UnitedHealth Group Incorporated (UNH) stock forecast and price target

Our bond/stock asset-allocation model is indicating that bonds are the asset class offering the most value at this market juncture, as interest rates have risen over the past few quarters and stocks have recovered some of the ground lost last year. Our model takes into account current levels and forecasts of short-term and long-term government and corporate fixed-income yields, inflation, stock prices, GDP, and corporate earnings, among other factors. The model output is expressed in terms of standard deviations to the mean, or sigma. The mean reading from the model, going back to 1960, is a modest premium for stocks, of 0.15 sigma, with a standard deviation of 1.0. The current valuation level is a 0.74 sigma premium for stocks, which is inside the normal range but up from the 0.56% sigma premium a month ago. Other measures also show reasonable valuations for stocks. The current forward P/E ratio for the S&P 500 is 17, which is within the normal range of 10-21 and down from 22 a year ago. The current S&P 500 dividend yield is 1.6%, below the historical average of 2.9% but up from an ultralow 1.2% as recently as 2021. Based on current valuation levels, as well as our interest-rate and earnings forecasts, we are expecting a recovery in stock prices in 2023 from bear-market lows. We have established a year-end S&P 500 target of 4,300. This may change in the weeks ahead, as the market has neared our target and we remain bullish on stocks. Our current recommended asset allocation for moderate accounts is 67% growth assets, including 65% equities and 2% alternatives; and 33% fixed income, with a focus on opportunistic segments of the bond market.

The first-quarter earnings season is wrapping up, with blended earnings (actual results and the consensus for those still to report) showing a 0.6% year-over-year decline, according to Refinitiv. That is considerably better than the 5.0% decline expected at the start of the earnings period, though still not enough to avoid a technical earnings recession following 4Q's 3.4% decline. Propelling the 1Q outperformance was a 74% beat rate (versus the long-term average of 62%), with strong gains in Consumer Discretionary (+55%) and Industrials (+26%), but drags from Basic Materials and Utilities (both -22%). Our analysts are always on the lookout for companies that boost their outlooks during earnings season. Management's ability to "raise guidance" can often be a catalyst for market-beating returns in the quarters ahead. Here is an initial list of BUY-rated companies in Argus Coverage for which management has raised guidance or increased its outlook during the 1Q23 EPS reporting season.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Stocks fell on Tuesday morning as investors weighed a new round of earnings reports along with a month-over-month jump in home prices. PepsiCo shares rose after the company posted stronger-than-expected 1Q results, while GM fell despite above-consensus earnings and higher full-year guidance. Meanwhile, the Case-Shiller national home price index rose 0.2% in February after a 0.2% decline in January. However, the year-over-year increase slowed to 2.0% in February from 3.7% a month earlier. The Dow fell 0.2%, the S&P 0.7%, and the Nasdaq 0.9%. Crude oil traded near $77 per barrel, while gold fell $2 to $1998 per ounce.

In this edition, a new era for Ritchie Bros.; ESG risks and opportunities crop up in food and agri; bank stocks are cheap again for now; and Scentre Group, Chart Industries, and UnitedHealth Group.

Stocks fell again on Thursday morning amid earnings reports from Procter & Gamble and Alcoa, and new employment and housing market data. The Labor Department reported that first-time claims for state unemployment benefits fell to 190,000 for the week ended January 14, down from 205,000 a week earlier and below the consensus forecast of 214,000. Housing data was slightly stronger than expected. Overall housing starts fell 1.4% to a seasonally adjusted rate of 1.382 million units in December, but topped the consensus forecast of 1.359 million. The Dow fell 0.7%, the S&P 0.9%, and the Nasdaq 1.2%. Crude oil rose 1% to $80.50 per barrel, while gold rose $14 to $1921 per ounce.

