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CIGNA Slides on Lowered Outlook
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ShareCIGNA Corp. (CI) cut its full-year profit outlook, sending shares lower by about 4%.
The insurer projects full-year earnings between $3.70 and $3.90 per share, down from its February forecast of $3.95 to $4.25. Analysts expect earnings of $3.89 per share.
Furthermore, Cigna expects health plan membership to decline between 3% and 4% in 2009.
For the first quarter, net income advanced year over year, but adjusted earnings per share fell short of the consensus.
This Zacks #3 Rank ("Hold") is moving on a lower-than-normal volume of 2.3 million shares, against the daily average of almost 4 million.
Read the full analyst report on CI
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