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President Trump’s State of the Union address surprised us in how much time he devoted to recognizing guests and heroes in the visitors’ gallery — likely a record for such acknowledgments. The speech was structured…

While Medicaid funding from state directed payment programs (DPPs) cannot be relied upon as much a key revenue driver – and has received less attention on recent earnings calls – these incremental dollars are still…

Tariffs and the State of the Union (SOTU) will likely set the tone in Washington this week, even as a partial shutdown continues, and housing legislation inches forward in the Senate. Our focus is on where trade policy goes from here,…

Below, we outline four developments that are shaping the agriculture complex in 2026 across equipment manufacturers, grain trading/processing firms, and biofuels-linked companies. Two items look incrementally positive (farm aid and U.S.–China ag purchases) for the farm complex while the other two seem neutral (a farm bill extension and…

With INSP confirming our suspicion last night that MACs will ultimately require Inspire V procedures to be billed under CPT 64582 with a -52 (reduced work) modifier, we would expect this to translate into a…

Below, we outline how state-level SNAP food-restriction waivers—which are likely negative for KO, PEP, KDP, MDLX, HSY—are expanding and evolving, and we highlight three areas where investors should focus: The 13 states with approved SNAP…

Recent Obamacare developments (ACA proposal, House committee subpoenas, and OSCR’s earnings) reinforce this market’s durability and clear directional shift toward more-streamlined, lower-cost coverage and greater encouragement of enrollees to be more involved in their healthcare,…

With both the House and Senate are in session this week, we focus on a few developments we believe will be in focus in Washington this week:  The Department of Homeland Security (DHS) funding expiration and why we view the risk of a prolonged shutdown as low,…

Despite renewed congressional discussions around reconciliation, we continue to believe the most likely outcome for defense spending is a modest increase through the regular appropriations process, not a large, one-time infusion tied to the budget…

Cigna’s (CI) proposed settlement with the FTC over antitrust allegations regarding its PBM pricing, rebating and formulary practices around insulin likely establishes the basic framework that UNH and CVS will have to match to resolve…