Dividend income, an important element of total return, is often overlooked amid gyrations in the stock market. Between 1930 and 2012, dividend income accounted for 42% of the total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. The pattern was repeated in 2022 as well. Not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

Our bond/stock asset-allocation model currently indicates that bonds are very close to fair value, as rising yields have made fixed-income investments relatively more attractive over the course of the year. Our model takes into account current levels and forecasts of short-term and long-term government and corporate fixed-income yields, inflation, stock prices, GDP, and corporate earnings, among other factors. The model's output is expressed in terms of standard deviations to the mean, or sigma. The mean reading from the model, going back to 1960, is a modest premium for stocks, of 0.15 sigma, with a standard deviation of 1.0. The current valuation level is a 0.85 sigma premium for stocks, which is inside the normal range. T-bond yields are around 3.7%, by comparison, coming closer to our fair value target yield of 4.7%. Generally, the model has done a good job of highlighting asset-class value, such as stocks in the late 1970s, bonds prior to the "dot-com" crash of 2001, and stocks once again at the depths of the financial crisis in 2009. As our chart shows, the markets can manage with premiums and discounts for extended periods of time, as interest rates and stock prices fluctuate daily. Based on the current model input levels, we have been expecting a recovery in stock prices from bear-market lows in 2H22 and are maintaining our year-end S&P 500 target of 4,100. Our current recommended asset-allocation model for moderate accounts is 70% growth assets, including 65% equities and 5% alternatives; and 30% fixed income, with 200 basis points of the bond allocation in cash.

Last week was the busiest of the quarter for corporate earnings, with a fair number of sharp moves in stock prices following above- or below-consensus results or changes in company guidance. Through October 25, Refinitiv reports that 129 S&P 500 companies have announced earnings, with 74% of those coming in ahead of the EPS consensus. The blended (reported and estimated) growth rate for the full quarter, however, is now at 3.3%. That's down from the 4.5% that was expected at the start of the quarter, which is likely a combination of the magnitude of the earnings misses as well as earnings estimates still coming down for those still scheduled to report. Sectors with the strongest beat rates so far have been Healthcare and Communication Services, where 100% of companies reporting have come in ahead of consensus. The biggest laggard has been Consumer Discretionary, where only 47% have exceeded consensus. Energy dominates, with a 119% blended earnings growth rate versus 3Q21, while Financials are at the other end with a 16% earnings decline. Our analysts are always on the lookout for companies that boost their outlooks during earnings season. Management's ability to "raise guidance" can often be a catalyst to strong returns in the quarters ahead. Here is an initial list of BUY-rated companies in Argus coverage for which management has raised guidance or increased its outlook during the 3Q22 EPS reporting season.

Stocks continued to rally on Tuesday morning as investors weighed more 3Q earnings reports. Goldman Sachs rose more than 4% after posting stronger-than-expected third-quarter revenue and earnings and announcing a business reorganization. Johnson & Johnson shares fell slightly despite above-consensus results and an increase in the company's full-year EPS forecast. The Dow rose 1.3%, the S&P 1.2%, and the Nasdaq 1.2%. Crude oil fell nearly 3% to $83 per barrel, while gold fell $9 to $1655 per ounce.

Healthcare is a sector that includes many categories and investing disciplines. It is innovative, can be either growth or value, and can involve start-ups or mature companies. A healthcare company can be built around one product that is leveraged in broad and creative ways, or a company with depth, breadth and products that have many touchpoints. Many of the companies are truly science-based, some with managers who are stronger as scientists than as executives running a company; others have scientists focus on science while practiced managers mind the books. The Healthcare sector accounts for 15% of the S&P 500, with an overall market cap of $1.4 trillion dollars. Subsectors include Biotechnology, Healthcare Distributors, Healthcare Equipment, Healthcare Supplies, Life Sciences Tools and Services, Managed Healthcare, and Pharmaceuticals. We think investors should Over-Weight the sector and consider allocating about 15% of their diversified portfolios to stocks in the sector. Healthcare is slightly outperforming the S&P 500 thus far in 2022, with a loss of 14% compared to the 25% loss for the S&P 500. The following are some Argus BUY-rated Healthcare companies. The stocks were selected using the Argus screening tool and the following criteria: BUY-rated; large-cap (greater than $8 billion market capitalization); a Financial Strength rating of Medium-High or High; and paying a dividend. We feel these companies currently are best in class for the sector. Some are also part of our model portfolios (Growth & Income, Equity Income, Growth, and Institutional).

