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Jul. 29, 2015, 5:30 PM
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Jul. 28, 2015, 1:41 PM
- Teladoc (TDOC -2.2%) initiated with Overweight rating and $38 price target by JP Morgan; a Buy rating and $38 (23% upside) price target by Deutsche Bank; a Buy rating and $37 price target by SunTrust Bank and an Outperform rating by William Blair.
- Natera (NTRA +0.1%) initiated with Equal Weight rating and $20 (11% upside) price target by Morgan Stanley.
- Aegerion Pharmaceuticals (AEGR +9.4%) upgraded to Buy from Hold by Jefferies. Price target maintained at $26 (30% upside).
- Centene (CNC) upgraded to Buy from Neutral by UBS. Price target maintained at $80 (16% upside).
- Biogen (BIIB +2.4%) upgraded to Outperform from Market Perform by Bernstein. Price target lowered to $385 (21% upside) from $436.
- Anthem (ANTM +1.3%) upgraded to Buy from Neutral with $185 (21% upside) price target by Sterne Agee CRT. Cigna (CI -0.2%) also upgraded to Buy with a $190 (30% upside) price target.
- Alexion Pharmaceuticals (ALXN +2.6%) upgraded to Overweight from Not Rated by JP Morgan. Price target is $249 (23% upside).
- IGI Labs (IG +0.5%) upgraded to Buy from Neutral by Roth Capital. Price target raised to $11 from $7 (18% downside risk).
- Omnicare (OCR +0.3%) downgraded to Neutral from Overweight by JP Morgan. Price target lowered to $90 (6% downside risk) from $98.
- Ultragenyx (RARE +3.4%) downgraded to Equal Weight from Overweight by Morgan Stanley. Price target raised to $126 (5% upside) from $77.
- Biogen (BIIB +2.1%) downgraded to Neutral by Baird. Price target lowered to $316 (0% upside) from $480.
- Sunesis Pharmaceuticals (SNSS +21%) downgraded to Sell from Buy by Roth Capital Partners. Price target lowered to $1 (22% downside risk) from $5.50.
Jul. 24, 2015, 6:15 AM
- Anthem (NYSE:ANTM) has agreed to buy Cigna (NYSE:CI) in a deal valued at $54.2B, wrapping up a year of negotiations and creating the largest health insurer in the U.S.
- Cigna shareholders will get $103.40 per share in cash and 0.5152 Anthem shares.
- The deal comes three weeks after Aetna (NYSE:AET) struck a deal to buy Humana (NYSE:HUM) for $37B and is part of an industry-wide consolidation following the roll-out of Obamacare.
Jul. 23, 2015, 9:15 AM
Jul. 22, 2015, 6:30 PM
- Anthem (NYSE:ANTM) is close to a deal to buy Cigna (NYSE:CI) for around $187/share -- more than $48B total -- that could be announced as soon as tomorrow afternoon, Dow Jones is reporting.
- The move would create the country's largest insurer, with a combined current market cap of just over $80B.
- Cigna had rejected an earlier $47.5B bid as "inadequate."
- If this deal and Aetna's $34B agreement to buy Humana are both approved and finished, the five major U.S. health insurers would drop to three.
- After hours: CI +7.2%; ANTM -0.5%.
- Previously: Anthem and Cigna at the table again over possible merger (Jul. 02 2015)
Jul. 2, 2015, 10:15 AM
- According to the Wall Street Journal, health insurers Anthem (ANTM -0.4%) and Cigna (CI +1.8%) are again in talks about a possible merger. Cigna rejected Anthem's earlier $47.5B bid, calling it "inadequate and not in the best interests of Cigna's shareholders."
- Anthem's market cap is $43.6B while Cigna's is $42.3B.
Jun. 25, 2015, 10:26 AM| Jun. 25, 2015, 10:26 AM | 87 Comments
Jun. 22, 2015, 10:08 AM| Jun. 22, 2015, 10:08 AM | 1 Comment
Jun. 22, 2015, 9:18 AM
Jun. 22, 2015, 2:58 AM
- The nation's biggest health insurers, which are pursuing a series of potential megamergers due to changes in the healthcare landscape, have many market overlaps that pose challenges to competition around the country.
