|
|
News Breaks | | | | August 31, 2012 | | 11:13 EDT |  | AFG, CI | American Financial Group completes sale of unit to Cigna for $305M
American Financial Group (AFG) announced the completion of the sale of its Medicare Supplement and Critical Illness businesses to Cigna Corporation (CI) for approximately $305M in cash. AFG will realize an after-tax gain of approximately $120M-$130M on the sale, subject to post-closing adjustments. AFG’s remaining supplemental insurance operations consist solely of its run-off long-term care business, which has a book value of approximately $170M, and which will continue to be based in Austin, Texas. | |
|
News For AFG;CI From The Last 14 Days Check below for free stories on AFG;CI the last two weeks. |
|
|
| June 17, 2013 | | 06:42 EDT |  | CI | Choices provided by health insurance exchanges to vary widely, NY Times says
 Subscribe for More Information | | | June 11, 2013 | | 16:21 EDT |  | CI | On The Fly: Closing Wrap
Stocks on Wall Street were lower after the Bank of Japan's decision to hold off on any further stimulus measures raised investor concern. The averages recovered much of their early losses in the morning, sitting just below the flat line near noon, but the selling intensified during the second half of the session, with the market trending lower into the close. ECONOMIC EVENTS: In the U.S., NFIB's small business optimism index rose to 94.4 in May from a prior 92.1 reading. Wholesale inventories rose 0.2% in April, matching expectations, and wholesale trade rose 0.5% from the prior month, versus expectations for a 0.1% slide. The Job Openings & Labor Turnover report for April showed openings fell 3% to a seasonally adjusted 3.75M, while hiring jumped nearly 5% to 4.4M. In Asia, the Bank of Japan refrained from changing its policies following recent volatility in its stock and bond markets. The dollar weakened considerably against the Yen, losing more than 2% to trade near the Y96 level. COMPANY NEWS: Sprint (S) shares jumped 17c, or 2.37%, to $7.35 after Japan's Softbank (SFTBF) increased its offer to acquire the telecom company in the face of a potential rival bid from DISH Network (DISH). MAJOR MOVERS: Among notable gainers was Questcor (QCOR), up $5.47, or 14.9%, to $42.18 after the company acquired the right to develop Synacthen from Novartis (NVS). Also higher was Catamaran (CTRX), up $5.33, or 10.95%, to $53.99 after the company struck a ten-year strategic pharmacy benefits agreement with Cigna (CI) and its stock received upgrades from at least three firms. Among noteworthy losers was lululemon (LULU), down $14.43, or 17.54%, to $67.85 after its CEO announced plans to step down and the stock was downgraded at Sterne Agee and UBS. Also lower was GenMark Diagnostics (GNMK) which lost $1.96, or 12.95%, to $13.17, after Natural Molecular Testing launched a cardiac testing panel using technology from GenMark's competitor Luminex (LMNX). INDICES: The Dow was down 116.57, or 0.76%, to 15,122.02; the Nasdaq was down 36.82, or 1.06%, to 3,436.95; and the S&P 500 was down 16.68, or 1.02%, to 1,626.13. | | | 12:32 EDT | | CI | On The Fly: Midday Wrap
Stocks on Wall Street were lower at midday but well off their lows after the Bank of Japan held off from implementing any additional stimulus measures. The U.S. market followed Japan's benchmark stock index lower at the open, though the averages climbed back fairly steadily during the morning and stood near session highs just a bit below the flat line near noon. ECONOMIC EVENTS: In the U.S., NFIB's small business optimism index rose to 94.4 in May from a prior 92.1 reading. Wholesale inventories rose 0.2% in April, matching expectations, and wholesale trade rose 0.5% from the prior month, versus expectations for a 0.1% slide. The Job Openings & Labor Turnover report for April showed openings fell 3% to a seasonally adjusted 3.75M, while hiring jumped nearly 5% to 4.4M. In Asia, the Bank of Japan refrained from changing its policies following recent volatility in its stock and bond markets. The benchmark