SUCCESS

The American healthcare system is broken. 

For many of us, finding the right care means navigating a maze of providers, insurance requirements, and prices that can leave you exhausted before you even schedule an appointment. 

But Walmart is trying to make the whole process a little easier.

The retailer recently announced its Better Care Services platform would be partnering with General Medicine, a digital healthcare marketplace, to expand its care options.

Walmart expands Better Care Services platform

On Oct. 26, Walmart announced it will partner with General Medicine, a digital “store” where patients can search for, compare, and book medical care.

The retailer says that the partnership is designed to simplify the healthcare system by making it more shoppable. 

“At Walmart, we’re always looking for ways to make the customer experience simpler and more useful,” Ralph Clare, executive vice president, Health & Wellness at Walmart U.S., said in a statement. 

“Expanding Better Care Services [through the partnership] brings more care options into one place, helping customers explore what’s available, compare choices, and take the next step in a way that works for them,” he continued.

General Medicine is the 11th third-party provider employed by the marketplace.

In late October, Walmart announced the expansion of its Better Care platform, designed to make healthcare more easily accessible for its consumer base.NurPhoto / Getty Images

Walmart’s healthcare push is about more than just convenience

Walmart launched Better Care earlier back in January as a “one-stop digital destination,  designed to help empower millions of customers to take control of their health journeys with ease, transparency and confidence.”

The platform wasn’t Walmart’s first foray into the healthcare space. The retail giant had previously opened, and then shuttered, a chain of clinics and a virtual care initiative.

“The challenging reimbursement environment and escalating operating costs create a lack of profitability that makes the care business unsustainable for us at this time,” the company said in a statement at the time. 

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Despite the setback, the company said it intended to continue innovating in the space and would launch additional services if it made sense.

However, that dedication to simplifying and democratizing the healthcare system may not be driven by convenience alone.

“This customer cohort is incredibly important for us,” Walmart U.S. CEO David Guggina said during the company’s second-quarter earnings call. “When someone becomes a health and wellness customer, they spend on average three times more than the average Walmart customer. When they begin using pharmacy delivery in addition to being a health and wellness customer, that almost doubles, yet again.

“We have a very unique opportunity to connect our pharmacy expertise, our digital capabilities, and our local fulfillment network to make healthcare more convenient and accessible while deepening our relationship with these customers,” he continued.

Engaging customers through a larger, easier-to-use Better Care platform, then, may help the retailer shore up its bottom line.

Walmart isn’t the only retailer eyeing healthcare

The expanded platform also helps the retailer better compete against major companies such as Amazon.

In 2024, Amazon launched Amazon One Medical, a platform that gives consumers access to on-demand healthcare. The service builds on Amazon’s broader push into healthcare, which includes its online pharmacy business. 

Like Walmart, Amazon has been working to make healthcare more convenient by providing a more integrated experience.

For both retailers, the opportunity extends beyond healthcare itself. By making it easier for customers to access services through their platforms, they can strengthen customer relationships and encourage shoppers to return for other needs.

That’s particularly valuable for Walmart, given Guggina’s comments about how much more health and wellness customers spend compared with the retailer’s average customer.

However, making healthcare easier to navigate is only part of the challenge. 

Whether Walmart’s expanded platform can meaningfully improve the customer experience will depend on the options available, how easily consumers can compare prices, and whether they ultimately find care that meets their needs and budgets.

Related: Walmart gets aggressive when it comes to holiday sales

Tokenized stocks promise to make a share of a company useful beyond a buy-and-hold investment. A token that represents stock exposure could move quickly between platforms and potentially be posted as collateral for a loan.

The catch is that a token’s value as collateral depends on details investors cannot ignore, including who holds the underlying shares, what legal claim the token provides, where it can be traded, and whether there is sufficient liquidity to sell it when needed.

Coinbase (COIN) has established a tokenization hub in Abu Dhabi, where its products are issued under a local financial services permission, but the format does not eliminate the practical risks of owning a security under a new structure.

