Key Takeaways
- Bank of America (BAC) has appointed Hari Gopalkrishnan as its new Chief Technology and Information Officer, succeeding Aditya Bhasin, who is retiring.
- Premiums for Medicare Part D prescription drug plans are projected to increase in 2025, with the estimated average monthly premium for stand-alone plans rising to $45 from $42 in 2024, driven by rising costs, regulatory changes, and subsidy program cutbacks.
- Nucor (NUE) reported Q2 2025 earnings of $2.60 per share on revenue of $8.456 billion, falling slightly below analyst estimates of $2.68 EPS and $8.54 billion in revenue.
- Former U.S. President Donald Trump's administration has denied Taiwan's President Lai Ching-te permission to stop in New York during his transit to Central America, a move that follows objections from China.
Bank of America (BAC) has announced a significant leadership change in its technology division, with Hari Gopalkrishnan stepping into the role of Chief Technology and Information Officer. He replaces Aditya Bhasin, who is retiring after more than two decades with the bank. Gopalkrishnan, who joined Bank of America in 2011, previously held senior technology positions at Citigroup and Lehman Brothers, bringing extensive experience in client-facing platforms and digital initiatives. This appointment underscores Bank of America's continued investment in technology, which has seen it grow to over 59 million digital users and accumulate over 7,800 patent applications.
In healthcare news, Medicare Part D prescription drug plan premiums are set to see a notable increase next year. The estimated average enrollment-weighted monthly premium for stand-alone prescription drug plans (PDPs) is projected to reach $45 in 2025, up from $42 in 2024. This rise is attributed to factors such as increasing costs, regulatory adjustments, and reductions in subsidy programs. While the Inflation Reduction Act aims to lower out-of-pocket costs for some beneficiaries with a new $2,000 annual cap on drug spending, it may also contribute to higher premiums for plans overall.
Steel manufacturer Nucor (NUE) released its second-quarter 2025 earnings, reporting net earnings of $603 million, or $2.60 per share. The company's revenue for the quarter was $8.456 billion, representing an approximate 8% increase year-over-year. Despite sequential earnings growth across all segments, these figures came in slightly below analyst expectations of $2.68 per share and $8.54 billion in revenue, leading to a 4.2% drop in the stock in after-hours trading.
On the geopolitical front, former U.S. President Donald Trump's administration has denied Taiwan's President Lai Ching-te permission for a stopover in New York. President Lai had planned to transit through the U.S. in August en route to Central American countries that recognize Taiwan. This decision comes after China raised objections to the visit and amid ongoing delicate trade negotiations between the U.S. and China. The move has sparked concern among Taiwan's supporters in Washington, who fear a softening of the U.S. stance on China.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.