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Stock Market & Financial Investment News

News Breaks
October 17, 2012
12:09 EDTCNC, CVH, WCGCentene 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
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October 29, 2014
08:20 EDTCNCCentene price target raised to $112 from $105 at Susquehanna
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October 28, 2014
10:29 EDTCNCCentene management to meet with Oppenheimer
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06:19 EDTCNCCentene backs FY14 EPS view of $4.35-$4.50, consensus $3.83
Sees FY14 Premium and Service Revenues $15.3B-$15.8B.
06:16 EDTCNCCentene reports Q3 EPS $1.34, consensus 96c
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October 27, 2014
06:14 EDTCNCCentene subsidiary recommended for contract award by Louisiana DHH
Centene announced that its wholly-owned Louisiana subsidiary, Louisiana Healthcare Connections, has been recommended for a contract award by the Louisiana Department of Health and Hospitals, or DHH, to serve its Bayou Health, or Medicaid, beneficiaries. A contract is contingent upon successful negotiations with DHH and approval by the Division of Administration and by the Centers for Medicare and Medicaid Services, or CMS, Regional Office. The new Bayou Health contract is expected to commence in early 1Q15. Under the new contract, Louisiana Healthcare Connections expects to serve 320,000-350,000 Medicaid beneficiaries on an at-risk basis via a network of 10,500 primary care providers and specialists. This expansion will more than double annual revenues for Louisiana Healthcare Connections.
October 26, 2014
12:49 EDTCNCCentene announces new claims processing facility
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