Our bond/stock asset-allocation model indicates that both stocks and bonds are overvalued, despite sell-offs in both asset classes in 2022. Our model takes into account current levels and forecasts of short-term and long-term government and corporate fixed-income yields, inflation, stock prices, GDP, and corporate earnings, among other factors. The output is expressed in terms of standard deviations to the mean, or sigma. The mean reading from the model, going back to 1960, is a modest premium for stocks, of 0.15 sigma, with a standard deviation of 1.0. The current valuation level is a 0.7 sigma premium for stocks, well within the normal range. The model has done a good job of highlighting value. Stocks were very attractive compared to bonds in the late 1970s, when benchmark Treasury rates were in the high teens before heading consistently lower. The model indicated that stocks were at a sharp premium to fair value compared to bonds prior to the "dot-com" crash of 2001 and prior to the Great Recession. In 2009, at the depths of the financial crisis, the model indicated stocks were deeply oversold -- another good call. Markets can manage with premiums and discounts for extended periods. Based on the current model, we are expecting a recovery in stock prices from bear-market lows in 2H22 but have revised our year-end S&P 500 target to 4,000 as interest rates rise. Our current recommended asset allocation for moderate accounts is 70% growth assets, including 65% equities and 5% alternatives; and 30% fixed income, with 200 basis points of the bond allocation in cash.

Market breadth continues its intermediate- to long-term healing from extremely oversold conditions in June. Shorter measures of breadth cycled into overbought territory by the middle of August, while intermediate- and long-term measures will take months to fully heal and cycle back to strong levels. Of course, all of this assumes that the June lows were also the bear-market lows -- and while there have been many positive signs of late, it is still too early to know.

Last week was the busiest of the quarter for earnings, with many sharp stock-price moves following above- or below-consensus results or changes in guidance. Through July 26, Refinitiv noted that 133 S&P 500 companies had reported earnings, with 76% beating expectations, above the long-term average of 66%. The blended (actual for those reporting and consensus for those still to report) growth rate is 6.2%, near the 5.6% expectation and indicating the "beats" have not been robust. But the sour mood coming into the quarter is being greeted with relief that profit shortfalls and lowered guidance are not rampant. Our analysts always look for companies that boost outlooks during earnings season. Raising guidance can be a catalyst for strong returns in the quarters ahead. Here is an initial list of BUY-rated companies in Argus coverage with raised guidance or increased outlooks during the 2Q22 EPS reporting season.

Monday Tee-Up: Fed, Inflation Data, GDP, and Earnings

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Dividend income, an important element of total return, is often overlooked amid gyrations in the stock market. Between 1930 and 2012, dividend income accounted for 42% of the total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. The pattern is being repeated in 2022 as well. Not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

We have not talked much about small-cap stocks as they have steadily underperformed the S&P 500 since February 2021 and the S&P MidCap 400 since January 2021. Both the Russell 2000 (IWM) and the S&P SmallCap 600 (SML) peaked in November 2021 and have been tracing out lower lows and lower highs ever since. At the June 16 closing low, the IWM had cratered 32% while the SML had given up 26%. Interestingly, the hyper-revenue-growth/no-EPS stocks peaked in late 2020 and early 2021, well before the small-caps. The Nasdaq, QQQs and the S&P 500 all peaked in late 2021/early 2022.

May had a little bit of everything, with wild day-to-day swings, a consistent but short downtrend, a few big bullish reversal candles, and (fortunately) a nice bounce at the end of the month. After all those gyrations, the major indices finished basically flat for the month. The S&P 500 was flat, the Nasdaq lost 2%, and the QQQs gave up 1.6%. That is a win after the lousy monthly returns so far this year.

While stocks continue to hold (by a whisker) important chart support from the January through March lows, WTI has calmed quite a bit. The five-day rate-of-change has fallen to zero from two trips over 20% in March and one trip over 11% in April. Crude oil was at $102 Wednesday, down from $130 in early March and up from $93 on April 11. WTI might be tracing out a triangle and the further we move toward the apex, the more price volatility shrinks. Triangles can break both ways. The chart pattern, along with the shrinking volatility in stocks or commodities, sometimes suggests that a big move one way or another is coming.

Stocks rose on Tuesday morning as investors weighed 1Q earnings reports from a range of major companies. Johnson & Johnson shares rose 3% following better-than-expected first-quarter earnings and a significant dividend hike. However, the company also lowered its full-year earnings forecast due to strength in the U.S. dollar and suspended guidance for COVID vaccine sales. On the economic front, the IMF lowered its 2022 global growth forecast to 3.6%, down from a prior 4.4% and growth of 6.1% in 2021. The Dow rose 1.0%, the S&P 1.2%, and the Nasdaq 1.6%. Crude oil fell more than 4% to about $103 per barrel, while gold fell $32 to $1954 per ounce.

