Ajaypal Banga
In mid-2010, he became the CEO and a member of the board of directors of Mastercard, moving up from COO.
In 2015, President Barack Obama appointed him to the President's Advisory Committee for Trade Policy and Negotiations.
He graduated from Delhi University and the Indian Institute of Management in Ahmedabad.
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Forbes
27 minutes ago
- Forbes
Centene Stock Down 40% — May Slide On $1 Trillion Medicaid Cuts
The Big Beautiful Bill Act cuts $1 trillion from Medicaid from which Centene gets 58% of its revenue. After plunging 40% will the stock drop more? INDIA - 2025/07/03: In this photo illustration, the Centene Corporation logo is seen displayed on a ... More smartphone and in the background. (Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Key Facts On July 1, Centene withdrew its 2025 guidance following an independent actuary's estimate that the company's Obamacare revenue assumptions were too high. Centene's stock plunged 40% on July 2 and has stayed down. On July 4, the BBBA became law — and is forecast to slash $1 trillion from Medicaid which accounted for 62% of Centene's 2024 revenue. S&P Global Ratings is considering downgrading Centene's credit rating to junk status. Saint Louis, Missouri-based Centene — a provider of health care to Medicaid, Medicare, and Health Insurance Marketplace patients — suffered a 40% drop in its stock price on July 2, according to Google Finance . The drop in Centene's stock price followed the company's withdrawal of its 2025 revenue guidance. The reason? An actuarial report suggested lower than expected growth in Affordable Care Act marketplaces. In light of this report, Centene estimated 'the 2025 risk adjustment transfer to be about $1.8 billion lower than its expectations,' reported Fierce Healthcare . Since then, Centene has been faced with more bad news. The July 4 passage of the BBBA could cut $1 trillion from Medicaid in the next decade — which accounted for 62% of Centene's 2024 revenue, according to the company's 2024 Form 10-K. This could further diminish the company's growth potential. What's more, S&P Global Ratings is evaluating whether to downgrade Centene's credit rating to junk, according to Becker's — which could raise the company's cost of capital. These developments raise questions for investors, such as: Will S&P Global cut Centene's credit rating to junk status? If so, how much will Centene's cost of capital rise? How will Centene's net cash flow be affected by this? If the BBBA cuts $1 trillion from Medicaid, how much will Centene's revenue and net income drop? Can Centene offset that drop with other business lines? If so, how? I have contacted Centene to request comment and will update this post if I receive a response. Centene makes money by providing healthcare services to patients who are receive finding through government programs such as Medicaid, Medicare, and the Affordable Care Act Marketplaces. Medicaid — which contributed $101.4 billion to Centene's 2024 revenue — accounted for 62% of the company's total revenue. Medicare contributed 14% to Centene's 2024 top line and Commercial — the Marketplace business unit — accounted for 21% of the total and grew 36% to $33.7 billion, according to Centene's 2024 Form 10-K. Rapid growth in Centene's Marketplace business helped the company exceed expectations and raise guidance in the first quarter of 2025. Here are the highlights: First quarter 2025 revenue: $46.6 billion — up 15.4% and 7.2% higher than the consensus, according to Zacks Equity Research . — up 15.4% and 7.2% higher than the consensus, according to . Q1 2025 adjusted earnings per share: $2.90 — 22.9% more than the Zacks Consensus Estimate. — 22.9% more than the Zacks Consensus Estimate. 2025 revenue forecast: a range between $178.5 billion and $181.5 billion — the midpoint of which implies 10.4% growth, Zacks reported. — the midpoint of which implies 10.4% growth, Zacks reported. 2025 adjusted EPS forecast: greater than $7.25 — 1.1% more than in 2024, noted Zacks. Centene's strong product and market growth in the Marketplace business helped propel a 31% growth in the company's commercial revenues to $10.1 billion in the first quarter of 2025. Centene's premiums advanced 17.4% to $41.7 billion — exceeding analyst estimates, noted Zacks . Why Centene Slashed Its 2025 Revenue Guidance The strong growth in Centene's Marketplace business in the first quarter likely shocked investors when the health insurer withdrew its 2025 forecast over concerns with Obamacare, reported Reuters . Specifically, the company reported slower market growth and a rise in higher-risk patients enrolled in its plans under Obamacare. The insurer said an analysis from Wakely predicted 'market growth in 22 of its states will fall short of expectations,' Fierce Healthcare reported — reducing Centene's 2025 EPS forecast by $2.75. The negative impact on the insurer's adjusted EPS could be even worse. It is not "out of the realm of possibility" that Centene's earlier 2025 profit forecast of at least $7.25 per share is cut in half, Mizuho analyst Ann Hynes told Reuters . How Much The Bbba Will Reduce Medicaid Spending A bigger threat to Centene's growth could be the $1 trillion reduction in Medicaid spending over the next decade, according to my July Forbes post. These cuts are likely to cause widespread pain, such as: Loss of coverage. 