Tom Werner/DigitalVision via Getty Images Brief Recap of My Last Article In my last article , I made the case that UnitedHealth Group ( UNH ) remains a fundamentally strong business, despite being temporarily weighed down by elevated medical costs, reimbursement/funding constraints, and government price controls. While these headwinds seem insurmountable as they hit the company from all angles, th...
Tom Werner/DigitalVision via Getty Images Brief Recap of My Last Article In my last article , I made the case that UnitedHealth Group ( UNH ) remains a fundamentally strong business, despite being temporarily weighed down by elevated medical costs, reimbursement/funding constraints, and government price controls. While these headwinds seem insurmountable as they hit the company from all angles, the solution was rather simple: drop unprofitable plans and raise premiums over time to recover lost margins. That thesis is playing out in real time, confirmed by the recent earnings call . Thus, I wanted to write an updated article as we have officially shifted narratives from theory of recovery to early evidence of recovery. Brief Recap of Q1-26 Earnings Here were the highlights: 2% MLR beat (83.9% actual vs. 85.5% expected) 2% Revenue beat ($111b actual vs. $109b expected) 10% EPS beat ($7.23 actual vs. $6.58 expected) 3% FY EPS guidance raise to greater than $18.25 (previous: greater than $17.75) AI investment scaling $2B stock buyback (by H2-26) The biggest takeaway from the most recent earnings is credibility. Management spent 2025 laying out the groundwork and timeline to return to high profitability, and we are seeing the results of them making good on their promises. For example, management predicted their premium repricing, AI-driven cost savings, and plan remodeling would drive stability in their MLR. The proof was in the pudding, as Q1-26 MLR came in at 83.9% vs. the expected 85.5%. It's important to note that some of this efficiency gain was reserve-related and thus non-recurring. Q1-26 EPS came in at $7.23, 10% higher than the expected $6.58. This is a significant beat that shows that the margin recovery is happening faster than expected, especially as revenue only grows 2% YoY. In a budding business, I'd call that operating leverage, but in this juggernaut's case, I'd call it efficiency. Management also updated investors on membership declines, as Medicare Adv...
Singapore gaming powerhouse Marina Bay Sands reported a sharp jump in business at the start of 2026, driven by stronger spending from premium customers. Net revenue rose 28% year-on-year to $1.49 billion and its adjusted property Ebitda — a measure of earnings before interest, tax and non-cash items — surged by nearly a third to $788 million for the quarter ended March, according to a statement by...
Singapore gaming powerhouse Marina Bay Sands reported a sharp jump in business at the start of 2026, driven by stronger spending from premium customers. Net revenue rose 28% year-on-year to $1.49 billion and its adjusted property Ebitda — a measure of earnings before interest, tax and non-cash items — surged by nearly a third to $788 million for the quarter ended March, according to a statement by parent company Las Vegas Sands Corp. The casino segment led the gains, particularly at the high end. Rolling chip volume, a proxy for VIP play, more than doubled to nearly $18 billion, while revenue from that segment rose 115% to about $639 million. Mass-market play also picked up, although its share of those bets edged lower. The results highlight a clear acceleration from a year earlier, reinforcing the Singapore resort’s role as the group’s largest contributor to earnings. They also point to resilient demand from high-spending travelers in the city-state, even as global tourism remains uneven. Read more: Las Vegas Sands Bets on Asia’s Young Rich in Singapore Expansion Beyond gaming, Marina Bay Sands’ hotel occupancy was broadly unchanged even as rates climbed to more than $1,000 a night on average from $925 a year earlier. Revenue from retail, dining and conventions also increased. Parent Las Vegas Sands reported a 25% rise in overall revenue to $3.59 billion, while net income jumped by more than half to $641 million.
A Hong Kong film adapted from the 2010 Manila hostage crisis, which led to the deaths of eight Hongkongers, has stirred online debate, with some questioning whether it could cause “secondary trauma” and others saying it offers lessons from the past. Titled Beyond Hostage Crisis, the film was released in Malaysia in April and is set to open in Hong Kong on May 28. Information about the 90-minute fi...
A Hong Kong film adapted from the 2010 Manila hostage crisis, which led to the deaths of eight Hongkongers, has stirred online debate, with some questioning whether it could cause “secondary trauma” and others saying it offers lessons from the past. Titled Beyond Hostage Crisis, the film was released in Malaysia in April and is set to open in Hong Kong on May 28. Information about the 90-minute film starring newly crowned Hong Kong Film Awards best actress Fish Liew Chi-yu is available on the...
Market Snapshot USD/INR ₹93.80 +0.3% Nifty 50 Index 24,378.10 -0.8% India 10-Year Bond Yield 6.91% +0.03 Spot Gold ($/oz) $4,708.97 -0.7% S&P 500 Futures 7,136.00 -0.5% Market data as of 08:13 AM IST, Apr. 23, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Pratigya Vajpayee in Mumbai, bringing you key updates ahead of the market open. The mo...
Market Snapshot USD/INR ₹93.80 +0.3% Nifty 50 Index 24,378.10 -0.8% India 10-Year Bond Yield 6.91% +0.03 Spot Gold ($/oz) $4,708.97 -0.7% S&P 500 Futures 7,136.00 -0.5% Market data as of 08:13 AM IST, Apr. 23, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Pratigya Vajpayee in Mumbai, bringing you key updates ahead of the market open. The mood among Indian investors has turned cautious again, with oil prices on an upswing as the US and Iran remain locked in a battle for control of the Strait of Hormuz. More industries are warning that things will not return to normal quickly even if the war were to end soon. India’s energy supplies too will be tested if Hormuz does not reopen for passage shortly. Amid these concerns, the Nifty 50 snapped a three-session winning streak on Wednesday and the rupee posted its biggest decline in a week. For equities, the IT sector will be in focus today as Infosys announces its March-quarter earnings, with sentiment already dented by HCL Technologies’ tepid commentary. In today’s newsletter, we look at : The dour mood in the IT sector ICICI Securities’ view on hospital stocks Nuvama’s cautious outlook for small, mid caps But first, let’s dig deeper into the rupee’s struggles. Markets Buzz: Rupee Just Can’t Break Free The US-Iran ceasefire and the RBI’s currency curbs have helped the rupee rebound from record-low levels hit in late March. But the currency still trails several Asian peers in April. As India’s sensitivity to high oil prices keeps the rupee under pressure , its weakness risks eroding currency-adjusted returns on local assets, potentially triggering more foreign outflows, according to IDBI Capital. The currency may underperform even as inflows resume, as the RBI is expected to buy dollars to rebuild its forex reserves. Although RBI Governor Sanjay Malhotra has said that an annual 3% to 3.5% depreciation is acceptable, global investors prefer markets where currency gains...
Shares of memory chips maker Micron (NASDAQ:MU) jumped 6.2% in the afternoon session after its stock reached an all-time high, driven by surging demand for its specialized memory chips used in artificial intelligence.
Shares of memory chips maker Micron (NASDAQ:MU) jumped 6.2% in the afternoon session after its stock reached an all-time high, driven by surging demand for its specialized memory chips used in artificial intelligence.