The Securities and Exchange Commission’s tokenized-securities guidance says the rights and obligations attached to a token can differ materially from those attached to the underlying stock.

Tokenized stocks change the usefulness of a share

A tokenized stock is a blockchain-based instrument that gives its holder exposure to a listed company’s shares. The token can be structured in different ways. It may represent an interest in shares held by a custodian, a contractual claim against a third party, or a synthetic product that tracks the stock price without conveying ownership.

That distinction determines the investor’s rights, including treatment in a bankruptcy, voting eligibility, dividends, redemption, and the ability to transfer the position.

The attraction is portability. Conventional stock-market plumbing relies on brokers, custodians, clearing agencies, and settlement schedules.

A token can be transferred on a blockchain network, subject to its own eligibility controls and the platform’s rules. Coinbase’s tokenized-stock materials describe products backed 1:1 by shares held in regulated custody, issued from Abu Dhabi Global Market, and designed for eligible non-U.S. users.

The materials also say dividends are generally reflected through an adjustment to the token’s share-to-token ratio, rather than a cash payment directly to the holder. Coinbase’s product description says the tokens can trade around the clock, including on market holidays.

So when you start to move all of these assets from equities to real world assets to real estate onto blockchains that can talk to each other easily and that people can buy and sell much more easily, then you open up the credit potential of those assets, which is a big, big part of the value of those assets.
John D’Agostino

Collateral is an asset a borrower pledges to secure a loan. A lender values collateral partly by how reliably it can be sold if the borrower fails to repay.

John D’Agostino, head of strategy at Coinbase Institutional, argues that tokenization can improve that process when assets are transferable between compatible systems.

Coinbase Institutional sells services in the market it is describing, so its outlook is also a commercial view. The economic logic, however, is straightforward: more potential buyers and lenders can make an asset easier to finance against, while fragmented ownership records can limit who is willing and able to accept it.

Collateral value depends on liquidity, not a blockchain label

A token does not become dependable collateral simply because it settles quickly. A lender still needs confidence that the token can be sold, that its price tracks the referenced equity, that the legal claim survives a platform failure, and that redemption procedures work under stress.

D’Agostino framed the decision with an example of choosing between a bar of gold and a share of IBM as collateral. Neither asset is universally superior. The useful asset is the one the lender understands, can value, and can liquidate.

Market depth is the immediate constraint for investors.

Coinbase Institutional’s January research note says tokenized public equities remain small relative to tokenized Treasuries and private credit. It also warns that thin order books can produce higher slippage, meaning an investor receives a worse price as an order consumes available buyers or sellers, especially outside regular market hours.

The same research identifies regulatory fragmentation, pricing-oracle errors, and limited trading depth as central risks for tokenized equities.

The legal wrapper matters as much as the market price. SEC staff has said a third-party token may or may not provide an ownership interest in the underlying company, and a holder can face risks tied to the token issuer that a direct shareholder does not.

Investors should read the prospectus or product terms for the particular token instead of assuming that a ticker-looking label conveys the same rights as a share held in a traditional brokerage account.

Coinbase’s expansion plan tests demand for onchain stock exposure

Coinbase’s Abu Dhabi effort is a practical test of whether investors will use tokenized stocks for more than extended-hours trading. D’Agostino said the initial offering covers about seven stocks and is planned to grow to 2,000.

The company received Financial Services Permission from Abu Dhabi’s Financial Services Regulatory Authority in August 2026 to arrange investment deals and provide custody in support of a tokenized-securities launch. The Abu Dhabi Global Market announcement says the framework applies to tokenized securities backed by underlying shares.

Broader access is part of the appeal. Coinbase says its tokenized equities are aimed at eligible non-U.S. users, while its ordinary stock-brokerage accounts are limited to U.S. residents.

Access still has boundaries: the issuer can impose eligibility rules, transfers can be restricted, and regulatory regimes vary by jurisdiction. A wallet can simplify the route to a product, but it does not make the product available everywhere or give every holder identical rights.