- On Saturday, Anthem (NYSE:ANTM) made a third offer to purchase Cigna (NYSE:CI) for $54B (although the bid was rejected), while Aetna (NYSE:AET) made a takeover offer for Humana. Those deals, if completed, would shrink the current top five insurers to a powerful big three, each with revenue on paper of more than $100B.
- UnitedHealth (NYSE:UNH), the largest industry player by revenue, has also recently jumped on the bandwagon by making a takeover approach to Aetna.
Jun. 21, 2015, 4:50 PM
- Cigna (NYSE:CI) has rejected Anthem's (NYSE:ANTM) $184/share offer for the company, saying its board unanimously determined that the offer was "inadequate."
- "We are deeply disappointed with your recent actions," Cigna's board wrote in a letter to Anthem. "We have been engaged in good faith discussions with Anthem to determine whether a potential strategic combination is in the best interests of Cigna’s shareholders.”
- Previously: Anthem goes after Cigna with $54B bid (Jun. 20 2015)
- Previously: Aetna makes takeover proposal to Humana: WSJ (Jun. 20 2015)
- Previously: Consolidation talk hits the health-insurance sector (Jun. 16 2015)
Jun. 20, 2015, 5:10 PM
- Anthem (NYSE:ANTM) has boosted its takeover offer for Cigna (NYSE:CI) and is going public with the bid after the two sides failed to reach agreement.
- Anthem's $184/share bid (cash and 31% stock) reflects a 35.4% premium to unaffected Cigna price on May 28.
- Anthem’s pursuit of Cigna comes as Cigna is eying Humana (NYSE:HUM), which has put itself up for sale, and whom now appears to be on Aetna's (NYSE:AET) radar screen.
- The five big managed-care companies are jockeying for deals that will enable them to get more efficient and better respond to changes in the healthcare landscape. Analysts say regulators will only allow one or two such combinations.
- "Anthem has been engaged with Cigna to explore a potential combination since August 2014 and is making its proposal public today following Cigna's refusal to reasonably negotiate and its insistence on securing governance matters that are not common practice in similar transactions."
Jun. 15, 2015, 12:47 PM
Jun. 15, 2015, 12:18 PM
- The two companies have been in discussions for months and within the last ten days Anthem (ANTM +1.9%) has made two bids for Cigna (CI +9.5%), with the last being about $175 per share.
- So far, Anthem's efforts have been rebuffed by Cigna.
- Source: WSJ
- Previously: Humana spikes 20% after WSJ report says it wants to sell itself (May 29)
May 29, 2015, 2:12 PM
- Humana (HUM +19.6%) surges following a WSJ report that it is exploring a potential sale after receiving indications of takeover interest, and has hired Goldman Sachs to help it explore a potential sale.
- Sources say Aetna (AET +2.2%) and Cigna (CI +5.2%) are among companies that have held preliminary discussions with HUM.
- HUM is one of five health insurers that bankers and analysts have long considered ripe for consolidating the industry, including AET, CI, UnitedHealth (UNH +1%) and Anthem (ANTM +2.6%).
May 22, 2015, 11:14 AM
- Major health insurers in some states are proposing rate increases of as much as 51% for plans sold under the federal health law, according to a WSJ analysis, setting the stage for an intense debate over the law’s impact.
- All the insurers cite high medical costs incurred by people newly enrolled under the Affordable Care Act, saying their proposed rates reflect the revenue they need to pay claims now that they have had time to analyze their experience with the law’s requirement that they offer the same rates to everyone regardless of medical history.
- Some insurers are trying to catch up with the impact of expensive drugs such as Sovaldi, foreseeing significant pent-up demand from the newly enrolled, says a fellow at the Society of Actuaries.
- Relevant tickers: IHF, HNT, UNH, MOH, CNC, UAM, AET, CI, HUM, HCA, WCG, GTS, EMCI, MGLN
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