November 6, 2026
(AMZN, COST, KR, DAL, UAL, JBLU, UBER, LYFT, DASH, CART, WMT, TGT) Surveillance Pricing in the Crosshairs
One issue that has flown under the radar screen but that we expect congressional Democrats to further scrutinize next year is surveillance pricing, also known as personalized pricing. We expect legislation such as Sen. Ruben…
November 5, 2026
[PNTG, BTSG, AVAH, ADUS, UNH, HUM] Home Health: CY27 Final Rule Preserves Stable Rates, Offers Limited Additional Relief
Home health (HH) agencies [PNTG, BTSG, AVAH, ADUS, UNH, HUM, AccentCare, Elara, Compassus] received a largely expected favorable outcome in CMS’s final CY27 Medicare HH payment rule. This reinforces our view that the industry has…
November 5, 2026
(CHTR, CMCSA, T, VZ, TMUS) Could Democrats Revive the Affordability Connectivity Program (ACP) Through the Highway Bill?
With Democrats having retaken the House and the Senate, we believe they are likely to attempt to revive the Affordable Connectivity Program (ACP), which would benefit Charter Communications (CHTR), Comcast (CMCSA), AT&T (T), Verizon (VZ),…
November 5, 2026
GKOS: Rate Rules Signaling iDose Pressures?
CMS finalized its CY27 facility rates for Glaukos (GKOS) – and other ophthalmology services – largely as proposed, but two associated dynamics strike us as noteworthy for investors: iDose Combo Volumes: Agency hospital outpatient department…
November 5, 2026
[HCA, THC, CYH, ARDT, SGRY, RDNT, LMRI, OPCH] Final OPPS: Modest 340B Relief but For-Profits Still Benefit Even with Imaging Site Neutrality
CMS’s final CY27 Medicare hospital outpatient prospective payment system (OPPS) rule disproportionately favorable for for-profit hospital outpatient departments (HOPDs) [HCA, THC, CYH, ARDT, UHS] while nonprofit and government-owned hospitals with substantial 340B drug exposure face…
November 4, 2026
(MSFT, AMZN, GOOGL, META, ORCL, CRWV, EQIX, DLR, NVDA, AMD) Why the Political Backlash Against Data Centers Won’t End with the Midterms
We believe investors expecting the political controversy surrounding AI and data centers to subside following the midterm elections are likely to be disappointed. Opposition to data centers has become a bipartisan political issue, and we…
November 4, 2026
What the Democrat Blue Wave Means for the Markets: Our First Thoughts
As we go to press, Democrats appear on track to gain at least 35 House seats, giving likely incoming Speaker Hakeem Jeffries (D-NY) considerable room to maneuver and limiting the leverage of the roughly seven…
November 3, 2026
[ENSG, PACS, OHI, CTRE, SBRA, LTC] Nursing Homes: Divergent Political Agendas, but Future Medicare Payment Risks Lurk
Recent federal nursing home policy developments underscore divergent approaches by the Trump administration and congressional Democrats to staffing, quality and industry oversight. Collectively, we see greater political and oversight risk than meaningful federal legislative risk…
November 2, 2026
Democrats Eye House Majority of 15–20 Seats While Also Poised for Senate Majority if Only Temporarily
In our final note ahead of tomorrow’s midterm elections, we believe it is essentially a fait accompli that Democrats will retake the House. We expect Democrats to pick up 15 to 20 seats, giving them…
October 29, 2026
[CNC, MOH, HCA, THC, UHS] Medicaid Work Requirements: Court Ruling, State Flexibility Temper Disenrollment Fears
We view today’s federal court ruling broadening medical frailty exemptions from the Medicaid expansion work and community engagement requirements as incrementally favorable for Medicaid insurers [CNC, MOH, ELV] and acute care and behavioral hospitals [HCA,…