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Stock Market & Financial Investment News

News Breaks
April 28, 2014
10:00 EDTCICigna names Mary Picerno Chief Nursing Officer
Prior to joining Cigna, Picerno was staff vice president for WellPoint.
News For CI From The Last 14 Days
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May 29, 2015
16:44 EDTCIStocks end week lower as GDP revision closes May on down note
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16:19 EDTCIOn The Fly: Top stock stories for Friday
Stocks on Wall Street began the final trading day of May with slight losses. The averages began to pick up downside momentum after revised GDP numbers confirmed expectations that the economy shrank in the first quarter of the year. The Wall Street adage of “sell in May, then go away” appeared to be taking hold as the S&P broke a support level and took the other averages with it. Investors are now concerned about a June swoon, as it is historically one of the worst performing months of the year. ECONOMIC EVENTS: In the U.S., the second estimate of gross domestic product showed it shrank at a 0.7% seasonally adjusted annual rate in the first quarter. This was down from the previous estimate that output grew 0.2% from January through March, but better than the revision to a 1% decline that had been forecast by analysts. The Chicago PMI unexpectedly dropped 6.1 points to 46.2 in May, versus expectations for it to have risen to a reading of 53. The University of Michigan's consumer sentiment reading came in with a 90.7 reading for the final May print, which was up from the preliminary 88.6 reading for the month but down from April's 95.9 figure. COMPANY NEWS: Shares of Humana (HUM) jumped $36.24, or 20.31%, to $214.65 after The Wall Street Journal said the company has hired Goldman Sachs (GS) to help it explore a potential sale after receiving indications of takeover interest. Some of the Journal's sources reportedly said Aetna (AET) and Cigna (CI) are among possible bidders for Humana. Bloomberg then said Humana's sale exploration came after Cigna made a takeover approach. Leerink analyst Ana Gupte wrote in a note to investors on May 12 that consolidation in the industry remains likely, adding that a deal between Aetna and either Cigna or Humana were both "meaningfully accretive" and "imminent" possibilities. MAJOR MOVERS: Among the notable gainers was Heron Therapeutics (HRTX), which gained $7.41, or 60%, to $19.76 after the company reported positive top-line data from a Phase 3 marketing study looking at Sustol as part of a 3-drug regimen for the prevention of delayed-onset chemotherapy-induced nausea and vomiting following administration of highly emetogenic chemotherapy agents. Also higher was Altera (ALTR), which advanced $1.88, or 4%, to $48.85 after reports from The New York Post and Financial Times claimed the company is near a deal to be acquired by chipmaking giant Intel (INTC) for up to $54 per share. Reuters, meanwhile, revised its prior report to indicate the potential price of the deal could be close to $16B. Among the noteworthy losers was Abercrombie & Fitch (ANF), which fell $1.63, or 7.38%, to $20.47 after Janney Capital downgraded the stock to Sell from Hold and warned the company's comparative sales may continue to drop year-over-year as it changes nearly every aspect of its business. Also lower were shares of Bristol-Myers Squibb (BMY), which dropped $4.55, or 6.58%, to $64.60 after the company reported data from a Phase III study evaluating Opdivo in previously-treated patients with advanced, non-squamous non-small cell lung cancer. Biotech analyst Mark Schoenebaum reportedly said Bristol-Myers' data from its Checkmate 057 study opens the door for lung cancer competition from Merck (MRK) and Roche (RHHBY), according to TheStreet's Adam Feuerstein. INDEXES: The Dow dropped 115.44, or 0.64%, to 18,010.68, the Nasdaq lost 27.95, or 0.55%, to 5,070.03, and the S&P 500 fell 13.40, or 0.63%, to 0.63.
15:11 EDTCIAmerisourceBergen reverses after report of potential Humana sale
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15:00 EDTCIExpress Scripts falling, Anthem rising after report of possible Humana sale
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14:38 EDTCICigna options active following report Humana considering possible sale
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13:58 EDTCIHumana sale exploration comes after Cigna takeover approach, Bloomberg says
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13:50 EDTCIHumana surges after report says sale being explored
Shares of health insurer Humana (HUM) are surging in afternoon trading after a report claimed the company is exploring a potential sale after receiving indications of takeover interest. WHAT'S NEW: The Wall Street Journal, citing sources, reported that Humana has hired Goldman Sachs (GS) to help it explore a potential sale after receiving indications of interest. Some of the Journal's sources reportedly said Aetna (AET) and Cigna (CI) are among possible bidders. WHAT'S NOTABLE: After meeting with Aetna's (AET) management, Leerink analyst Ana Gupte wrote in a note to investors on May 12 that consolidation in the industry remains likely, adding that a deal between Aetna and either Cigna or Humana were both "meaningfully accretive" and "imminent" possibilities. The next day, Sterne Agee analyst Brian Wright said Humana was unlikely to be acquired with its stock where it has recently been trading. Wright, who added that speculation about a takeover is "wishful thinking," downgraded Humana shares to Underperform, the firm's sell equivalent rating, and cut his price target on the stock to $150 from $165. OTHERS TO WATCH: Other publicly traded companies in the space include Anthem (ANTM), Centene (CNC), Health Net (HNT), Molina Healthcare (MOH), UnitedHealth (UNH) and WellCare (WCG). PRICE ACTION: In afternoon trading, Humana jumped 17.33% to $209.33, Aetna rose 2.1% to $118.84 and Cigna gained 4.45% to $141.91.
13:17 EDTCIHumana considering sale after receiving takeover interest, WSJ reports
Humana (HUM) is working with advisers at Goldman Sachs (GS) to consider a potential sale after receiving indications of takeover interest, reported The Wall Street Journal, citing people familiar with the matter. Some of the people said Aetna (AET) and Cigna (CI) are among possible bidders for Humana, the report added. In afternoon trading, Humana jumped 5% before being halted for volatility, while Aetna rose nearly 1% and Cigna gained about 2%. Reference Link
May 22, 2015
12:39 EDTCICigna May June volatility elevated
Cigna June call option implied volatility is at 29, July is at 26, October is at 27; compared to its 52 week range of 16 to 31, suggesting large near term price movement.
May 19, 2015
12:04 EDTCIAnthem CFO says 'good time' for 'meaningful' acquisition, Reuters reports
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