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Centene Corporation latest news:
Health care sector falls as likelihood of ACA repeal rises; UnitedHealth's stock leads Dow losers
The health care sector traded broadly lower Tuesday, amid concerns over the potential effects of the Graham-Cassidy bill, which some analysts say is becoming increasingly likely to repeal and replace the Affordable Care Act. The SPDR Health Care Select Sector ETF shed 0.9% in afternoon trade, with 56 of its 62 components trading lower. Among the XLV's most heavily-weighted components, UnitedHealth Group's stock dropped 1.8% to pace the Dow Jones Industrial Average's decliners. The price decline of $3.61 was shaving 25 points off the Dow, which was up 44 points. Analyst Ana Gupte at Leerink Research said the bill could lead to "greater earnings downside in the near term than previous House and Senate bills for ACA-levered stocks." Among companies that Gupte said are at particular risk, shares of Centene Corp. slumped 4.6% and Molina Healthcare Inc. gave up 6.1%. Elsewhere, shares of Aetna Inc. fell 3.4%, Humana Inc. slid 3.2%, Cigna Corp. declined 1.9% and Anthem Inc. was down 2.0%. Gupte said diversified managed care organizations (MCOs) like Humana and Cigna are more defensive, though exposure should be manageable for UnitedHealth, Aetna and Anthem. The XLV has gained 4.3% over the past three months, while the S&P 500 has tacked on 2.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Centene to buy Fidelis Care for $3.75B to enter NY health insurance market
Fidelis Care will be Centene's New York health plan.
Health insurer Centene to buy Fidelis Care for $3.75 bln
Sept 12 (Reuters) - Health insurer Centene Corp said
on Tuesday it would buy New York-focused, privately held Fidelis
Care for $3.75 billion.
Centene reports Q2 profit and revenue beats, notes 'particularly strong' Obamacare business
Centene Corp. stock surged 2.5% in light morning trade Tuesday after the company reported second-quarter profit and revenue beats and said its Affordable Care Act business was "particularly strong, confirming our business as usual approach." Earnings for the latest quarter rose to $254 million, or $1.44 per share, from $170 million, or 97 cents per share in the year-earlier period. Adjusted earnings-per-share were $1.59, compared with the FactSet consensus of $1.30. Revenue rose to $11.95 billion from $10.90 billion, compared with the FactSet consensus of $11.70 billion. The company also updated its 2017 guidance to reflect its strong second-quarter performance, an increase in its business expansion cost due to a shorter ACA open enrollment period and new investments in ACA and Medicare growth initiatives, along with an increase in margin expectations for its ACA business this year. Centene now expects revenue of $46.4 billion to $47.2 billion, up from previous guidance of $46 to $46.8 billion, and adjusted EPS of $4.70 to $5.06, up from previous guidance of $4.50 to $4.90. Centene said in mid-June that it plans to expand offerings in ACA, also called Obamacare, marketplaces, with plans to enter Kansas, Missouri and Nevada next year and expand its offerings in six existing markets. Centene shares have surged 17.3% to $86.12 over the last three months, compared with a 3.7% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Centene to fill Missouri insurance void left by Blue Cross
Health insurer Centene says the 40 Missouri counties where it will offer coverage on Affordable Care Act insurance exchanges next year include 25 that would otherwise have been without an insurer.
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