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March 6, 2014
14:01 EDTC, HUMHumana names Kay Chief Innovation Officer
Humana (HUM) announced that it has appointed Christopher Kay as senior VP and Chief Innovation Officer, effective March 17. Kay will report to president and CEO Bruce Broussard and serve on the companyís management team. Kay was most recently managing director and CEO of Citi Ventures, Citigroupís (C) global corporate venturing arm.
News For HUM;C From The Last 14 Days
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November 19, 2015
12:19 EDTHUMOn The Fly: Top stock stories at midday
Stocks have struggled for direction since the open and spent the morning moving in a narrow range. The Dow has held up fairly well considering the weakness seen in UnitedHealth (UNH), which has declined after the insurer cut its fiscal 2015 profit guidance, citing weakness in individual health insurance policies it markets through exchanges. Oil prices remain under pressure, with benchmark U.S. crude trading back below $42 per barrel. ECONOMIC EVENTS: In the U.S., initial jobless claims continued to hover around four-decade lows, with 271,000 first-time claims filed in the week ended November 14. The Philly Fed index rose 6.4 points to 1.9 in November, better than the forecast for a -0.5 reading. In Europe, minutes from the most recent European Central Bank policy meeting showed that some participants called for more stimulus amid deflation risks, weak oil prices and a sluggish recovery in the euro-area. In Asia, the Bank of Japan maintained its current pace of monetary stimulus, as widely expected. COMPANY NEWS: The shares of health insurer UnitedHealth and a number of other companies in the sector are falling after the Dow member lowered its profit outlook for this fiscal year, citing weakness in individual health insurance policies it markets through exchanges. UnitedHealth said it has pulled back on its marketing efforts for individual exchange products in 2016 and is "evaluating the viability of the insurance exchange product segment." Near noon, UnitedHealth fell about 5%, while Aetna (AET) declined nearly 6%, Humana (HUM) droped more than 3.5%, Anthem (ANTM) declined over 6% and Cigna (CI) slid 4%... Press reports indicate that talks between Pfizer (PFE) and Allergan (AGN) are heating up and that a deal is nearing, but simultaneously the U.S. government's rhetoric around the type of "inversion" deal the two pharmaceutical giants are discussing is getting ratcheted up as well. Last night, Bloomberg reported that Pfizer is nearing an agreement to acquire Allergan for $370 to $380 per share, citing people familiar with the matter. The two companies are aiming to announce a deal as early as Monday, sources told the publication. However, CNBC's David Faber reported, citing sources, that a deal will not be announced on Monday, but Pfizer and Allergan are in the "final innings" of merger talks. The deal will consist of all stock and Pfizer is likely to offer 11-plus shares per Allergan share, Faber noted. Amid the reports, Treasury Secretary Jacob Lew said that his department will release "targeted guidance" later this week meant to "deter and reduce further the economic benefits of corporate inversions" like the one being contemplated by the drugmakers... Square (SQ) completed its initial public offering of stock and rose about $4 per share to trade near $13 around noon after pricing last night at $9 per share. CEO Jack Dorsey, who leads both Square and Twitter (TWTR) as CEO, said in an interview following the opening that the teams behind him make him able to simultaneously hold both positions. Twitter rose about 1.4% to $26.25 in midday trading following Square's entry to the public markets. MAJOR MOVERS: Among the notable gainers was Keurig Green Mountain (GMCR), which rallied 22% after it reported better than expected quarterly earnings and guided for fiscal 2016. Also higher was (CTRP), which gained 19% after no fewer than three analysts raised their price target on the company's stock following upbeat fourth quarter earnings. Among the noteworthy losers was Kirkland's (KIRK), which fell 30% after the company reported downbeat quarterly earnings and provided lower than expected guidance. Also lower was AMAG Pharmaceuticals (AMAG), which lost over 8.5% after it received a complete response letter from the FDA for a single-dose vial of Makena, a treatment to reduce the risk of preterm birth in at-risk patients. In addition, Best Buy (BBY) fell 3% after it reported better than expected third quarter earnings but worse than expected same-store sales growth and also guided toward "near-flat" revenue for its domestic business in the holiday quarter. INDEXES: Near midday, the Dow was down 17.44, or 0.1%, to 17,719.72, the Nasdaq was up 2.36, or 0.05%, to 5,077.57, and the S&P 500 was down 3.67, or 0.18%, to 2,079.91.
