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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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July 22, 2014
13:46 EDTWCG, CNCCourt upholds Obamacare subsidies, NY Times says
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10:43 EDTWCG, CNCAppeals court bars subsidies in health care law
A three-judge panel of the D.C. Circuit Court of Appeals struck down part of President Obama's healthcare law by siding today with plaintiffs who argued that the law barred the government from giving subsidies to people in states that chose not to set up their own insurance marketplaces. The appeals court stated, "Because we conclude that the ACA unambiguously restricts the section 36B subsidy to insurance purchased on Exchanges 'established by the State,' we reverse the district court and vacate the IRSís regulation." Twenty-seven states decided against setting up marketplaces, and another nine states partially opted out, according to the Washington Post.
06:47 EDTCNCCentene up 2.1% following Q2 earnings release
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06:14 EDTCNCCentene sees FY14 EPS $3.70-$3.90, consensus $3.73
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06:12 EDTCNCCentene reports Q2 EPS ex-items 95c, consensus 72c
Reports Q2 revenue $4.02B, consensus $3.66B. Reports Q2 EPS 79c. Reports Q2 premium and service revenues $3.74B.
July 14, 2014
09:28 EDTCNCCentene best positioned Medicaid pure play to post Q2 EPS beat, says Sterne Agee
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July 10, 2014
07:11 EDTWCG, CNCAetna, WellPoint top large-cap Managed Care picks at Jefferies
Jefferies calls Aetna (AET) and WellPoint (WLP) its favorite large-cap picks in the Managed Care space, with Health Net (HNT) its favored name in the small to mid-cap space. The firm believes the market is already expecting strong Q2 results from the sector, and it downgraded UnitedHealth (UNH) to Hold from Buy on valuation and below-peer earnings growth. Jefferies has Buy ratings on Aetna, Health Net, Molina Healthcare (MOH) and WellPoint.
06:23 EDTWCG, CNCHealth insurers moving away from fee for service model, NY Times reports
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