15.9 million Americans could lose Medicaid coverage, according to the Urban Institute. 15.9 million Americans could lose Medicaid coverage, according to the Urban Institute. Rising expenses and cost cuts. Hospitals' expenses for Medicaid patients could fall by $37 billion, estimated the Commonwealth Fund ; to offset the lower revenue, hospitals, nursing homes, and doctors' offices could eliminate 477,000 jobs, according to the American Association of Medical Colleges , and Hospitals' expenses for Medicaid patients could fall by $37 billion, estimated the ; to offset the lower revenue, hospitals, nursing homes, and doctors' offices could eliminate 477,000 jobs, according to the , and Hospital closures and patient disruption. many rural hospitals may be forced to close, forcing patients to travel further for care, noted the American Hospital Association . Moreover the drop in Medicaid could trim Centene's revenue growth. Specifically, Medicaid and individual exchange headwinds could reduce the company's growth rate by one percentage point from 5% to 4% annually over the next five years, according to Morningstar analyst Julie Utterback. Will S&p Global Ratings Give Centene A Junk Rating? Moody's has already rated Centene as Ba1, its highest junk grade, according to Bloomberg . S&P Global Ratings is considering downgrading Centene's credit to junk status reported Becker's . S&P cited the loss of visibility into Centene's future profitability. 'With the removal of earnings guidance, we have less immediate clarity and confidence on the company's capital adequacy trajectory, as well as the overall strength of its business and execution capabilities,' S&P said in a July 1 release. A potential downgrade could remove Centene from major high-grade bond indexes, boosting borrowing costs. While Centene paid an average interest rate of about 3.8% in March 2025, a downgrade could increase that rate significantly. noted Bloomberg . Is Centene Stock A Bargain Or Will It Fall Further? Centene stock could fall further. In the wake of the company withdrawing guidance, Jim Cramer sounded very pessimistic. 'Given this news from Centene, I think the whole managed care industry is borderline un-investable right now,' Cramer said on CNBC. He described Centene's expected 2025 hit to EPS as 'horrifying.' Cramer added 'And, unfortunately, things will get worse for this sector before they get better, so I just can't justify telling you to own these stocks right now, even after they've already come down so dramatically.' On a more upbeat note, 15 Wall Street analysts view Centene as significantly under-valued. With an average 12 month price target of $63.08, analysts see nearly 91% upside in the shares, noted TipRanks .
Newsweek
30 minutes ago
- Newsweek
Credit Card Debt Is Actually Down Despite Breaking Records
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Credit card debt in the United States reached a new nominal record in May, with balances totaling $1.31 trillion. However, when adjusted for inflation, the current total remains below the all-time high recorded in 2008, according to analysis of the latest data from WalletHub. Why It Matters Although the $1.31 trillion headline figure appears alarming, the context provided by inflation-adjusted analysis reveals that today's burden is $113 billion below the 2008 peak. This distinction comes at a time when millions of Americans are struggling to manage day-to-day expenses and keep up with steep credit card interest rates, which averaged 28.6 percent in early 2025 compared to banks' sub-4.5 percent borrowing rates from the Federal Reserve. U.S. households have steadily increased their reliance on credit cards since 2021, driven by a combination of inflation, stagnant wages and, for some, inadequate social safety nets. The share of cardholders making only minimum payments reached a historic high of 10.75 percent in the third quarter of 2024, reflecting elevated financial pressures for many families. In this photo illustration, the Visa, Mastercard and American Express logos on various credit and debit cards are seen atop a U.S. $1 bill on February 4 in Somerset, England. In this photo illustration, the Visa, Mastercard and American Express logos on various credit and debit cards are seen atop a U.S. $1 bill on February 4 in Somerset, To Know While credit card debt for May 2025 technically set a record, topping May 2024 by 3 percent, it actually marks an 8 percent decline from the record for that month and is only 0.3 percent higher than last year when adjusted for inflation. "Sure, the headlines scream 'RECORD DEBT!' but that's like saying people are taller than ever without mentioning we're also eating better and living longer," Michael Ryan, finance expert and founder of told Newsweek. "The US job market remains solid and wage growth is beating inflation, which means people are managing their debt while their paychecks are actually keeping up with rising costs." Still, the reported increase in credit card balances has prompted renewed debate among lawmakers and economic experts over Americans' financial health and the impact of rising interest rates amid persistent inflation. "It's still a wealth killer, no question," Ryan said. "The long-term impact isn't as scary when you consider that people are more savvy about balance transfers, debt consolidation, and