10:58 EDTHUMAnalysts say possible exchange exit positive for battered UnitedHealth
The shares of health insurer UnitedHealth (UNH) and a number of other companies in the sector are falling after the Dow member lowered its fiscal 2015 profit guidance, citing weakness in individual health insurance policies it markets through exchanges. WHAT'S NEW: UnitedHealth lowered its fiscal 2015 earnings per share guidance to $6 from $6.25-$6.35. Analysts' consensus estimate was $6.31. The company identified policies sold to individuals through exchanges as the culprit. UnitedHealth said it expects to lose 26c per share on these policies in 2015 and 2016. The insurer stated that its other businesses were performing in-line with expectations and showing strength. UnitedHealth said it has pulled back on its marketing efforts for individual exchange products in 2016 and indicated that it would consider offering fewer individual policies through exchanges in 2017. UnitedHealth provided fiscal 2016 EPS guidance of $7.10-$7.30, versus the consensus outlook of $7.28. ANALYST REACTION: Any weakness in UnitedHealth and other health insurers today on the news from UnitedHealth creates a strong buying opportunity, Leerink Swann analyst Ana Gupte wrote in a note to investors today. The government will either reform the exchanges to make them more profitable for the insurers or they will exit the market, Gupte predicted. Moreover, the downside risk for health insurers Aetna (AET), Anthem (ANTM), Humana (HUM), and Cigna (CI) from today's news are low, since their Q3 and 2016 outlooks already incorporated the negative trends cited by UnitedHealth, the analyst stated. Mizuho Securities analyst Sheryl Skolnick was more cautious, predicting that the news would "rattle" the health insurance sector. United Health is more "insulated" than its peers from the weakness of the exchanges because its exposure to the market is relatively limited and its business is more diversified than that of its peers, according to Skolnick, who kept a $150 price target and Buy rating on the stock. Meanwhile, Piper Jaffray analyst Sean Wieland says UnitedHealth reducing its exchange exposure should be accretive to shareholder value. The company's participation in exchanges is not essential to its growth strategy, according to Wieland. The issues cited for the guidance cut likely applies to all Managed Care companies, therefore UnitedHealth should outperform peers given its limited exposure to exchanges, contends Wieland, who reiterated an Overweight rating on the stock with a $149 price target. PRICE ACTION: In morning trading, UnitedHealth fell 4% to $112.49, Aetna declined 4.4% to $102.18, Humana gave back 2.4% to $167, Anthem fell 6.6% to $128.20, and Cigna slid 3.8% to $130.
10:23 EDTHUMUnitedHealth selloff on guidance presents buying opportunity, says Leerink
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07:46 EDTHUMOptions expected to be active; UNH AET ANTM CI WCG HUM HNT CNC
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November 18, 2015
08:55 EDTCMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
05:42 EDTCStora Enso Oyj appoints Citi as successor depositary bank for ADR program
Citi (C), acting through Citibank N.A., has been appointed by Stora Enso Oyj (SEOAY) as successor depositary bank for its Level 1 American Depositary Receipt, or ADR, program, which trades on the U.S. OTCQX marketplace under the symbol "SEOAY". Stora Enso's underlying ordinary shares are listed and trade on the NASDAQ OMX Helsinki Stock Exchange under symbol "STERV".
November 17, 2015
07:50 EDTCClearing House to hold a conference
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November 16, 2015
14:06 EDTCCiti reports October credit loss 2.27% vs. 2.29% last month
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11:24 EDTCClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
09:59 EDTCOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:07 EDTCCiti completes OneMain sale
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08:38 EDTCSpringleaf downgraded after settlement on acquisition reached at BMO Capital
As noted earlier, BMO Capital downgraded Springleaf to Market Perform from Outperform. The firm noted that it had recommended buying the stock based on its belief that the company's acquisition of OneMain from Citi (C) had a higher probability of closing than was reflected by the shares. The firm downgraded Spingleaf after the company reached a settlement with governments that will enable the deal to close.
