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Cigna reports higher revenue, upbeat outlook on earnings

Cigna Corp. reported higher revenue on Thursday, boosted by growth in its customer units, and posted an upbeat outlook on earnings for this year. The health-insurance provider reported fourth-quarter adjusted earnings per share of $1.87, unchanged from the year-ago period. That matched expectations of analysts polled by FactSet Research. Revenue rose to $9.94 billion from $9.52 billion in the year-ago period. Cigna said for the full year 2017, it’s expecting consolidated adjusted income from operations in the range of $2.35 billion to $2.48 billion, or $9.00 to $9.50 per share. Shares were unchanged in premarket activity.

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LA judge orders Trump to allow immigrant visa holders into the U.S.: reports

A federal judge in Los Angeles has ruled that the Donald Trump administration must allow immigrants with visas from seven Muslim-majority countries into the U.S., going against an executive order from the president. In another blow to Trump’s travel ban, Judge André Birotte Jr. of United States District Court late Tuesday ordered U.S. officials to refrain from “removing, detaining or blocking the entry of plaintiffs or any other person … with a valid immigrant visa,” according to media reports. Officials at border controls have been blocking people from the seven countries in Trump’s immigration ban from entering the U.S., even those with visas that allow them to legally reside in the country. Birotte’s ruling follows similar decisions in at least four other states following Trump’s executive order issued on Friday. The order enforced travel restrictions on people from Syria, Iraq, Iran, Yemen, Sudan, Somalia and Libya — predominantly Muslim nations — for 90 days.

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Several Topics to Be Covered at Mortgage Events

Topics to be covered at several upcoming events tied to home lending include mortgage servicing rights, reverse mortgages and social media. Compliance is also on the agenda.

On Feb. 7, the Office of the Comptroller of the Currency is holding its Risk Governance workshop at the Miami Marriott Dadeland in Miami.

The workshop provides practical information for directors to effectively measure and manage risks and also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry.

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Mead Johnson shares surge nearly 20% on report of buyout talks

Shares of Mead Johnson Nutrition Co. jumped in the extended session Wednesday following a report that Reckitt Bensicker Group PLC was in talks to acquire the company. Mead Johnson shares surged 19% to $82.99 after hours. Late Wednesday, The Wall Street Journal reported that Reckitt Bensicker could offer more than $15 billion for the baby-food maker. Prior to the report, shares of Mead Johnson were down 1.8% for the year and down more than 26% from a year ago.

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Goldman Sachs reaches $100 million in consumer relief in $5 billion settlement

Goldman Sachs is progressing in the consumer relief obligations that are part of the $5 billion settlement reached in April over toxic mortgage bonds, the settlement’s monitor said in a new report. The report showed that Goldman Sachs passed the $100 million mark on its way to the $1.8 billion in consumer relief it’s required to provide as part of the settlement. …read more

From:: Real Estate Wire

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Shares of Manitowoc Co. down 5% on wider-than-expected earnings loss

Shares of crane manufacturer Manitowoc Co. fell more than 5% late Wednesday after the company posted wider-than-expected losses and lower sales in the fourth quarter. The company said it lost $33.4 million, or 24 cents a share, in the quarter, versus earnings of $43.5 million, or 32 cents a share, in the fourth quarter of 2015. Adjusted for one-time items, the company lost $32.6 million, or 23 cents a share, in the quarter. Sales reached $378 million, down from $543 million a year ago, on “continued weak demand for the company’s products in the U.S. and the Middle East,” Manitowoc said in a statement. Analysts polled by FactSet had expected an adjusted loss of 16 cents a share on sales of $390 million. Shares of Manitowoc had ended the regular trading session up 0.4%.

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Qorvo shares fall as smartphone delays undercut outlook

Qorvo Inc. shares dropped in the extended session Wednesday after the wireless components provider said smartphone delays by large customers will hurt the current quarter. Qorvo shares fell 7.9% to $59.06 after hours. For the fiscal fourth-quarter, Qorvo forecast earnings of 70 cents to 90 cents a share on revenue of $610 million to $650 million. Analysts surveyed by FactSet had estimated $1.04 a share on revenue of $716.6 million. “In the March quarter, we’re forecasting a greater than historical sequential decline as two of our leading customers in China and a tier-one customer in Korea delay flagship smartphone launches,” the company said in a statement. Qorvo did not provide the names of the smartphone companies. For the fiscal third quarter, the company reported earnings of $1.35 a share on revenue of $826.3 million, while analysts were looking for $1.25 a share on revenue of $821.4 million.

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MetLife shares slump 3% on disappointing fourth-quarter results

Shares of MetLife Inc. fell 3% in Wednesday’s extended session after the insurer posted quarterly results that fell short of Wall Street’s expectations. MetLife reported it swung to a fourth-quarter loss of $2.1 billion, or $1.94 a share, from a profit of $785 million, or 70 cents a share, a year earlier. The sizeable shortfall was blamed on derivative losses from market fluctuations. MetLife’s operating earnings rose 3% to $1.4 billion, or $1.28 a share. Revenue fell to $12.07 billion from $17.04 billion. Analysts surveyed by FactSet had forecast adjusted earnings of $1.34 a share and revenue of $17.27 billion.

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From:: Stock Market News