INDIANAPOLIS (AP) — WellPoint Inc., the nation's second-largest health insurer, surprised Wall Street on Wednesday by cutting its 2012 forecast and reporting second-quarter earnings that both fell and missed expectations.
Investors then sent the Indianapolis company's stock price on its biggest one-day plunge in more than three years.
The insurer said it lowered earnings expectations after enduring a rough month of May and seeing enrollment slip. That fall was largely due to job cuts, which reduce the number of people covered by employer-sponsored health insurance.
"We're not seeing the economy improve, and it continues to be sluggish," Chief Financial Officer Wayne DeVeydt said.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