During the current rally, we have seen improvement in market breadth indicators -- although some remain bearish while others are only neutral. In the S&P 500, 62% of stocks are above their 50-day average (all breadth data as of the 3/25 close) from a February low of 24%, while 53% are above their 200-day, up from a recent low of 36% (which was the weakest level since June 2020). Generally, large market declines happen when this measure falls and stays below 45%, so we would like to see more improvement for the average stock in the S&P 500.

The first quarter of 2022 continues to get uglier, with most of the major indices closing at new corrective lows. The S&P 500 surrendered 3% on Monday, the Nasdaq gave up 3.6%, the QQQs plunged 3.7%, the S&P 400 got whacked for 3.8%, and the Russell 2000 (IWM) lost 2.4%. The only index that did not close at a new corrective low was IWM and none of the indices made intraday lows. The "500" is off 11.9% for 2022, the Nasdaq and the QQQs have given up 18%, MDY is down 11%, and IWM is off 13%.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

West Texas Intermediate (WTI) closed at $87.15/barrel on Thursday after hitting $88.54 intraday, the highest level since October 2014. The next Fibonacci extension based on the ABC reversal that crude traced out in December targets $91. WTI has cycled into mildly overbought territory on a daily basis and the move since late December has been pretty steep -- so this action appear to be getting a little long in the tooth.

Stocks rebounded on Thursday morning following positive earnings reports from Travelers and Baker Hughes, a day after the Nasdaq dropped into correction territory. On the employment front, the Labor Department said that first-time claims for state unemployment benefits rose to 286,000 for the week ended January 15, up from 231,000 a week earlier and above the consensus forecast of 225,000. The Dow rose 1.2%, the S&P 1.3%, and the Nasdaq 1.8%. Crude oil rose to near $88 per barrel, while gold fell $3 to $1840 per ounce.

Often overlooked amid gyrations in the stock market is dividend income, which is an important element of total return. Between 1930 and 2012, dividend income accounted for 42% of total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. But not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

Our bond/stock asset-allocation model indicates that stocks and bonds - both of which are overvalued against their own metrics - are near fair value against each other. Our model takes into account current levels and forecasts of short-term and long-term fixed-income yields, inflation, stock prices, GDP, and corporate earnings. The output is expressed in terms of standard deviations to the mean, or sigma. The mean reading from the model, going back to 1960, is a modest premium for stocks of 0.15 sigma, with a standard deviation of 1.0. The current valuation level is 0.12 sigma premium for stocks. Generally, the model has done a good job of highlighting asset-class value. Stocks were very attractive compared to bonds in the late 1970s, when benchmark Treasury rates were in the high teens before heading consistently lower. The model indicated that stocks were at a sharp premium to fair value compared to bonds prior to the "dot-com" crash of 2001 and at a premium prior to the Great Recession. In 2009, the model favored stocks over bonds - another good call. Markets can manage with premiums and discounts for extended periods. But the high valuations on stocks (currently about 50% above fair value) leave little room for disappointment. Our current recommended asset allocation model for moderate accounts is 70% growth assets, including 65% equities and 5% alternatives; and 30% fixed income, with 200 basis points of the bond allocation in cash.

So far, it has been a very good year for U.S. stocks -- and with favorable seasonals, we could see additional gains before the ball drops. Starting at the top, and looking at the major indices, the Dow Jones Transport Average is up a whopping 32%, followed by the S&P SmallCap 600, with a 29% gain. The Nasdaq 100 has popped 27%, while the S&P 100, the S&P MidCap 400, and the S&P 500 all have tacked on 25%. The Nasdaq Composite has risen 24%, the Russell 2000 has added 21%, the Dow Jones Industrial Average is up 20%, and the NYSE Composite is ahead by 18%. Pretty steady from top to bottom and it's hard to complain about such clustered returns.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

As we have noted recently, there has been a sharp increase in Treasury yields across the entire yield curve. At the start of September, two-year notes were yielding 0.2%. As of the close on Monday, they were at 0.44%. The five-year note has risen from 0.78% to 1.16%, the 10-year bond has jumped from 1.31% to 1.64%, and the 30-year bond has popped from 1.92% to 2.09%. Both the two- and five-year note yields are at their highest since the pandemic began, when yields plummeted. As we have said, market rates are a great tell as generally they move before government rates (fed funds) do.

