 6% Genworth Financial ($GNW) Q2 adj EPS $0.38 vs. est. $0.22; Q2 revs $2.04B vs. est. $1.9B; planned IPO of Enact remains a key strategic objective for Genworth and is subject to market and other conditions, however because the company is in registration and subject to applicable publicity restrictions, is unable to comment further or provide any additional detail at this time. Green Dot ($GDOT) Q2 adj EPS $0.68 vs est. $0.43 on revs $369.4M vs est. $313.2M; sees FY21 adj EPS $2.13-$2.27 vs prev. $2.06-$2.15, revs $1.33B-$1.35B vs est. $1.28B Prudential ($PRU) Q2 adj EPS $3.79 vs. est. $3.02; qtrly book value per common share of $160.31 versus $165.53 per share for year-ago; qtrly adjusted book value per common share of $104.39 versus $92.07 per share for year-ago; qtr end assets under management of $1.730 trillion versus $1.605 trillion for year-ago; now expect to return a total of $11.0B to holders from $10.5B prior Tanger Outlets ($SKT) 2Q core FFO/shr $0.43 vs est. $0.28, portfolio occupancy was 93% on June 30 vs 91.7% on March 31, avg tenant sales productivity was $424/sq ft for 12 months ended June 30 +7.3% yr/yr; guides FY FFO/shr $1.52-1.59 vs est. $1.46 Unum Group (UNM) Q2 adj EPS $1.39 vs. est. $1.11; Q2 revs $2.99B vs. est. $2.96B; Full-year 2021 outlook increased; after-tax adjusted operating income per share now expected to decline 1%-3% relative to full-year 2020, compared to an expected decline of 5%-6% prior Verisk Analytics ($VRSK) Q2 adj EPS $1.17 vs. est. $1.33; Q2 revs $747.5M vs. est. $737.3M; Net cash provided by operating activities was $233.2 million, down 6.5% for the second quarter of 2021. Free cash flow, a non-GAAP measure, was $170.7 million, down 11.5% Healthcare Change Healthcare ($CHNG) shares fell over 7% on a report that the U.S. Dept. of Justice is considering a lawsuit to block the company’s $8B sale to UnitedHealth ($UNH) https://bit.ly/3yA4Etu Option Care Health ($OPCH) 18M share Spot Secondary priced at $20.25 Amgen Inc. ($AMGN) Q2 adj EPS $4.38 vs. est. $4.06; Q2 revs $6.5B vs. est. $6.43B; backs FY21 adj EPS view $16.00-$17.00 vs. est. $16.34; backs FY21 revenue view $25.8B-$26.6B vs. est. $26.04B Amid surge in new COVID-19 infections across U.S., the FDA plans to give full approval to Pfizer (PFE) – BioNTech (BNTX) coronavirus vaccine by the start of the next month, The New York Times reports The FDA classified the recent recall of some of Philips’ (PHG) ventilators as Class 1, or the most serious type of recall, saying the use of these devices may cause serious injuries or death – Reuters CVS Health ($CVS) Q2 adj EPS $2.42 vs. est. $2.06; Q2 revs $72.62B vs. est. $70.11B; raises FY21 adjusted EPS view to $7.70-$7.80 from $7.56-$7.68 (est. $7.66); sees FY21 cash flow from operations $12.5B-$13B DaVita Inc. (DVA) 2Q EPS $2.64 vs est. $2.17; says total US dialysis treatments for 2Q were 7,413497 (avg 95,045/day); guides FY adj EPS $8.80-9.40 vs est. $8.63, sees FY adj op income $1.8-1.875B vs est. $1.816B Inspire Medical ($INSP) 2Q EPS ($0.48) vs est. ($0.64) on revs $53Mm vs est. $43.9Mm; guides FY revs $210-213Mm vs est. $195.9Mm, sees FY gr mgn 85-86%, sees opening 48-52 new US medical centers per qtr for 2H Jazz Pharma ($JAZZ) Q2 adj EPS $3.90 vs. est. $3.42; Q2 revs $751.8M vs. est. $735.62M; reaffirms FY21 non-GAAP EPS view $13.40-$14.70 (est. $14.45) and also back FY21 revenue view $3.020B-$3.180B vs. est. $3.11B; as of June 30, cash, cash equivalents were $891.4 mln, and outstanding principal balance of co’s long-term debt was $7.1 bln

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tiger global with two new positions i like: ozon and onem

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Upgrades 1/29: $ADP $ADS $BA $CPRI $CTSH $EGBN $ENTA $FVCB $HYRE $ICHR $JACK $LXRX $MBCN $MEOH $MSI $NICE $OBNK $ONEM $PHM $RIDE $SLF $SLM $SR $UCTT $WDC $XONE $ZYME

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Largest Call / Put: $ONEM

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Company Information

One Medical is a membership-based and technology-powered primary care platform with seamless digital health and inviting in-office care, convenient to where people work, shop, live, and click. Its vision is to delight millions of members with better health and better care while reducing costs. Its mission is to transform health care for all through its human-centered, technology-powered model.

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