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SSR Index of Current-Quarter Healthcare Demand Growth: Interim 2Q14 Estimates

We expect 6.8% (nominal) y/y growth in US health services demand during 2Q14, the product of 5.2% growth in demand intensity and 1.5% growth in price. Our estimate of demand intensity is sharply higher in 2Q14 – reflecting an expectation

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Net HIE Premiums Growing Faster Than Incomes; This is Likely to Accelerate

The average premium increase thus far proposed by health insurance exchange (HIE) plans for 2015 is 10%; this compares to 4% to 5% expected income growth for subsidy eligible households We encounter a common misperception that the Affordable Care Act

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June 22, 2014 – US Telecom: Merger Mania! Telecom Bankers Rejoice!

US Telecom: Merger Mania! Telecom Bankers Rejoice! Telecom bankers have been busy, with 2 blockbuster deals on the table, and a third expected to follow. We believe that that all 3 will be approved by the FCC and DoJ, albeit

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The Role of Branch Networks and Information Scale in the Coming Deposit Re-price Cycle

“The customer who likes to visit a branch is less price sensitive than a customer whose relationship is online-only. Banks haven’t fully understood that if I have a branch in this neighborhood, it reduces price sensitivity[1].” Frank Rohde, CEO of

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Mobile Wallets: The Battle for Control of Point-of-Sale and Opportunity for FIS

Amazon’s announcement of the Fire ‘phone yesterday, along with the launch last October of pay-with-Amazon (allowing customers to use their Amazon credentials to pay on other e-commerce sites), raises the possibility of an Amazon wallet leveraging the firm’s 250mm cards-on-file

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APD – A Wise, But Not Long-Term, Compromise

It is evident that APD has struggled to find the right candidate to replace John McGlade as CEO.  The search has taken longer than would have been expected – suggesting that multiple candidates were screened/approached. It is a shame that

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Quick Thoughts – KO, Rumor, Trees and the Forest

The push back that we received when we included KO in our list of consumer staples M&A candidates was fairly intense – but not unexpectedly so – KO isn’t a controversial stock at this point, but rather one that investors

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Early Look at 2015 HIE Rates: Avg. Increase = 10%

11 states have disclosed insurers’ proposed rates for plans to be sold on the health insurance exchanges (HIEs) in 2015. The enrollment-weighted average rate increase thus far is 10.0%. These states’ 2014 HIE beneficiaries represent 14.6% of nationwide 2014 HIE

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Quick Thoughts – Early iBeacon Trials are Encouraging for Apple

Digital wallet-provider LevelUp reports that mobile payments volume increased 22% over 30 days at the 50 merchants where it installed iBeacon. As discussed in our May 30th note, “Apple vs. Banks in Mobile Payments: Update”, the focus of iBeacon is

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ADS, AXP and JPM: The Bank Edge over Online Advertising and Payments Platforms

There is a secular shift in advertising from generic brand advertising on broadcast channels to data-enabled direct marketing on digital channels. Our colleague, Paul Sagawa, reported on the shift in a research note of June 9th titled “The Revolution in

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