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Stock Market & Financial Investment News

News Breaks
February 6, 2013
09:13 EDTPFMT, MGLNMagellan Health and Performant Financial to offer specialty payment recovery
Magellan Health (MGLN) and Performant Financial (PFMT) announced a strategic relationship to offer payment integrity recovery services to Magellanís commercial specialty pharmacy customers through Magellan Pharmacy Solutions. Specialty pharmacy overpayment recovery consists of auditing customer claims data in order to identify inappropriate coding, billing and payment of specialty pharmacy claims.
News For MGLN;PFMT From The Last 14 Days
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November 20, 2014
08:15 EDTMGLNMagellan Health talks with Louisiana pose 5% earnings risk, says Leerink
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08:10 EDTMGLNMagellan Health says Louisiana looking to reduce term of contract
Magellan Health currently has a contract with the Louisiana Department of Health and Hospitals to manage behavioral health care for Medicaid recipients and other beneficiaries through the Louisiana Behavioral Health Partnership. The current contract, which generates annual revenue of approximately $150M, is currently scheduled to expire on February 28, 2015. The company disclosed last night that it submitted a proposal pursuant to a request for proposals issued by the Louisiana Department for a new expanded contract including the management of behavioral health care and other new services for Medicaid and other beneficiaries with a term ending on December 31, 2016. The Louisiana Department recently notified Magellan that it was the successful bidder and that it intends to recommend that the company be awarded the New contract. At a subsequent meeting, Magellan said the Louisiana Department informed the company that it has decided that the term of the new contract will be for a shortened term expiring on November 30, 2015 instead of December 31, 2016, after which the behavioral health care and other services to Medicaid and other beneficiaries will be transitioned to the general Medicaid managed care plans in Louisiana. Magellan informed the Louisiana Department that it is not practicable for the company to accept a shortened term on the new contract. It added it and the Louisiana Department are "currently discussing reducing the scope of services contained in the RFP to be rendered under the New Contract such that they are comparable to the services rendered by the Company under the Current Contract, with a reduced term ending November 30, 2015." Magellan said it cannot predict whether it will reach an agreement with the Louisiana Department. It added, "Accordingly, there is no assurance that the Company and the Louisiana Department will be able to reach an agreement on the New Contract. In the event agreement is not reached on the New Contract, the Current Contract would expire on February 28, 2015."
November 10, 2014
10:04 EDTPFMTOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abercrombie & Fitch (ANF) downgraded at Oppenheimer... American Eagle (AEO) downgraded to Neutral from Buy at B. Riley... BP (BP) downgraded to Neutral from Overweight at JPMorgan... Callon Petroleum (CPE) downgraded to Neutral from Buy at SunTrust... EP Energy (EPE) downgraded to Hold from Buy at Deutsche Bank... Eaton Vance (EV) downgraded at Sterne Agee... Ecopetrol (EC) downgraded to Underperform from Sector Perform at RBC Capital... General Mills (GIS) downgraded to Sector Perform from Outperform at RBC Capital... Genworth (GNW) downgraded to Market Perform from Outperform at Keefe Bruyette... MasTec (MTZ) downgraded to Hold from Buy at BB&T... Ocean Rig UDW (ORIG) downgraded to Neutral from Buy at Guggenheim... Performant Financial (PFMT) downgraded at Morgan Stanley... Petrobras (PBR) downgraded to Market Perform from Outperform at Cowen... R.R. Donnelley (RRD) downgraded to Hold from Buy at Benchmark Co.... Rex Energy (REXX) downgraded to Market Perform from Outperform at BMO Capital... Salix (SLXP) downgraded to Neutral from Buy at Mizuho... Siemens (SIEGY) downgraded to Neutral from Overweight at JPMorgan... Solazyme (SZYM) downgraded to Equal Weight from Overweight at Morgan Stanley... Stonegate Mortgage (SGM) downgraded to Market Perform at FBR Capital... Syngenta (SYT) downgraded to Neutral from Overweight at HSBC... ViaSat (VSAT) downgraded to Hold from Buy at Needham... Vistaprint (VPRT) downgraded to Neutral from Buy at SunTrust... Walter Investment (WAC) downgraded at Sterne Agee... WesBanco (WSBC) downgraded to Market Perform from Outperform at Keefe Bruyette... Whiting USA Trust II (WHZ) downgraded to Underperform at Raymond James... Wipro (WIT) downgraded to Sell from Buy at UBS... XOMA (XOMA) downgraded to Neutral from Buy at Ladenburg... Yanzhou Coal (YZC) downgraded to Sell from Hold at Deutsche Bank.
07:44 EDTPFMTPerformant Financial downgraded at Morgan Stanley
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06:42 EDTPFMTPerformant Financial downgraded to Equal Weight from Overweight at Morgan Stanley

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