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Humana rises on earnings beat, cheery outlook

Humana rose more than 8% in premarket trading after it reported earnings that beat estimates and raised its outlook for the year, making it an outlier among its health insurance peers.

The company reported adjusted earnings per share of $6.27, beating analysts' estimates of $5.92, per FactSet. Its spending on medical costs was in line with expectations, while most of its peers are reporting costs that exceed Wall Street's forecasts.

Humana raised its full-year adjusted earnings guidance to “approximately $17.00,” up from its previous forecast of “approximately $16.25.” The Street is currently penciling in $16.36 adjusted earnings per share for the year.

The company gets most of its revenue from selling Medicare Advantage plans, which is government-sponsored insurance for the elderly. It said it expects to sell more plans this year than previously anticipated.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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