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Omar Venerio
Omar Venerio
Articles (1559) 

US Stocks Deep in the Red on Thursday

Cigna slides despite strong 2nd-quarter results

U.S. stocks fell on Thursday after President Donald Trump tweeted that the U.S. will be imposing 10% tariffs on $300 billion worth of Chinese imports at the beginning of September. The Dow Jones Industrial Average tumbled 1.05% to 26,583, the S&P 500 index dipped 0.90% to 2,953 and the Nasdaq Composite Index declined 0.79% to 8,111.

Shares of Cigna Corp. (NYSE:CI) lost almost 2% after announcing second-quarter results. The company posted earnings of $4.30 per share on $34.38 billion in revenue, reflecting 199% growth from the prior-year quarter. The company beat earnings estimates by 56 centand evenue expectations by $1.11 billion.

“As Cigna accelerates our focus on whole person health, our strong second-quarter results reflect the value we deliver to customers and clients, and our consistent execution in a dynamic environment,” President and CEO David M. Cordani said.

The medical care ratio - the percentage of premiums paid out for medical services - was 81.6%, higher than the 80.2% analysts had projected.

Looking ahead to full fiscal 2019, the company expects consolidated adjusted income from operations between $6.34 billion and $6.46 billion, or $16.60 to $16.90 per share.

During the quarter ended June 30, John Hussman (Trades, Portfolio) sold out of the stock.



Global markets

The main European stock markets traded mostly in the green. The U.K.'s FTSE 100 lost 0.03%, France's CAC 40 swelled 0.70%, Germany's Dax gained 0.53% and Spain's IBEX 35 rose 0.75%.

In Asia, Japan's Nikkei 225 advanced 0.09%, India’s BSE Sensex retreated1.23%, Hong Kong's Hang Seng lost 0.76% and China's Shanghai Composite fell 0.81%.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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