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Cigna’s shares closed up 2.0 percent on Wednesday afternoon, while Express Scripts’ stock slid nearly 7.0 percent. Express Scripts shares have been trading well below the value of Cigna’s bid. The arbitrage spread of the deal, which measures that difference, widened to more than 25 percent from 18 percent after Icahn’s stake was revealed, suggesting investor skepticism the deal can close. “Clearly there had been shareholder disappointment and discontent post the transaction announcement,” Evercore ISI analysts Mike Newshel and Ross Muken said in a research note.
Express red heart cufflinks Scripts business model is in question, and on its own would likely be worth $57 to $62 a share, they said, Cigna would be better off doing a share buyback of $7 billion to $10 billion, buying smaller pharmacy benefit managers, and increasing its government paid business, they said, Leerink Research analyst Ana Gupte doesn’t believe investors will vote the deal down, noting that Icahn would need to get other large investors on board, “I don’t know if he could do that,” she said..
Neither Icahn nor Cigna immediately responded to Reuters’ requests for comment. Express Scripts spokesman Brian Henry said the deal would “deliver significant value to shareholders.”. Cigna announced the deal in March, looking for new ways to boost profits as the industry faces greater scrutiny for rising healthcare costs. They say the deal could generate $600 million in savings per year and help Cigna more closely manage how costly drugs are prescribed and delivered to patients.
But headwinds for the companies have strengthened since the deal was announced, Pharmacy benefits managers (PBMs) like Express Scripts have been in the red heart cufflinks crosshairs of the Trump administration, which is looking at scaling back or eliminating rebates from drug purchases that are diverted to middlemen like PBMs, Amazon.com Inc (AMZN.O) has also purchased an online pharmacy that Wall Street analysts say can help it undercut traditional prescription drug sales, The deal followed the $69 billion merger announced in December between CVS Health Corp (CVS.N) and health insurer Aetna Inc AET.N, Shareholders from those companies approved the CVS-Aetna tie-up in March, but they are still awaiting antitrust approval..
NEW YORK (Reuters) - The S&P 500 and Dow slipped on Wednesday as gains in Apple shares were offset by a drop in energy and industrial companies, while the U.S. Federal Reserve remained on course for an expected interest rate hike in September. Technology companies pushed the Nasdaq higher. The central bank left rates unchanged, and reiterated its view that the U.S. economy is growing and the job market is strengthening, and inflation continues to hover near the Fed’s 2 percent target since it last raised rates in June.
“The Fed demonstrated that they are willing to let the economy run a little hot as long as they don’t foresee a significant spike in inflation which would potentially serve as a headwind for the current bull market run,” said red heart cufflinks Bob Baur, chief global economist at Principal Global Investors, While technology stocks pulled the Nasdaq into positive territory and gave a boost to the S&P and the Dow, trade worries intensified as the Trump administration proposed hiking tariffs on imports from China..
Officials told reporters that Trump had directed U.S. Trade Representative Robert Lighthizer to consider a tariff rate increase on $200 billion worth of Chinese goods to 25 percent from 10 percent as part efforts to ensure that it has “the right tools in place in order to encourage China to change its actions.”. China called the move “blackmail,” and warned it would respond in kind. “It is clear that a lot of businesses are growing concerned about the direction that (the tariff dispute) is heading,” said Bernard Baumohl, chief global economist at the Economic Outlook Group in Princeton, New Jersey. “If the trade tensions continue right up to the midterm elections, it would be disastrous for the GOP.” The U.S. congressional midterm elections will be held on Nov. 6.
Trade-sensitive stocks fell on the news, with the S&P 500 industrials index .SPLRCI dropping 1.3 percent, The Dow Jones Industrial Average .DJI fell 81.37 points, or 0.32 percent, to 25,333.82, the S&P 500 .SPX lost 2.93 points, or 0.10 percent, to 2,813.36 and the Nasdaq Composite .IXIC added 35.50 points, or 0.46 percent, to 7,707.29, Of the 11 major sectors of the S&P 500, eight ended the session in negative territory, With the second-quarter earnings reporting season red heart cufflinks nearly two-thirds complete, analyst estimates for S&P 500 profit growth are now at 23.3 percent, up from 20.7 percent a month ago..