Stocks rose strongly on Thursday as investors focused on solid earnings from major banks and lower-than-expected weekly unemployment claims. First-time claims fell to 293,000, down from the prior week and below consensus. Continuing claims dropped to 2.593 million from 2.727 million a week earlier, and were also below the consensus forecast. Inflation data was mixed. The Labor Department said that its producer price index for final demand rose 0.5% in September, down from 0.7% in August and below the consensus forecast of 0.6% growth. However, producer prices were still up 8.6% from the prior year, up from 8.3% in August. The Dow rose 1.56%, the S&P 1.71%, and the Nasdaq 1.73%. Crude oil rose to $81.50 per barrel, while gold rose $4 to $1798 per ounce.

Measurements of sentiment reflect ongoing optimism and, so far, liquidity has trumped most technical indicators. Indeed, there is a fair amount of historical precedent for that.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Second-quarter earnings announcements are nearly complete, with some 90% of S&P 500 companies having reported. The profit recovery from the depths of the pandemic low in 2Q20 was been swift, with earnings growth of 93% in 2Q21, according to Refinitiv. But earnings do not look good just on a relative basis -- the $53.93 projected to be earned by S&P 500 companies for the second quarter is the highest ever for the index. Investors can now turn their attention to the third quarter, when earnings are expected to rise a still-strong 30% year-over-year. Our analysts are always on the lookout for companies that raise their outlooks during earnings season. Management's ability to "raise guidance" can often be a catalyst to strong returns in the quarters ahead. Here are 20 BUY-rated companies in Argus coverage for which management has raised guidance or increased its outlook during the 2Q21 EPS reporting season.

The 10-year Treasury yield broke lower in early July and fell to 1.15% on Tuesday, close to hitting the most-recent low of 1.13% from July 20. The recent lows represent a 50% retracement (1.13%) of the move from August until March. The next key Fibonacci giveback of 61.8% comes in near 1%, where there is also decent resistance.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Stocks fell on Friday morning amid new retail sales and consumer confidence data. The Commerce Department said that U.S. retail sales rose 0.6% in June, up from a decline of 1.7% in May and above the Reuters consensus forecast, which called for a drop of 0.4%. The University of Michigan said that its consumer sentiment index fell to 80.8 in the first half of July, down from a final reading of 85.5 in June and below the consensus forecast of 86.5. The Dow, the S&P, and the Nasdaq were all down about 0.3%. Crude oil traded near $72 per barrel, while gold fell $16 to $1813 per ounce.

Since May and June, we have seen and commented on a marked improvement in the relative strength of the Nasdaq, the Nasdaq 100 (QQQ), and many Tech ETFs (like the XLK, IGV-iShares N.A. Tech-Software, $NYFANG-NYSE Fang Plus Index, and the SKYY or First Trust Cloud Computing.

The 1Q21 EPS season is mostly in the books, with retailers the last group to report over the next two weeks. The results were impressive -- but came against an easy comparison with last year's 1Q, when the world started to shut down to fight COVID-19. Through early May, Refinitiv reported that S&P 500 earnings rose 50.4% year over year -- the best quarter since 1Q2010. Some 87% of companies have come in ahead of expectations, up from the prior four-quarter average of 76%, according to Refinitiv. Where is the growth? Consumer Discretionary remains atop the list with a 170% earnings increase. Financials is second at 130%. Only Industrials is expected to remain negative -- with a 2% decline. Even the Energy sector, expected to have an earnings decrease at the start of the quarter, is now poised for 8% growth. Our analysts are always on the lookout for companies that raise their outlooks during earnings season. Management's ability to "raise guidance" can often be a catalyst for strong returns in the quarters ahead. Here are 20 BUY-rated companies in Argus coverage at which management has raised guidance or increased its outlook during the 1Q21 EPS reporting season.

Our bond/stock asset allocation model is indicating that stocks and bonds -- both of which are overvalued against their own metrics -- are near fair value against each other. Our model takes into account current levels and forecasts of short-term and long-term fixed-income yields, inflation, stock prices, GDP, and corporate earnings. The model output is expressed in terms of standard deviations to the mean, or sigma. The mean reading from the model, going back to 1960, is a modest premium for stocks of 0.16 sigma, with a standard deviation of 1.0. The current valuation level is 0.1 sigma discount for stocks. Generally, the model has done a good job of highlighting asset class value. For example, stocks were very attractive compared to bonds in the late 1970s, when benchmark Treasury rates were in the high teens before heading consistently lower over recent decades. The model indicated that stocks were at a sharp premium to fair value prior to the "dot-com" crash of 2001 and also at a premium prior to the Great Recession in 2007-2009. Starting in 2009, the model favored stocks -- another good call. As our chart shows, the markets can manage with premiums and discounts for an extended time. Equity valuations will likely start to improve if corporate earnings continue to surprise on the upside.

