Thread regarding Centene Corp. layoffs

Things really are not looking good.

It feels like every industry is in the middle of layoffs and even State and Federal jobs that use to have decent job security compared to private sector jobs were wiped out earlier in the year.

I am not cute enough for OnlyF-ns so I need to do some serious thinking of what to do next! 😂

I worked at this place for 5 years but bailed in May, I can’t imagine the morale has improved but what I saw in NY was horrifying. Constant and aggressive financial targets dictated by corporate and you meet or exceed or else. It worked for a while, especially with COVID era tailwinds

Down grade to junk? Way to kicks us while we are down!

Not that I like Centene, but I like my boss and my team, plus the job market ain't pretty right now.

I hate how stressful everything is becoming and knowing this is just the start. I had been off this site for a while, things were feeling ok, now I am su-ked back in.

@eh Wow. If that happens that’s really bad news. That’s a downward spiral that’s hard to pull out of.

S&P Global Ratings is reportedly considering downgrading Centene’s credit rating to junk status, which would increase its cost of capital and further strain its finance.

No matter what profit we eke out at the end of this year, the optics of trading at 56% below where our shares were at last year are hard to ignore. If we ever were for sale, now is the time to strike.

@am Very interested in your take on this. EPS is still in positive territory, just no where near what was projected. So what are your thoughts on why so off on the projections? They yanked the guidance for 2025, which is one, rare, and two, alarming for analysts. That’s more than a simple rounding error. And it’s hard to believe it was surprising, given the fact Trump promised to do this very thing. So it appears they are either woefully incompetent or intentionally negligent. Thoughts?

I’m a seasoned health actuary, this is called the underwriting cycle and it needs to run its course, delayed cause gov contracts price off historical so there’s a bit of a mismatch at the moment, health insurance business is not dying, Centene will still post a profit this year, it’s the finance team and aggressive forecasting that has to change

The career opportunities are with the vendors that supply cost savings initiatives to these large ins cos, that business is going bonkers @a3

@OP I’d answer that all of them are having problems. Whether it’s Medicare Advantage coming under increased scrutiny (Hi Humana!) or just increased utilization after the COVID years and an aging population living longer with more chronic illnesses, I don’t think there is a lucrative opportunity anywhere in this sector. Follow the money…and the money is flowing out of most healthcare stocks. And stay far away from anything heavily involved in Medicaid. It never did reimburse well and that was before this administration.