Centene Down 24% After Cutting EPS Guidance
Centene Corp (NYSE: CNC) is trading lower on the session after the company cut its 2012 guidance. Centene lowered 2012 EPS forecast from $2.64-2.84 to $1.45-1.65.
According to the company's press release, "The revised guidance range reflects negative financial results in May for our Kentucky Health Plan and the Hidalgo service area in our Texas Health Plan, as well as in the Celtic individual health business. Albeit at lower levels, the above items are anticipated to impact the financial results for the remainder of 2012, and the estimated impact is reflected in the revised guidance for 2012."
Centene is currently trading at $26.80, a loss of $8.67 or 24.44%.
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