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Saturday, Jul 2, 2022
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Midday Stock Roundup

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The markets fell after states like Arizona, Texas and California reported increases in coronavirus cases.

The S&P 500 dropped 2.4% to 3,055.63 in midday trading while the Dow Jones Industrial Average fell 2.5% to 25,504.15 and the Nasdaq declined 2% to 9,928.17.

Crude oil was off 6% to $37.96.

Gold was down 0.2% to $1,778.

The yield on a 10-year Treasury bond was off 2.5% to 0.69%.

HEALTHCARE

Irvine-based medical device company Axonics Modulation Technologies Inc. (Nasdaq: AXNX) fell 9% to $35.03 and a $1.4 billion market cap. Volume was about half of the daily average of 615,739. Shares are still more than double their March price.

Healthcare-related real estate companies were also down. Healthpeak Properties Inc. (NYSE: PEAK) was off 4.9% to $25.67 for a $13.8 billion market cap. CareTrust REIT Inc. (Nasdaq: CTRE) declined 7.6% to $16.76 and a $1.6 billion market cap. Sabra Health Care REIT Inc. (Nasdaq: SBRA) dropped 6.4% to 413.25 and a $2.7 billion market cap. Ensign Group (Nasdaq: ENSG) of Mission Viejo was down 3.5% to $40.30 for a market cap of $2.2 billion.

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.

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