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UnitedHealth Group didn’t just miss earnings, it did something far worse
UnitedHealth Group, America’s largest health care company, shocked investors Tuesday by reporting unexpectedly awful financial performance. It’s the second consecutive quarter the company has committed that sin. As a result, UHG is no longer just a company that missed its numbers. It’s something much more rare: a huge enterprise—No. 3 on the Fortune 500—confessing fundamental, long-standing problems endemic throughout the organization that may take years to remedy. The crisis first manifested in April. UHG was emerging from the trauma of executive Brian Thompson’s high-profile murder in December when the company released first-quarter profits far below Wall Street’s expectations. The stock plunged, slashing over $100 billion from market value within hours. A month later, CEO Andrew Witty abruptly resigned for unspecified personal reasons, and former CEO Stephen Hemsley returned to the job. The stock plummeted again. The next day, the Wall Street Journal reported that the Department of Justice was investigating UHG for possible criminal Medicare fraud. The company said it hadn’t been notified of any such investigation. The stock nose-dived yet again.
In less than a month, this corporate giant had lost more than half its value. “This is a stock that every growth-oriented portfolio manager in the world owned for a decade and made money on it like clockwork,” Whit Mayo, an analyst at the Leerink health care investment bank, told Fortune at the time. “It’s stunning. It’s unthinkable.”
On July 24, five days before UHG’s second-quarter earnings release, the company acknowledged that the Justice Department was conducting criminal and civil investigations of the company over its Medicare billing practices. You can guess what the stock did.
And then came the report of second-quarter earnings.
I'm talking to you Christian White Nationalists who believe #Trump is God's gift to #America : You can't preach prosperity and austerity in the same breath--those two things are mutually exclusive. Trump's gift to you is the lowering of how much a #tithe is. 10% of a lower number = a lower number.
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