Morgans AM - Friday, 16 May 2025

US equity markets advanced - Dow rose +272-points or +0.65%. Cisco Systems Inc rallied +4.85% and was the leading performer in the 30-stock index overnight after the networking company reported earnings per share (EPS) and revenue that topped consensus analysts’ forecasts for the fiscal third quarter after the close of the previous session. UnitedHealth Group dropped -10.93% following a report from The Wall Street Journal (WSJ) published after the close of the previous session that said the Justice Department was investigating the insurer for possible Medicare fraud. UnitedHealth said in a statement it hadn’t been notified by the Justice Department of the criminal investigation, adding that it stands “by the integrity of our Medicare Advantage program.” Apple Inc eased -0.47% after President Trump chided the company’s Chief Executive Officer (CEO) Tim Cook, saying he wanted the iPhone maker to build more of its devices in the U.S. and not in India. “I had a little problem with Tim Cook yesterday. I said to him, Tim, you’re my friend. I treated you very good. You’re coming here with $500 billion but now here you are building all over India,” President Trump said in Qatar.