Money Managers Betting On Stability, Success Of Health Care Stocks
Rising interest in health care stocks coincides with surging profits across the industry. Plus, the needs of an aging population are expected to insulate companies from a downturn.
The Wall Street Journal:
Health-Care Stocks Lead This Leg Of Rally, After Tech Giants’ Stumbles
Health-care stocks have emerged as market leaders in the third quarter, helping push major U.S. indexes to new highs. One reason: money managers are embracing the sector as a safety play, particularly after big technology stocks stumbled in September. (Wursthorn, 9/25)
In other news from the industry —
The Wall Street Journal:
TPG In Exclusive Talks To Take Over Abraaj’s $1 Billion Health-Care Fund
U.S. private-equity firm TPG is in exclusive talks to take over Abraaj Group’s $1 billion health-care fund, according to a letter to employees of the fund. Abraaj was the largest private-equity firm in the Middle East with almost $14 billion of assets until it filed for provisional liquidation in June. The Dubai-based firm is selling assets and winding down operations. It got into difficulty in 2017 after investors in its health-care fund, including the Bill & Melinda Gates Foundation and the World Bank, started investigating whether their money was being mismanaged. (Clark and Louch, 9/24)
Bloomberg:
J&J Talc Cancer Case Ends In Mistrial With Divided Jury
Johnson & Johnson’s latest trial over claims that its baby powder causes cancer ended in a stalemate when jurors couldn’t agree on a verdict. A state judge in Pasadena, California, declared a mistrial Monday after jurors deadlocked on Carolyn Weirick’s request for at least $25 million in damages over her mesothelioma, a cancer linked to asbestos exposure. Weirick said she developed the disease from asbestos-laced baby powder. (Feeley, Fisk and Favot, 9/24)
