Healthcare

ServiceNow grew sales on higher contract values and Texas Instruments posted a stronger quarter on higher sales, both signs that enterprise software and semiconductors are still finding pricing power. Molina Healthcare went the other way, posting lower profit and revenue as membership declined, a reminder that US managed care faces genuine enrolment headwinds rather than a cyclical blip. Businesses that can raise prices on existing customers are outperforming those exposed to volume and enrolment, and that split will separate winners from laggards through the rest of this reporting season.

Weight-loss drugs are starting to dent demand for bariatric and related surgical procedures, while ACA marketplace changes threaten the insured patient volumes Intuitive's robotic systems depend on. Two structural threats landing on the same earnings call is worse than either one alone.