Individual investors should separate access from an investment case

A long-term investor who can already buy a stock cheaply in a standard brokerage account has a different decision from an investor who lacks that access.

For the first group, tokenization needs to offer a concrete advantage, such as a product feature, a financing use, or a transfer option that outweighs extra legal and operational complexity.

For the second group, the ability to gain regulated exposure to U.S. equities may be the primary benefit, provided the investor understands the wrapper.

An investor considering a tokenized stock should answer three questions before treating it as equivalent to a conventional share:

Determine what the token represents: direct ownership, a beneficial interest in custodied shares, a debt claim, or synthetic price exposure.

Determine who stands behind the token: identify the issuer, custodian, transfer agent, redemption process, and the jurisdictions governing the product.

Determine whether the market works for the intended use: check trading hours, order-book depth, spreads, transfer restrictions, wallet requirements, and the ability to sell or redeem during volatile markets.

A faster settlement cycle can reduce the time capital is tied up after a trade. It does not remove the investment risks of the underlying company, nor does it guarantee a ready buyer.

Investors who want to borrow against a token face an added layer of uncertainty because lenders set their own collateral policies, loan-to-value limits, and liquidation procedures.

Adoption requires simpler systems and durable safeguards

Financial infrastructure changes slowly because failure carries costs beyond an inconvenient app experience.

D’Agostino expects tokenized assets to gain adoption over time, but he also says onboarding must become easier for users accustomed to existing brokerage systems. The practical hurdle is not merely learning a new interface. Investors, platforms, custodians, and regulators need a common understanding of ownership records, recourse, cybersecurity, and market conduct.

The current regulatory direction is supportive but conditional. In September 2026, the SEC issued a temporary, conditional Innovation Exemption for qualifying venues to trade tokenized National Market System stocks in permissioned settings.

The SEC’s order announcement makes clear that the initiative is limited while the agency considers additional action. That is progress for market structure, not a blanket assurance that every tokenized-stock design offers the same protections.

How tokenized stocks work

Coinbase Sees Tokenized Stocks Growing From Seven To 2,000 72/100Tokenized Stocks Move Ownership Beyond Private Company Servers 60/100AI Agents Need Legal Recourse Before Taking Customer Risk 72/100Why 24-Hour Stock Trading Will Take Longer 65/100

Investors should judge the claim before the convenience

Tokenized stocks can make a share easier to move and potentially more useful as collateral, but investors should start with the legal claim rather than the technology.

A token that is fully backed, clearly governed, redeemable, and liquid may serve a purpose for an eligible investor. A token with unclear rights, limited market depth, or difficult redemption should be treated as a distinct product with distinct risks.

The next test for tokenized equities is whether platforms such as Coinbase can expand their eligible listings while preserving clear investor rights, reliable liquidity, and workable cross-platform transfers.

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Anyone who has held a stock through a crash knows the relief of seeing it climb again. It feels like the damage is undone. Usually it isn’t. A stock that loses half its value must double just to break even.

That math is playing out across the S&P 500. The index’s 25 worst performers fell an average of 42.4% in the first half, according to Bespoke Investment Group data cited by Seeking Alpha. Since July, they’ve rebounded 34.6%. Bespoke described the group as a mix of consumer stocks and software names that investors expected AI to make obsolete.

Yet the group is still down about 22% for the year. A big rally on a shrunken base does not refill the hole.

Measured from 2025 closing prices, only three of the 25 are up for the year. They are Palantir Technologies (PLTR), ServiceNow (NOW), and PTC (PTC), and each got there a different way.

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Palantir earned its comeback with a blowout quarter

Palantir, which sells data software to governments and businesses, began 2026 at 155 times trailing earnings, according to 24/7 Wall St. Shares slid even as first-quarter revenue grew 85% because investors doubted the price, not the business.

The second quarter changed that debate. Revenue jumped 93% to $1.94 billion, according to Palantir’s earnings release. It also lifted its full-year forecast to about $8.15 billion, and CEO Alex Karp called the quarter “otherworldly.”

