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Stock Market & Financial Investment News

News Breaks
May 27, 2014
10:30 EDTCNC, WCGWellCare may be in talks with Ascension Health, says Leerink
Leerink notes that according to Modern Healthcare, not-for-profit Hospital and Health system Ascension Health referred to being in talks on a possible deal with an unnamed 18-state health insurer. Leerink believes the unnamed insurer is most likely WellCare (WCG), which is in 18 states with Managed Medicaid and Medicare Advantage. The firm thinks Centene (CNC) is also a possibility. Leerink says it is more positive on shares of WellCare and Centene as it believes any deal could catalyze more Hospital-Health plan transactions. Shares of WellCare and Centene are moving higher in early trading.
News For WCG;CNC From The Last 14 Days
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July 2, 2015
16:28 EDTCNCOn The Fly: Top stock stories for Thursday
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13:09 EDTCNCOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session in positive territory but have moved into negative ground in early afternoon trading. The nonfarm payrolls report showed that job growth slowed in June and the unemployment rate ticked down as many left the labor force. The news flow is expected to slow with investors preparing for the Independence Day weekend and the trading has been listless as is typical in the trading session prior to a long leave. However, U.S. investors will be returning to big news, either positive or negative, on Monday following the Greek referendum that is scheduled to occur on July 5. ECONOMIC EVENTS: In the U.S., the monthly nonfarm payrolls report showed the addition of 223,000 jobs, versus expectations for 233,000 jobs to have been added last month. The unemployment rate fell to 5.3% from the prior month’s 5.5% rate. Initial jobless claims rose 10,000 to 281,000 in the week ended June 27, versus expectations for 270,000 first-time claims. Factory orders fell 1.0% in May, which was larger than the expected 0.5% decline. In Europe, Greek finance minister Yanis Varoufakis said he would resign from his post if the nation's referendum on bailout terms results in a "Yes" vote. COMPANY NEWS: Shares of BP (BP) trading in New York rose more than 5% after the oil major announced it has reached agreements in principle to settle all U.S. federal and state claims arising from the Deepwater Horizon accident and spill in 2010. BP said it will pay up to $18.7B to settle the claims and that the expected impact of its agreements would be to increase the cumulative pre-tax charge associated with the accident and spill by around $10B from $43.8B at the end of the first quarter... Managed healthcare company Centene (CNC) announced a definitive agreement to acquire managed health care services rival Health Net (HNT) in a cash and stock deal valued at approximately $6.8B, including the assumption of approximately $500M of debt. Under the terms of the deal, Health Net shareholders would receive 0.622 shares of Centene common stock and $28.25 in cash for each share of Health Net common stock, which is equal to implied consideration of $78.57 per share based on Centene’s closing stock price on July 1. MAJOR MOVERS: Among the notable gainers was Intel (INTC), which was 1.5% higher in afternoon trading after the company announced this morning that President Renee James informed the board that she will be stepping down to pursue an external CEO role. Also higher was Xoom (XOOM), which gained 22% after eBay's (EBAY) soon-to-be split PayPal (PYPL) unit announced last night that it has agreed to acquire the digital money transfer provider for $25 per share in cash. Among the noteworthy losers was Western Union (WU), which slipped about 6% after Evercore ISI downgraded the stock to Hold and JMP Securities said that PayPal's deal for Xoom will negatively affect Western Union's prices over the longer term. Also lower were shares of Triple-S Management (GTS), which fell xxx% after Wells Fargo downgraded the stock to Underperform, the firm's equivalent to a "sell" rating, saying Puerto Rico's "crumbling" economy puts the company's earnings at risk. INDEXES: Near midday, the Dow was down 54.98, or 0.31%, to 17,702.93, the Nasdaq was down 20.30, or 0.4%, to 4,992.83, and the S&P 500 was down 5.11, or 0.25%, to 2,072.31.
12:00 EDTCNCCognizant ability to offset Health Net loss a positive, says Wells Fargo
Wells Fargo notes that despite the loss of $100M in revenue in the second half of 2015 from the Health Net (HNT) master services agreement being put on hold during the Centene (CNC) merger review process, Cognizant (CTSH) reaffirmed its outlook today for 2015. Wells views the company's ability to offset the contract loss as a positive and says it remains comfortable with an Outperform rating on the stock.
09:36 EDTCNCCognizant backs FY15 EPS view of at least $2.93, consensus $2.97
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09:33 EDTCNCCognizant reaffirms 2015 view after Health Net agrees to be bought by Centene
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09:15 EDTCNCOn The Fly: Pre-market Movers
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08:35 EDTCNCLeerink says UnitedHealth may counter bid for Health Net
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08:04 EDTCNCHealth Net volatility low into Centene acquiring in deal valued at about $6.8B
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07:58 EDTCNCCentene volatility low into acquiring Health Net in deal valued at about $6.8B
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07:57 EDTWCGKentucky Medicaid contracts in-line with expectations, says Leerink
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07:45 EDTWCGWellCare selected to continue serving Kentucky Medicaid Managed Care program
WellCare Health Plans announced that the Kentucky Cabinet for Health and Family Services selected WellCare of Kentucky to continue serving the Commonwealth's Medicaid Managed Care program in all eight of the program's regions. The new contract begins on July 1 and is for one year. It may be extended for four additional one-year renewals at the Commonwealth's discretion. As of March 31, WellCare serves approximately 441,000 Medicaid members, 6,000 Medicare Advantage plan members and 21,000 Medicare Prescription Drug Plan members in Kentucky.
07:32 EDTCNCCentene & Health Net to host joint conference call
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07:05 EDTCNCCentene to acquire Health Net in deal valued at about $6.8B
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07:02 EDTCNCCentene to acquire Health Net for implied consideration of $78.57 per share
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07:01 EDTCNCCentene, Health Net to combine in transaction valued at about $6.8B
June 25, 2015
11:06 EDTCNC, WCGHospitals, insurers climb after Supreme Court rules on ACA subsidies
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10:11 EDTCNC, WCGACA 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).
June 22, 2015
06:37 EDTCNC, WCGHealth insurers may change policies based on King v. Burwell ruling, NYT says
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June 19, 2015
10:09 EDTWCG, CNCFly Watch: Supreme Court may release key ACA decision soon
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June 18, 2015
07:51 EDTCNCIncrease in 3R backstop most positive for Humana, says Leerink
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