New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
October 17, 2012
12:09 EDTCNC, WCG, CVHCentene jumps on plans to terminate Kentucky deal
Centene (CNC), which provides services related to Medicaid, announced that it had terminated its Medicaid contract with the state of Kentucky. The company said it believes that its contract with the state gives it the right to take this step, and it expects to terminate the deal effective July 5, 2013. Centene added that it has filed a "formal dispute" for damages that it incurred under the contract. The company anticipates recording a pre-tax premium deficiency reserve ranging from $60M-$70M related to the Kentucky operations in the quarter ended September 30. In a note to investors earlier today, Wells Fargo analyst Peter Costa wrote that Centene's earnings had been pressured by very high medical costs in Kentucky. The company's exit from the contract should mitigate the negative impact that Kentucky has had on the company's earnings, the analyst added. Meanwhile, Centene's move could cause problems for two of its competitors, Conventry (CVH) and WellCare (WCG), according to Costa. Centene's more expensive Medicaid recipients are likely to move to plans offered by those companies, he explained. The analyst maintained Outperform ratings on Centene and Coventry, and a Market Perform rating on WellCare. In late morning trading, Centene climbed $3.73, or 10.66%, to $38.71, while Coventry lost 0.43% to $43.56 and WellCare gained 1.04% to $54.24.
News For CNC;CVH;WCG From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
November 24, 2015
08:39 EDTWCGNew York Department approves WellCare's programs expansion
Subscribe for More Information
November 20, 2015
08:26 EDTWCG, CNCManaged Medicaid names unfairly punished yesterday, says Leerink
Subscribe for More Information
07:40 EDTCNCCentene price reaction does not make sense, says UBS
UBS said the price decline in Centene (CNC) shares on concerns surrounding the insurance exchange business following yesterday's comments from UnitedHealth (UNH) does not make sense. The firm said Centene only covers 156,000 lives via the exchanges and although they are not expecting any improvement next year, they are not expecting any deterioration either. UBS reiterated its Buy rating and $80 price target on Centene shares.
November 19, 2015
19:19 EDTCNCOn The Fly: After Hours Movers
UP AFTER EARNINGS: Intuit (INTU), up 8.1%... Ross Stores (ROST), up 8.2%. ALSO HIGHER: Cabela's (CAB), up 7.5% after Bloomberg reported that the company is receiving takeover interest... Nike (NKE), up 3.4% after announcing a $12B repurchase program, a two-for-one stock split, and that it will raise its dividend... Centene (CNC), up 2.4% after reiterating its fiscal 2015 earnings per share guidance... Universal Insurance (UVE), up 2.7% after announcing a new $10M share repurchase program. DOWN AFTER EARNINGS: Nimble Storage (NMBL), down 36.9%... Mentor Graphics (MENT), down 26.2%... Workday (WDAY), down 5.5%... Wesco Aircraft (WAIR), down 1.4%... Williams-Sonoma (WSM), down 3.7%... Zoe's Kitchen (ZOES), down 3.6%... Momo (MOMO), down 3.3%... Autodesk (ADSK), down 1%... Gap (GPS), down marginally.
17:07 EDTCNCCentene backs FY15 EPS view of $2.84-$2.90, consensus $2.88
Subscribe for More Information
10:23 EDTCNCUnitedHealth selloff on guidance presents buying opportunity, says Leerink
Subscribe for More Information
07:46 EDTWCG, CNCOptions expected to be active; UNH AET ANTM CI WCG HUM HNT CNC
Subscribe for More Information
November 17, 2015
08:04 EDTWCGStifel to hold a conference
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use