actually reading those credit card terms. We're not the same financially naive country we were seventeen years ago." The growing burden has led lawmakers to propose new restrictions on lending rates. A bipartisan bill introduced by independent Senator Bernie Sanders of Vermont and Republican Senator Josh Hawley of Missouri in early 2025 seeks to cap credit card interest rates at 10 percent over the next five years. "We cannot continue to allow big banks to make huge profits ripping off the American people," Sanders said. "This legislation will provide working families struggling to pay their bills with desperately needed financial relief." With Americans using credit cards to cover medical costs, everyday living expenses, and even funeral bills, experts and lawmakers alike have highlighted the link between debt, mental health challenges and diminished well-being. What People Are Saying Ryan also told Newsweek: "Everyone's freaking out about hitting $1.3 trillion in credit card debt, but it's like being scared of a shadow that's actually smaller than it used to be. Americans' total credit card balance is $1.2 trillion as of the first quarter of 2025, and when you adjust for inflation, we're actually carrying less debt burden than we were back in 2008. It's kinda like how your grandpa's dollar used to buy way more candy. Today's trillion isn't yesterday's trillion." Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "During the pandemic era, we saw Americans pay off more of their debt and enhance their savings. In the years following it, though, inflationary pressures have caused more spending on credit cards, and levels now are close to the all-time highs in 2008." What Happens Next Lawmakers are set to debate the bipartisan proposal to cap credit card interest rates in 2025. For Americans who accumulate more debt and delay paying it off, there's likely to be long-term financial hardship, Beene said. "Thankfully, the job market is still robust and strong enough to support the incomes of most Americans, but it does create an ominous picture if we do finally start to see a higher unemployment rate as to all that debt going unpaid and more being acquired," Beene said.
Gizmodo
31 minutes ago
- Gizmodo
Polymarket Odds Favor ‘Nobody' for the Next CEO of X, the Nazi Propaganda App
Linda Yaccarino announced she's stepping down as the CEO of X on Wednesday morning, prompting X owner Elon Musk to respond with a terse 'thank you for your contributions.' And while it comes just a day after Grok decided to go full Nazi, reporting from both NBC News and the New York Times suggests Yaccarino's departure had already been in the works last week. Whatever the reason behind Yaccarino's decision, the company needs a new CEO. And Polymarket is already taking bets. The bets are coming in quickly, and things can change on a dime with online betting markets like Polymarket. But as of this writing, the current favorite for the question of who will become the next CEO of X appears to be 'No CEO announced in 2025.' Other top contenders include former T-Mobile CEO John Legere; Nikita Bier, the current head of product at X; and Andreessen Horowitz's Sriram Krishnan, who currently works as a senior policy advisor on AI for the Trump White House. Another politically connected name in the mix is David Sacks, who works as Trump's so-called crypto czar. Jason Calacanis, a co-host of the All-In podcast with Sacks, is also on the Polymarket list. Prominent women on the list include current SpaceX CEO Gwynne Shotwell, former Yahoo CEO Marissa Mayer, former Facebook COO Sheryl Sandberg, and former YouTube CEO Susan Wojcicki. If you're wondering why anyone is betting that Wojcicki, who died in Aug. 2024 from cancer, would become the CEO of any company, so are we. Perhaps they think an AI version of her could serve or something. And in that same vein, Grok is also on the list. Another name on the list is Musk himself, which seems like a solid bet given the fact that Musk doesn't like to share the spotlight with anyone. If you were to poll Americans, there's a good chance most people believe Musk is already the CEO of X. Yaccarino was brought on in May 2023 to calm the nerves of advertisers who were alarmed by Musk's extreme decisions and erratic behavior after buying Twitter in late 2022. One name absent from the list is Katie Miller, Musk's right-hand woman at DOGE, who departed her work in government when Musk left on bad terms with Trump. Miller is the wife of Stephen Miller, a senior advisor to Trump who regularly appears on TV to spout the most vile, racist things about immigrants that you can imagine. Is there a dark horse candidate that people aren't betting on just yet? That's entirely possible. But it's hard to see why any normal person would want to take the job. Even if you agree with Musk ideologically (this is the guy who did two Nazi-style salutes at Trump's inauguration, after all), you're going to be constantly fighting with him to get anything done. Musk is reportedly extremely difficult to work with, and frankly, it's a miracle that Yaccarino lasted as long as she did. Does anyone know if David Duke is looking for a job? Or perhaps Nick Fuentes? Don't forget that Musk himself welcomed Fuentes back to X despite previously being banned for his antisemitic and white supremacist views. He could be just the guy for the job.
