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Stock Market & Financial Investment News

News Breaks
November 15, 2012
08:32 EDTWCG, WAGWellCare to offer Medicare plan information at select Walgreens in 12 states
WellCare Health Plans (WCG) is collaborating with Walgreens (WAG) to staff select stores in Connecticut, Florida, Georgia, Hawaii, Illinois, Kentucky, Louisiana, Missouri, New Jersey, New York, Ohio and Texas with WellCare benefit consultants who are available to provide Medicare beneficiaries with information about Medicare and Medicare Advantage programs, including options offered by WellCare. The consultants are in stores for the remainder of the Medicare Annual Election Period, or AEP, which ends Dec. 7. This joint effort with Walgreens enables WellCare benefit consultants to share information and answer important questions about new preventative services like the immunizations program and the new annual wellness visits that are both available at no charge to WellCare Medicare Plan members.
News For WCG;WAG From The Last 14 Days
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July 25, 2014
12:11 EDTWCGWellCare profit warning sinks managed care names
A number of managed care names are falling after one of the companies in the sector, WellCare (WCG), preannounced significantly weaker than expected results. UBS, however, recommends using the weakness in the sector as a buying opportunity. WHAT'S NEW: WellCare, which specializes in managing Medicaid and Medicare plans, preannounced a second quarter per share loss of 7c, excluding certain items. Analysts on average expected the company to report a per share profit of 90c. The company's revenue came in slightly above expectations. WellCare cut its full-year earnings per share guidance to $2.20-$2.50 from $4.40-$4.75. The company said recipients of a new Medicaid program in Florida utilized more medical services than expected since the company began administering the program in May. Additionally, the company took an impairment charge related to an acquisition and it had an unfavorable reserve development. ANALYST REACTION: The factors cited by WellCare for the cut in its guidance appear to be specific to that company, UBS analyst A.J. Rice wrote. Meanwhile, data from other companies that administer Medicaid plans indicate that the increased utilization costs in that state are also specific to WellCare, Rice contended. For example, Centene (CNC) reported Q2 results earlier this week and indicated that utilization trends for newly covered beneficiaries in Florida was largely in line with expectations, while UnitedHealth (UNH) said its Medicaid business had performed well last quarter, the analyst stated. Additionally, WellCare said that its higher than expected medical utilization costs had been caused primarily by drug costs that exceeded its forecast, Rice stated. Since drug costs tend to be known relatively quickly, United Health and Centene would have divulged any issues with drug costs in conjunction with their Q2 results, Rice said. The analyst recommended that investors buy Aetna (AET), Cigna (CI), United Health and WellPoint (WLP) on any weakness today. PRICE ACTION: In late morning trading, Aetna fell 1.5% to $83, Cigna lost 1% to $95.50, UnitedHealth lost 1% to $84.50, WellPoint slid 1.5% to $113.50 and Centene tumbled 7% to $74 while WellCare plunged 19% to $62.
10:52 EDTWCGWellCare issues largely company-specific, says UBS
UBS notes that aside from WellCare (WCG), which attributed its lowered guidance to the start-up of its Florida MMA program and other issues, that Centene (CNC), WellPoint (WLP), UnitedHealth (UNH) and Humana (HUM) are the leaders in Medicaid in the state. However, the firm believes a majority of WellCare's issues appear company specific and UBS views any weakness in UnitedHealth, WellPoint, Aetna (AET), or Cigna (CI) as opportunity to buy those four stocks, on all of which it has Buy ratings.
10:02 EDTWCGOn The Fly: Analyst Downgrade Summary
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09:25 EDTWCGOn The Fly: Pre-market Movers
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07:24 EDTWCGWellCare downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded WellCare to Market Perform citing less confidence in management and weaker than expected performance in the new Florida Medicaid business following the company's Q2 results. Wells lowered its price target range for shares to $54-$58 from $83-$89.
07:22 EDTWCGCentene downgraded to Market Perform from Outperform at Wells Fargo
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07:00 EDTWCGWellCare downgraded to Market Perform from Outperform at Raymond James
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06:40 EDTWCGWellCare downgraded to Market Perform from Outperform at Wells Fargo
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July 24, 2014
18:15 EDTWCGWellCare down 20% after Q2 earnings and lowering FY14 guidance
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18:13 EDTWCGWellCare lowers FY14 EPS guidance to $2.20-$2.50 from $4.40-$4.75
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18:09 EDTWCGWellCare reports Q2 adjusted EPS (7c), may not compare to consensus 90c
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09:17 EDTWAGWalgreen's president of pharmacy, health and wellness announces retirement
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06:50 EDTWCGConsumers received $9B in refunds from health insurers, The Hill says
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July 23, 2014
06:02 EDTWAGWalgreen implied volatility of 37 at upper end of index mean range
July 22, 2014
13:46 EDTWCGCourt upholds Obamacare subsidies, NY Times says
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10:43 EDTWCGAppeals 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.
10:07 EDTWAGWalgreen new corporate structure could add $10-$12 upside, says Deutsche Bank
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09:51 EDTWAGWalgreen added to short-term buy list at Deutsche Bank
July 18, 2014
06:21 EDTWAGCTW Investment asks SEC to probe Walgreen's meetings, NY Post says
CTW Investment Group has asked the SEC to investigate private meetings that top Walgreen (WAG) executives held with investors to reincorporate overseas for tax reasons, reports the New york Post. The pension advisor is raising questions about whether Walgreen's meetings with Goldman Sachs (GS), Jana Partners, Och-Ziff and Corvex broke fair disclosure rules. Reference Link
July 16, 2014
06:27 EDTWAGWalgreen could relocate to Switzerland if it buys out Alliance Boots, WSJ says
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