UnitedHealth Group Inc (NYSE:UNH, ETR:UNH) shares slumped following reports that the US Department of Justice has initiated a civil fraud investigation into the company’s Medicare billing practices.
The probe is focused on how the company documents diagnoses that can lead to increased payments for its Medicare Advantage plans, particularly within physician groups owned by UnitedHealth, according to a Wall Street Journal (WSJ) report citing sources with knowledge of the matter.
Rivian Automotive Inc (NASDAQ:RIVN) reported a first-ever gross profit of $170 million in the fourth quarter of fiscal year 2024, surpassing analysts' expectations with total revenue of $1.73 billion, driven by strong demand for its updated product lineup and increased software and services revenue.
The electric vehicle (EV) manufacturer attributed its positive gross profit to a $31,000 reduction in the cost of goods sold per vehicle and an increase in average selling price to $86,000, reflecting higher sales of its premium R1 and tri-motor models.
Block Inc (NYSE:SQ) shares tumbled more than 10% before Friday’s opening bell as the company’s fourth quarter earnings fell short of Wall Street expectations.
The financial services and digital payments firm, formerly known as Square, reported earnings per share of $0.71. This marked a 51% year-over-year improvement but missed estimates of $0.88.