…and "Inside Out 2" brings joy to the box office
| Medication nation (PureRadiancePhoto/Shutterstock) | |
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Yesterday's Market Moves | | Dow Jones
38,778 (+0.49%) | S&P 500
5,473 (+0.77%) | Nasdaq
17,857 (+0.95%) | Bitcoin
$66,547 (-0.12%) |
| Dow Jones
38,778 (+0.49%) | S&P 500
5,473 (+0.77%) | Nasdaq
17,857 (+0.95%) | Bitcoin
$66,547 (-0.12%) |
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Hey Snackers, Wells Fargo fired around a dozen staffers after investigating claims that they were pretending to work with "simulation of keyboard activity." Don't bank on mouse jigglers. Tech stocks rallied yesterday, pushing the Nasdaq index to its sixth-straight record close. Meanwhile, the S&P 500 sealed its 30th closing high of the year. US markets will be closed tomorrow as the nation commemorates Juneteenth. We'll be back in your inbox on Thursday. | |
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Telehealth execs are charged with running an Adderall ring as ADHD meds get the DOJ's attention | The center of attention… Two executives from the telehealth company Done Global were arrested last week and charged with distributing stimulants as part of a $100M health care fraud. The DOJ said that Done helped doctors prescribe 40M+ stimulant pills (including ADHD meds like Adderall) to patients, often with "no legitimate medical purpose." It's thought to be the first time that the DOJ has charged anyone with illegal drug distribution through a digital health company. Quick scripts: Prosecutors said Done ordered prescribers to keep initial patient consults under 30 minutes, refused to pay them for visits beyond initial consults, and compensated them based on the # of prescriptions they wrote. The DOJ said that this payment structure discouraged follow-up appointments. Rx-ing: The DOJ said Done spent millions of $$ on deceptive ads to gain subscribers, and that execs didn't stop even after learning that some members had died after overdosing. Control: In 2022, Walmart and CVS stopped filling some scripts from Done and rival Cerebral following reports scrutinizing the telehealth cos' prescription practices. Also that year, the DOJ and DEA started investigating Cerebral.
Shortages are a pill… Experts say a pandemic spike in prescriptions for ADHD meds and supply chain issues played a role in a two-year shortage of meds including Adderall. The shortage, which started in 2022, affected about one-tenth of ADHD patients in the US and contributed to a boom in the illegal market for Adderall. Supply appears to be normalizing, but CDC officials say that the Done indictment could affect up to 50K US patients. About 11% of children and 4% of adults in the US have been diagnosed with ADHD. |  | THE TAKEAWAY |
| There are two sides to telehealth… Digital doc visits boomed during the pandemic, and it became easier to get scripts for stimulants like Adderall as the US relaxed certain rules (like: no longer requiring an in-person visit to get prescribed). The expanded accessibility has helped many patients receive necessary treatment, but some telehealth companies have been scrutinized over their prescription practices. The DEA last year said telehealth providers could continue prescribing controlled meds (like Adderall) through the end of this year. Read this online | |
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Sponsored by Rocket Mortgage | | Build wealth brick by brick | No place like home: There's a wide array of options for building wealth these days — from stocks to crypto to savings accounts. But when it comes to long-term investments, real estate is still America's top choice (per Gallup, April 2024). Foot in the door… The financial foundations of a home purchase can be complicated. Rocket Mortgage knows that — which is why they're dedicated to making it easier to get a mortgage. With innovative tech and an all-star team of advisors, they've revolutionized the market with an online mortgage experience: experts on hand when you need them, and in-app tools for when you don't. Rocket Mortgage fuels a smart investment and a dream home. Save $1000 on closing costs with Rocket by locking in a loan here.1 |
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Disney's "Inside Out 2" excites the summer box office with the best opening of the year | Introducing "Anxiety"… Over the weekend, Disney's "Inside Out 2" — which features animated characters like Joy, Sadness, and Envy — became the second-biggest animated movie debut ever in the US (psst: not adjusted for inflation). The sequel to the emotional 2015 Pixar hit raked in $155M domestically, crushing expectations of $90M. Overseas, "Inside Out 2" stole the crown from Elsa, becoming the biggest animated opening ever (again, not inflation adjusted). It dethroned Disney's "Frozen II," which came out in 2019. Cold popcorn… The summer movie season got off to a chilly start after Memorial Day weekend saw the worst box office #s in over two decades (excluding during the pandemic). Last year's Hollywood strikes led to fewer films in the pipeline for the top half of the year, and several of the blockbusters that came out this year have flopped (like: "Madame Web," "Furiosa"). Meanwhile, studios waited for summer vacay to drop kid-friendly films. As of May 31, box office revenue was down $800M from the same time last year. But with "Inside Out 2" outperforming expectations, there's hope that the script could be flipping. | | THE TAKEAWAY |
| Sequels can afford to make audiences wait… They already have an established fan base, and filmmakers need time to meet audiences' lofty expectations. "Inside Out" came out nearly a decade ago, but the sequel seems to have paid off for Disney. Pixar's had many high-grossing hits with franchise flicks like "Incredibles 2," "Toy Story 4," and "Finding Dory." And Disney's "Avatar: The Way of Water," which came out 13 years after the original, has grossed $2B+ worldwide. Read this online | |
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What else we're Snackin' | Hush: Tesla sued EV-battery maker Matthews International, one of its suppliers, alleging it spilled trade secrets to rivals. Matthews said Tesla's trying to bully it and take its IP. Flag: The US Surgeon General wants Congress to mandate a tobacco-style warning label on social platforms. He said social media's "associated with significant mental health harms" for teens. Check: Two Apple employees sued the tech titan, saying it pays women less than men for similar work. Apple said it's had gender pay equity since 2017. Google and Oracle have paid millions to settle similar suits. Adidown: Adidas stock fell after the sneaker staple said it's investigating claims that top execs in China received millions in bribes from service providers. A scandal could weigh on the struggling brand. TaxTalk: Former prez Donald Trump reportedly told several top CEOs, including the bosses of JPMorgan and Apple, that he plans to cut corporate taxes again if elected. Trump's tax cuts are set to expire in 2025.
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Snack Fact Of the Day | More than two years passed between the issuance of the Emancipation Proclamation and the end of slavery in the US | | |
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Tuesday | Authors of this Snacks own shares of: Apple, Alphabet, CVS, Disney, Tesla, Walmart, and Warner Bros. Discovery Advertiser's disclosures: ¹Clients will receive a lender credit of $1,000 when they lock a loan on or after October 20th, 2023, utilizing the Snacks Newsletter application link. Offer cannot be retroactively applied to previously closed/locked loans. Offer does not apply to new loans submitted through non-retail loan originators, including brokers. Additional restrictions apply. Rocket Mortgage reserves the right to cancel/modify this offer/terms/conditions at any time. Acceptance of this offer constitutes acceptance of these terms and conditions. Offer is nontransferable. This is not a commitment to lend. Offer not valid with any additional discounts or promotions. ©2000-2024 Rocket Mortgage, LLC. All rights reserved. Lending services provided by Rocket Mortgage, LLC. NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. For additional information please visit rocketmortgage.com/ legal/disclosures-licenses. | |
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more | |
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