Stocks continued their overall strong trend in the April 16 week, which saw the launch of the biggest crypto exchange (Coinbase) and finished with modest but across-the-board gains. Also notable in that week was the resurgence in growth sectors that had previously taken a back seat to cyclical and defensive areas of the market.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The stock market moved higher during the shortened week, as investors appeared to embrace the Biden administration's early actions. Large-cap tech stocks outperformed blue chips as investors embraced risk. During Friday's session, the Dow Jones Industrial Average fell 179 points, or 0.57%. The S&P 500 was down 0.30%, and the Nasdaq Composite was up 0.09%. For the week, the DJIA increased 183 points, or 0.59%, the S&P 500 rose 1.94%, and the Nasdaq Composite rallied 4.19%.

UnitedHealth Group is the largest private health insurance provider in the United States, offering medical benefits to nearly 50 million members across its U.S. and international businesses. As a leader in employer-sponsored, self-directed, and government-backed insurance plans, UnitedHealth has obtained massive scale in managed care. Along with its insurance assets, UnitedHealth's continued investments in its Optum franchises have created a healthcare services colossus that spans everything from medical and pharmaceutical benefits to providing outpatient care and analytics to both affiliated and third-party customers.

The 3Q20 EPS season is mostly in the record books, with retailers the last group to report. The results were not pretty, but were better than 2Q20. Through mid-November, Refinitiv reported that S&P 500 earnings declined in 3Q at a 7.4% rate -- a vast improvement from the prior quarter's 30.5% decline. Excluding the Energy sector, earnings declined at a 3.2% rate. Of the 462 companies in the S&P 500 that have reported earnings to date for 20Q3, 84% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four-quarter average of 73%. Our analysts are always looking for companies that raise their outlooks during earnings season. Management's ability to "raise guidance" can often be a catalyst to strong returns in the quarters ahead. There were not many in this most-recent period. Here are 12 BUY-rated companies in Argus Coverage for which management has raised guidance or increased its outlook during the recent EPS reporting season.

Stocks eked out a win for the week, helped by early 3Q20 earnings results; investors were relieved as banks came in with lower-than-expected loan-loss provisions. The modest gains showed riskier stocks again outperforming blue chips. On Friday, the Dow Jones Industrial Average gained 112 points, or 0.4%. The S&P 500 was flat and the Nasdaq Composite was down 0.4% on the day. For the full week, the Dow was up 0.1%, the S&P 500 was up 0.2%, and the Nasdaq was up 0.8%. For the year-to-date, the DJIA is up 0.2%, the S&P is up 7.8%, and the Nasdaq is up 30.1%. Over the past 52 weeks, the Dow is up 6.9%, the S&P 500 is up 16.7%, and the Nasdaq is up 44.3%.

Stocks eked out a win for the week, helped by early 3Q20 earnings results; investors were relieved as banks came in with lower-than-expected loan-loss provisions. The modest gains showed riskier stocks again outperforming blue chips. On Friday, the Dow Jones Industrial Average gained 112 points, or 0.4%. The S&P 500 was flat and the Nasdaq Composite was down 0.4% on the day. For the full week, the Dow was up 0.1%, the S&P 500 was up 0.2%, and the Nasdaq was up 0.8%. For the year-to-date, the DJIA is up 0.2%, the S&P is up 7.8%, and the Nasdaq is up 30.1%. Over the past 52 weeks, the Dow is up 6.9%, the S&P 500 is up 16.7%, and the Nasdaq is up 44.3%.

There are many ways we could describe 2020, depending on whether we're talking about the stock market, COVID-19, the economy, politics, sports, and just about anything else. For the stock market, we could label it "The Great Dichotomy" or maybe the "The Great Chasm."

There are many ways we could describe 2020, depending on whether we're talking about the stock market, COVID-19, the economy, politics, sports, and just about anything else. For the stock market, we could label it "The Great Dichotomy" or maybe the "The Great Chasm."