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April 1, 2013
16:35 EDTWLT, AM, WLP, DLLR, TSLA, UNH, KWK, AET, HUMOn The Fly: Closing Wrap
Stocks on Wall Street were lower on the first trading day of the second quarter, with mixed economic data, closed markets in Europe and light volume conspiring to keep investors from driving the market to new highs, as was the case in the last day of the just finished quarter... ECONOMIC EVENTS: In the U.S., the Institute for Supply Management's March manufacturing PMI came in at 51.3, versus an expected reading of 54.0. The Commerce Department reported that construction spending increased 1.2% in February, versus an expected increase of 1.0%. Asian markets finished mostly lower after China's official purchasing managers' index for March rose to 50.9 from 50.1 in February, though that was lower than the 51.0 reading economists were expecting. HSBC's separate PMI reading rose to 51.6 in March from its 50.4 prior reading. Also, in Japan, the quarterly Tankan survey showed a only a modest uptick in confidence among large Japanese manufacturers. In Europe, markets remained closed for the Easter holiday... COMPANY NEWS: A number of health insurers, including Humana (HUM), UnitedHealth (UNH), WellPoint (WLP) and Aetna (AET), rallied late in the trading day. The CMS announced on its website after the close that it had reversed its stance on cutting Medicare Advantage rates, giving insurers a 3.3% rate increase when a 2.2% decrease had been proposed earlier. Shares of the insurers extended their rally in after-market trading once the news was confirmed... Tesla (TSLA) shares gained $6.04, or 15.94%, to $43.93 after the company said it now expects to be profitable in the first quarter after its Model S sales exceeded 4,750 units, beating its previous expectations... MAJOR MOVERS: Among the notable gainers was American Greetings (AM), up $1.95, or 12.11%, to $18.05 after agreeing to be acquired by the family of its Chairman for $18.35 per share. Also higher were shares of Quicksilver Resources (KWK), up 35c, or 15.56%, to $2.60 after the company agreed to sell a 25% interest in its Barnett Shale oil and gas assets to a subsidiary of Tokyo Gas for $485M. Among the noteworthy losers was DFC Global (DLLR), down $3.60, or 21.63%, to $13.04 after the company lowered its earnings view for the full year. Also lower were shares of Walter Energy (WLT), down $2.26, or 7.93%, to $26.24 after Goldman reiterated its Sell rating on the company's stock... INDICES: The Dow was down 5.69, or 0.04%, to 14,572.85; the Nasdaq was down 28.35, or 0.87%, to 3,239.17; and the S&P 500 was down 7.02, or 0.45%, to 1,562.17.
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June 25, 2015
11:06 EDTUNH, AET, HUMHospitals, insurers climb after Supreme Court rules on ACA subsidies
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10:11 EDTHUM, UNH, AETACA tax subsidies upheld by Supreme Court
The decision of the Fourth Circuit was affirmed in King v. Burwell by a vote of 6 to 3, according to multiple media reports. The Supreme Court upholding the lower court ruling means that individuals who get health insurance through an exchange established by the federal government will be eligible for tax subsidies in all 50 states. Publicly traded companies in the health insurance space include Aetna (AET), Anthem (ANTM), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH) and WellCare (WCG). Publicly traded companies in the hospital space include Community Health (CYH), HCA Holdings (HCA), LifePoint (LPNT), Tenet (THC) and Universal Health (UHS).
09:40 EDTUNH, AET, HUMMultiple parties expressing interest in Humana, CNBC reports
Humana (HUM) has received expressions of interest from multiple companies, CNBC's David Faber reports. The interest does not mean multiples bids are forthcoming, Faber added.
07:12 EDTTSLAAfter surveying 145 car owners, Jefferies raises Tesla price target
Jefferies analyst Dan Dolev raised his price target for Tesla shares to $360 from $350 after surveying 145 owners of the company's electric cars. The stock closed yesterday down $2.50 to $265.17. On average, owners were willing to pay 60% more for a Tesla, which suggests a much larger total addressable market when the lower priced Model III is introduced in 2017, Dolev tells investors this morning in a research note. Further, the survey highlighted "exceptional" brand loyalty, with 85% noting that their next car would be a Tesla, the analyst writes. Dolev upped his 2020 production estimate from 515K cars from 500K and keeps a Buy rating on Tesla.
06:00 EDTTSLATesla implied volatility of 29 at lower end of index mean range
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05:59 EDTHUMHumana implied volatility of 55 at upper end of index
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June 24, 2015
17:57 EDTUNH, HUM, AETWall Street applauds Senate giving go-ahead for 'fast track' trade powers
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10:00 EDTUNH, HUM, AETOn The Fly: Analyst Initiation Summary
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09:35 EDTTSLAActive equity options trading on open
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06:36 EDTAETAetna initiated with a Sector Perform at RBC Capital
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06:35 EDTUNHUnitedHealth initiated with an Outperform at RBC Capital
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06:35 EDTHUMHumana initiated with a Sector Perform at RBC Capital
Target $221.
05:59 EDTHUMHumana implied volatility of 54 at upper end of index
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05:42 EDTUNHCatamaran downgraded to Neutral from Buy at UBS
UBS downgraded Catamaran (CTRX) to Neutral saying the stock new fully reflects the UnitedHealth (UNH) takeover deal terms. UnitedHealth management in recent meetings expressed confidence that its pending $61.50 per share purchase of Catamaran will still close in the second half of 2015, UBS tells investors.
June 23, 2015
11:39 EDTTSLAStocks with call strike movement; TSLA MU
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09:50 EDTHUMAnthem CFO meeting with Cigna shareholders, CNBC reports
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09:45 EDTHUMAnthem concerned Cigna may bid for Humana, CNBC's Faber reports
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07:44 EDTAET, HUMHumana takeover looks unlikely below $210/share, says Leerink
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07:25 EDTUNHPiper Jaffray to hold a summit
2015 Piper Jaffray Heartland Summit is being held in Minneapolis on June 23-24.
06:00 EDTHUMHumana implied volatility of 48 at upper end of index
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