Palantir is up about 12% for 2026. It trades about 6% below its 52-week high of $212.94 and far above its low of $106.37, according to StockAnalysis.

Valuation is the catch. Palantir trades at about 105 times expected earnings. Its 30 analysts rate it a Buy, with a $207.62 average target. That leaves little upside before results on Monday, Nov. 2, which already face a high bar.

Palantir, ServiceNow, and PTC are the only three of the S&P 500’s 25 worst first-half performers now trading above their 2025 closing prices.asbe / Getty Images

ServiceNow’s cushion is thin heading into earnings

ServiceNow, whose software runs IT and HR tasks at big companies, took two hits.

First came the “SaaSpocalypse,” a sell-off on fears that businesses would build their own software with AI. S&P 500 software stocks fell more than 26% from late January to April, Reuters reported.

The second hit was its own. Shares fell nearly 15% on April 23, after ServiceNow blamed delayed Middle East deals for slower subscription growth, according to Reuters.

Results repaired the damage. Second quarter subscription revenue rose 24.5% to $3.88 billion, and the company raised its outlook, according to its earnings release.

Still, the comeback is fragile. ServiceNow sits less than 2% above its 2025 close of $153.19. It trades about 19% below its 52-week high of $192.97 and well above its low of $81.24.

The 49 analysts there rate it a Strong Buy, yet their average target of $156.54 matches today’s price. At about 35 times expected earnings, ServiceNow costs a third of Palantir’s multiple. Its report on Oct. 28 will decide whether it stays on this list.

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PTC’s comeback came from a buyer, not a turnaround

PTC makes the design software engineers use to build cars and factory equipment. Its software segment sank in the first half, even as recurring revenue kept growing, according to its third-quarter results.

On Oct. 5, Schneider Electric (SBGSY) agreed to buy PTC for $205 per share in cash, according to PTC. The price was a 42.3% premium to PTC’s prior close.

Without that bid, PTC would still be down about 17% for 2026, based on that premium and its 2025 close of $174.21. The stock did not recover. It was rescued.

PTC expects the deal to close by the third quarter of 2027, so the stock trades about 5% below the offer. Its 52-week range runs from $108.50 to $206.67, according to StockAnalysis, so Schneider’s price still sits below that high.

Analysts rate PTC a Hold, with a $201 average target close to the deal price.

The rest of the list shows a bounce is not a recovery

The other 22 stocks split two ways, based on Bespoke’s figures. Software names such as Accenture rallied hard but mostly have not climbed out of the hole, while several consumer brands kept falling.

More than doubling wasn’t enough for Accenture (ACN). Its 107.9% second-half gain followed a 53.6% drop, leaving it below its starting point, based on Bespoke’s figures.

Nike’s turnaround is dragging. Nike (NKE) fell another 6.7% in the second half, according to Bespoke, after CEO Elliott Hill said in March that the turnaround was “taking longer than I’d like,” amid tariffs and weak China sales, according to The Wall Street Journal.

Rivals are winning over yoga shoppers. Lululemon Athletica (LULU) fell another 8.9% in the second half after cutting its sales forecast for the second time this year, as Americas revenue dropped 8% and Alo Yoga and Vuori gained ground, Reuters reported.

Cable fared worst. Charter Communications (CHTR) lost another 21.4% after a 31.9% first-half decline, as wireless carriers pulled away home internet customers with fixed-wireless deals, Reuters noted. Charter lost 172,000 internet customers in the second quarter alone, according to Quartz.

Owners of the Vanguard S&P 500 ETF (VOO) and SPDR S&P 500 ETF Trust (SPY) held all 25 throughout. Few noticed, because the winners carried the average.

The bigger lesson is what ended these slumps. Palantir and ServiceNow needed earnings proof, and PTC needed a buyer.

When markets dump an entire industry on one fear, corporate buyers start doing the math investors abandoned.

Silver Lake is reportedly in talks to buy another stock on the list, Workday (WDAY), as Reuters confirmed. This suggests that Schneider won’t be the last.

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