![]() All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account The company is going ahead with plans to sell iQOS, a Philip Morris e-cigarette product that heats tobacco but does not burn it. (PM), which sells Marlboro and other cigarettes internationally, last month. The stock is down more than 5% this year and the company abandoned talks about a possible reunification with Philip Morris The problems at Juul have taken a toll on Altria. And the company announced another management shakeup earlier this week. Since then, Juul said that it will end the sale of its flavored products in the US. Juul CEO Kevin Burns stepped down last month and was replaced by Altria executive K.C. Juul was also criticized for selling pods with flavors like mango, creme and cucumber that became popular with teens. The deal quickly went south as concerns mounted about the health risks of vaping and US regulators pushed for a crackdown on e-cigarettes. (MO) invested $12.8 billion for a 35% stake in Juul in 2018. The cigarette giant announced Thursday it was taking a $4.5 billion writedown on its investment in Juul. Shares of WELL rose slightly by midday, logging a 3% gain - or $1.57 - to reach $53.96 by 12:30 Eastern time Thursday.Marlboro owner Altria’s big gamble on vaping is not panning out as well as hoped. Welltower logged total net income of $325.6 million in the third quarter of 2020, down from $589.9 million during the same span in 2019. “Welltower will continue to strive to be the premier wellness infrastructure company that allocates capital in the path of growth of health care and wellness trends.” The answer to that question is an emphatic no,” Mitra said. “Many of you have asked me if our strategy will change going forward. New CEO Shankh Mitra, presiding over his first quarterly earnings call since DeRosa’s departure earlier this month, emphasized that the Toledo, Ohio-based Welltower’s strategy will remain the same under his leadership. Welltower acquired those buildings in an 80-20 joint venture with the ProMedica hospital system in 2018 as part of the REIT’s push to develop vertically integrated health care networks, long a stated goal of former CEO Tom DeRosa. Outside of the Genesis worries, Welltower reported same-store growth of 2% year-over-year for its post-acute and long-term care assets during the quarter, along with a 2.3% NOI boost for its ProMedica joint-venture assets - the nursing homes and senior living properties formerly known as HCR ManorCare and now currently under a rebranding process to ProMedica Senior Care. “Without giving effect to the prospect, timing, and adequacy of future governmental funding support and other mitigating plans, many of which are beyond the Company’s control, it is unlikely that the Company will be able to generate sufficient cash flows to meet its required financial obligations, including its rent obligations, its debt service obligations and other obligations due to third parties,” Genesis noted. Genesis’s geographic footprint in the Northeast includes regions hit particularly hard in the earliest days of COVID-19 pandemic, when less was known about the virus and blanket bans on non-essential surgeries removed the normally vital stream of Medicare-covered post-acute patients from its buildings. “The existence of these conditions raises substantial doubt about the Company’s ability to continue as a going concern for the twelve-month period following the date the financial statements are issued,” the operator observed in an August release. The wave of actions came after Genesis publicly indicated that its future is deeply uncertain in the wake of COVID-19 financial strains, citing $74 million in lost revenue during the first six months of 2020 and skyrocketing expenses related to the ongoing pandemic. Sabra Health Care REIT (Nasdaq: SBRA) similarly announced that it may take such a step with its Genesis and Signature assets, which would result in a $14 million write-down for the REIT.
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