Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
Dialysis giant DaVita could end up losing up to $400 million and be forced to shutter clinics if California voters approve a ballot measure in Tuesday's midterm elections.
The Colorado-based company, which operates half of all the chronic dialysis clinics in the state, has shelled out $66.6 million of the more than $110 million spent by the industry lobbying against Proposition 8. The measure would cap the amount of money dialysis providers in the state can earn on certain patients.
DaVita operates 292 clinics in California and more than 2,500 clinics nationwide. It reported revenue of more than $2.8 billion in the second quarter.
There's "certainly a possibility" that it could pass, said Frank Morgan, managing director and health services equity researcher at RBC Capital Markets. He has a market perform rating on the stock. If the measure passes, "it would be extremely disruptive to the industry and the state."
Pushed by the Service Employees International Union, the measure applies to rates charged to patients who don't have federal insurance provided by Medicare or Medicaid. The programs cover treatment for the majority of people on dialysis in the state, often paying a predetermined set fee for treatment. But individual health insurers usually have to negotiate rates with dialysis providers, sometimes paying several times that charged to Medicare.
The ballot proposition would limit the revenue earned, or roughly the rates privately insured patients are charged, for dialysis treatment to 115 percent of the costs to provide the care. Anything above would be put to dialysis providers, which would be forced to give insurers or patients rebates to make up the difference.
Supporters of the proposal say one way the reimbursements could help patients is in the form of lower premiums, Erin Trish, a research professor at the USC Price School of Public Policy, told CNBC.
"Ultimately, the heart of this proposition is kind of rooted in a belief that the private payments are too high," said Trish, whose research focuses on U.S. health insurance markets. "It's not fair that the rates are so much higher than Medicare."
DaVita spokeswoman Alicia Patterson said "Prop 8 will limit patients' access to life-saving dialysis." She also pointed to a coalition of 160 medical professionals, clinics and business groups that say it could have far-reaching implications across the state, including clinic closures.
The "No Prop 8" group calls it a dangerous measure that could jeopardize access to dialysis care that patients need to survive.
"California Proposition 8 sets severely low limits on what insurance companies are required to pay for dialysis care," the coalition says on its website. "These limits do not cover the cost of providing care, forcing many dialysis clinics to cut back services or even close."
Matthew Gillmor, a senior research analyst at Baird, estimates it could cost DaVita $400 million a year. He said lobbyists in Sacramento don't expect the measure to pass. He cited the millions of dollars the dialysis industry has spent fighting it and prior failures on similar proposals.
This year's initiative is similar to Proposition 61, which targeted high drug prices and ultimately failed two years ago. He said this initiative may have a harder time because voters may deem the topic too complex or not as pertinent to their lives.
An estimated 31 million people in the U.S. have chronic kidney disease, according to a 2016 report from the American Kidney Fund, and is the ninth leading cause of death.
"It's not a 'Joe six-pack' issue" like drug pricing, Gillmor told CNBC.
According to a recent poll conducted by SurveyUSA, 47 percent of the residents likely to vote on the measure said they would support it while 34 percent were opposed.
Despite some doubt about the initiative, Gillmor said DaVita is "taking the threat extremely seriously."
The vote will likely cap a rocky year for DaVita, which was forced to pay nearly $400 million to the families of three of its dialysis patients in wrongful death lawsuits and $270 million to settle allegations of Medicare fraud.
DaVita, which has a market cap of more than $11 billion, has seen its shares rise more than 14 percent over the last 12 months.