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HCA

HCA operates 170 hospitals with 44K beds and 118 freestanding surgery units. The company operates in 20 states and England, but almost 50% of its hospitals are located in Texas and Florida. HCA is the largest for-profit hospital operator in the US by revenues. HCA has gone private twice since its initial public offering in 1969, most recently in 2006. During periods of private ownership the company has engaged in debt-financed special dividends. HCA returned to public ownership in 2011. HCA has been an active consolidator in the industry, acquiring General Health Services, Columbia Healthcare, Hospital Affiliates, and Healthcare Corp, among others. In rationalizing its offering of services and market focus, HCA has sold or spun-off hospital groups such as LifePoint, Triad, and HealthTrust. (24 Aug 2018)

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US Employment: Modest Gains for Jobs & Wages

Sector Analysis: 09 Dec 2018, 9:01 PM ET - Payrolls and wages both took a step back in November.  We highlight this months employment data and discuss the possibility for manufacturing, construction, and mining employment to lead a 2019 deceleration in jobs growth.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 
Focused

HCA 3Q18: Strong Volumes, Higher Intensity

Earnings Note: 30 Oct 2018, 3:35 PM ET - HCA posted 3Q18 revenue and adjusted EBITDA growth of 7% and 18%, respectively. While the company enjoyed a favorable comp to 3Q17, we estimate EBITDA growth north of 10% when adjusting for Hurricanes Harvey and Irma.

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

Healthcare: ACA Market May be Further Pressured

Sector Outlook: 25 Oct 2018, 4:19 AM ET - The White House continues to amend the ACA and intends to give States the option of allowing insurers to provide less comprehensive coverage at a lower cost. For individuals who remain in ACA-compliant plans, this may mean higher premiums.

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

Cigna: Issuing ~$23.5 bn to Fund ESRX Deal

IG Note: 06 Sep 2018, 11:25 AM ET - CI is in the market with a 10-part ~$23.5 bn offering of new debt to fund the acquisition of Express Scripts. We are shifting our recommendation on both Cigna and Express Scripts to Outperform.

Pharma: 1H18 Capital Allocation Review

Sector Analysis: 04 Sep 2018, 9:27 PM ET - In this note, we review capital allocation in the Pharma sector through 1H18. We focus primarily on M&A trends, shareholder rewards, and new issuance activity. We also touch on leverage metrics in the sector versus historical periods.
Focused

HCA: Acquires Mission Health for $1.5 bn

Worth Watching: 03 Sep 2018, 5:44 PM ET - HCA (Snr Unsec Ba2/BB-)* has agreed to purchase Mission Health System, a non-profit healthcare provider in North Carolina, for approx. $1.5 bn. Mission is a market leader in western NC with a 49.5% share across the 11 counties it operates in, ..

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.

Healthcare: 2Q18 Earnings Recap

Sector Analysis: 15 Aug 2018, 9:59 PM ET - In this note, we recap 2Q18 earnings results in US Healthcare with a focus on the Health Insurers, Medical Device manufacturers and Pharmaceutical companies.

Tenet 2Q18: Weak Volumes, Conifer Questions

Earnings Note: 07 Aug 2018, 12:01 PM ET - THC turned in a decent 2Q18 despite weaker-than-expected volumes and the revenue miss. The equity market was displeased with results (-15% as of this writing) and negative sentiment was likely exacerbated by comments around Conifer.

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