05:37 EDTCCiti appointed successor depository bank for Technip ADR program
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November 13, 2015
16:24 EDTCOn The Fly: Top stock stories for Friday
Stocks on Wall Street ended a tough week on a down note, falling after the Commerce Department reported that retail sales grew by an anemic 0.1% last month. This data comes on the heels of this week's downbeat quarterly report from Macy's (M) and a similarly disappointing report last night from peer Nordstrom (JWN). ECONOMIC EVENTS: In the U.S., retail sales rose 0.1% in the month of October, versus expectations for an increase of 0.3%. When autos and gas are removed, the core reading was up 0.3%, versus expectations for a rise of 0.4%. Producer prices fell 0.4%, versus expectations for them to be up 0.2%. When food and energy are removed, the core reading was down 0.3%, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in September while sales were flat compared to August. Consumer sentiment, as measured by the preliminary print from the University of Michigan survey, improved 3.1 points to 93.1 in November, which was better than the 91.5 reading that was expected. In Europe, data showed that eurozone's economy grew by just 0.3% in the third quarter, which was a slowdown from the 0.4% GDP growth recorded three months earlier and weaker than the 0.4% consensus growth forecast. COMPANY NEWS: Shares of retailers broadly declined following the weaker than expected retail sales data reported by the government as well as third quarter earnings reports from Nordstrom and J.C. Penney (JCP), which fell 15% and 15.5% respectively. Virtually every mass-market, brick-and-mortar retailer was down today, from giants like Wal-Mart (WMT) and Costco (COST), to smaller retailers like Ross Stores (ROST) and Urban Outfitters (URBN)... Shares of Mylan (MYL) jumped 12.9% to $48.78 after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drug makers. Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer and the company added that it will immediately commence its previously announced $2B share buyback program, but its shares slid 6.16% to $146.90 in the wake of the shareholder vote... Cisco (CSCO) fell 5.8% after its first quarter earnings and revenue beat expectations but its guidance for the new quarter disappointed. A number of analysts that had been bullish on the name trimmed their price targets in response but also recommended the post-earnings weakness as a buying opportunity. MAJOR MOVERS: Among the notable gainers was Springleaf Holdings (LEAF), which surged $5.07, or 11.5%, to $49.27 after reaching a settlement with the U.S. Department of Justice that will allow the company to proceed with closing its previously announced acquisition of OneMain Financial from Citi (C). On the closing of the acquisition, the company will be renamed OneMain Holdings and has applied to the New York Stock Exchange to change its ticker symbol to "OMF," Springleaf noted. Also higher was Illumina (ILMN), which gained $10.26, or 6.6%, to $165.65 after being selected to replace Sigma-Aldrich (SIAL) in the S&P 500. Among the noteworthy losers was Fossil (FOSL), which plunged $18.62, or 36.5%, to $32.39 after the watchmaker gave lower than expected profit guidance for the upcoming quarter and said it continues to expect this fiscal year's results to be "significantly" negatively impacted by foreign currency changes. Also lower were shares of Vipshop (VIPS), which fell $5.03, or 27%, to $13.60 after issuing weaker than expected preliminary third quarter revenue guidance, which it said was partially driven by the warmer-than-expected fall weather in China. INDEXES: The Dow dropped 202.83, or 1.16%, to 17,245.24, the Nasdaq lost 77.20, or 1.54%, to 4,927.88, and the S&P 500 declined 22.93, or 1.12%, to 2,023.04.
10:34 EDTCSpringleaf reaches settlement with DOJ to clear way for OneMain acquisition
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10:07 EDTCSpringleaf trading halted, pending news
10:06 EDTCSpringleaf agrees to divest branches to win U.S. approval of OneMain deal
10:04 EDTCU.S. files suit to block Springleaf, OneMain Financial deal
The United States of America, acting under the direction of the Attorney General of the United States, and the States of Colorado, Idaho, Texas, Washington and West Virginia and the Commonwealths of Pennsylvania and Virginia, filed a civil action in a Washington, D.C. district court to enjoin the proposed acquisition of OneMain Financial by Springleaf Holdings (LEAF) and to obtain other equitable relief. Citigroup (C) previously reached a definitive agreement to sell OneMain Financial Holdings to Springleaf for a purchase price of $4.25B.
09:35 EDTCActive equity options trading on open
Active equity options trading on open: AAPL CSCO FB BAC BABA MSFT NFLX INTC JCP AMZN C
November 12, 2015
06:12 EDTCMorgan Stanley to offer wealth management clients savings accounts, Reuters says
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