Published by clickbroker.blogspot.com.
The Humana (HUM) conference call (4/26/2010) was one of the most informative in recent memory. The market’s early enthusiasm for the stock gave way well before the call concluded. Reversals of accruals and outsized premium increases accounted for much of the earnings. Commercial enrollment continued to fall while Medicare Advantage (MA) increased 19% to 1.74M members. The company’s unbalanced book continues to get worse, increasing its dependence on government programs further.
The Humana Message
Goldman Sachs: The Long and Short of Opaque
Published by clickbroker.blogspot.com.
Goldman Sachs’ (GS) earnings call was startling arrogant in not remaining silent on the SEC fraud charges. Not only did they fail to disclose the Wells Notice in a timely manner, but challenged the SEC for not giving them a chance to settle before the public announcement. Goldman’s PR machine is so poor that Republicans are being forced to work with Democrats on financial reform as I write. Being legally right and morally wrong does not make for good politics or client relations.
Michael Belfiore’s “The Department of Mad Scientists”
Published by clickbroker.blogspot.com.
Michael Belfiore’s book “The Department of Mad Scientists”, subtitled “How DARPA Is Remaking Our World, from the Internet to Artificial Limbs” tells the story of the quasi independent Defense Advanced Research Projects Agency. DARPA was started during the Eisenhower years as a fast moving effort to respond to Russia’s first satellite launch. Our civilian space agency was floundering and the military effort while progressing was under political fire.
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