Nikkei fell about 1.5% as the decision disappointed investors who may have expected some action. COMPANY NEWS: Sprint (S) shares rose over 2% after Japan's Softbank (SFTBF) increased its offer to acquire the telecom company in the face of a potential rival bid from DISH Network (DISH). MAJOR MOVERS: Among the notable gainers was Catamaran (CTRX), which was upgraded by at least three Street firms and rose 11% after announcing a ten-year strategic pharmacy benefits deal with Cigna (CI). Also higher were shares of Questcor (QCOR), which jumped 19% after buying the rights to develop Synacthen from Novartis (NVS). Among the noteworthy losers was GenMark Diagnostics (GNMK), which fell 24% after Natural Molecular Testing launched a cardiac testing panel using technology from GenMark's competitor Luminex (LMNX). Also lower were shares of yoga apparel maker lululemon (LULU), which fell 17% after its CEO announced plans to step down and the stock was downgraded at Sterne Agee and UBS. INDICES: Near noon, the Dow was down 6.68, or 0.04%, to 15,231.91; the Nasdaq was down 11.21, or 0.32%, to 3,462.56; and the S&P 500 was down 4.89, or 0.30%, to 1,637.92. | | | 09:16 EDT | | CI | On The Fly: Pre-market Movers
HIGHER: Dole Food (DOLE), up 21.9% after CEO offers buyout at $12 per share... Questcor (QCOR), up 32% after buying rights to develop Synacthen and Synacthen Depot in the U.S. from Novartis (NVS), upgrade to Buy at CRT Capital... CardioNet (BEAT), up 44% after announcing a three-year national provider agreement with UnitedHealthcare Insurance (UNH)... Catamaran (CTRX), up 13.2% after announcing a ten-year strategic pharmacy benefits deal with Cigna (CI)... Sprint (S), up 2% after Softbank (SFTBF) increases buyout offer terms. Clearwire (CLWR) up 1.2%. LOWER: lululemon (LULU), down 14.9% after reporting earnings, CEO announces plans to step down, stock downgraded at Sterne Agee and UBS... Texas Instruments (TXN), down 2% after narrowing second quarter revenue, earnings forecast ranges... Corinthian Colleges (COCO), down 15.4% after disclosing the receipt of a subpoena from the SEC. Corinthian peer Career Education (CECO) 5.5%... Kinross Gold (KGC), down 5.5% after canceling development project in Ecuador, taking $720M charge, stock downgraded at Canaccord. DOWN AFTER EARNINGS: LDK Solar (LDK), down 8.5%. | | | 07:31 EDT |  | CI | Goldman to host a conference
Subscribe for More Information | | | 06:44 EDT |  | CI | Catamaran volatility elevated into 10-year strategic agreement with Cigna
Catamaran (CTRX) June call option implied volatility is at 67, July is at 53, October is at 42, January is at 39; compared to its 26-week average of 37 according to Track Data, suggesting large price movement into the announcement of a 10-year strategic agreement with Cigna (CI). | | | June 10, 2013 | | 18:58 EDT | | CI | On The Fly: After Hours Movers
Subscribe for More Information | | | 16:13 EDT | | CI | Cigna enters ten-year strategic PBM partnering agreement with Catamaran
Subscribe for More Information | | | June 7, 2013 | | 07:22 EDT |  | CI | Catamaran risk/reward favorable into Cigna decision, says JPMorgan
JPMorgan views the risk/reward for shares of Catamaran (CTRX) as favorable into Cigna's (CI) decision on what the company plans to do with its PBM business. The firm sees a larger outsourcing deal or a potential sale of Cigna's PBM as the two most likely outcomes, and views Catamaran as well positioned under either scenario. JPMorgan has an Overweight rating on Catamaran with a $62 price target. | | | June 6, 2013 | | 09:36 EDT | | CI | Catamaran risk/reward favors upside, says William Blair
William Blair views the risk/reward profile for Catamaran (CTRX) shares as favorable to the upside and keeps an Outperform rating on the stock. The firm says speculation about what Cigna (CI) intends to do with its PBM following its acquisition of HealthSpring/Bravo has driven shares of Catamaran lower. William Blair recommends buying Catamaran shares ahead of a potential Cigna announcement given. | | |
|
|
|
|
|
|
