What just happened? Down 24% after hours doesn’t seem like a good sign for the company. Is this due to big horrible bill being passed in the senate or what?
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@hz. I agree. Their push to focus on the ACA market just shows how clueless corporate management was. They had no idea how healthcare insurance worked.
they need to get out of ACA at this point, clueless
@ef Is there a source to the 2500? We have been told no layoffs imminent, but stock can't drop 40 percent without widespread consequences.
2500 layoff
Sarah London absolutely did insider trading and it is not beneath her to do that kind of criminal activity. She thinks she is one of us but not all of us are criminals.
If you check the stock charts for CNC, the stock crashed down 25% at July 1, 4:45pm. The first news article to break was at 4:50pm from Tradingview. Sarah London's announcement email was at 5:07pm, 17 minutes after news broke. Doesn't that seem suspicious a 5 minute time window to sell before news broke? There were definitely insider trading because how did investors know to sell sell sell
This tanking was eventually coming. I don't know what they were thinking because healthcare usage has been consistently up and sicker members due to the redetermination. If a giant like United had to withdraw earnings guidance, it was eventually coming for us as well. Just surprised at the magnitude of the change on Ambetter. The big ugly re--rded bill was going to hurt us as well.
Anyone know if Sarah London and her band sold the shares of stock bought prior to this stock news? Is so, that's called insider trading and it's a crime. Shame shame...
While Sarah London took home upwards of $20 million in 2024. $18.5 million in 2023. $13.3 million in 2022.
@dg I wish I could find the post, but someone else here had previously suggested as much.
@dg Drew Asher is another joke. He needs to go along with Sarah London.
Does anyone think they are destroying this company so it can be sold at a cheaper price in the future? I mean Didnt Sarah and drew just recently buy the stock a couple months ago?
I agree with everyone in this chat, Sarah London needs to go. She is crashing Centene to the ground. Michael Neirdoff is probably rolling in his grave at this point. I'm sure they layoff's will be coming soon. I have been there for over 8 years and since Sarah London took over things are going down hill. The first lay off should be her. I'm sure her salary will compensate for Marketplace
@d8 would be hard to spot him, he’s like 4’11” before he puts on his shoes and fluffs up his hair
Keep us posted when you see the CFO being perp walked out of the building
@cm It was super vague and I hate how optimistic she tried acting.
Total b*llshit company. First get rids of bonus and now since the stock is a pathetic $35 now there will be no more raises. Hey ..but we get to work at home and wear jeans!!!
Holy he-l. Just logged into Fidelity…taking a bit to process this.
It’s time for Sarah London to go! What a disgrace she has become!
100% agree on this point
They pulled their adjusted full year earnings down a full $2.75 a share for the whole year!! From the original estimate of $7.28. Thats an almost 40% reduction in EPS guidance. That is some really bad mismanagement.
The whole email/press release feels like an unnecessary attempt at transparency. She knows what we all wanna know- layoffs/who/when- so why even involve us at this point?
@cb Stock is down by 29% after hours. It will open today at $40. Speaking in financial terms, the stock "Tanked". It has lost a 1/3 of its value
CNC closed UP $2.37 yesterday. The Ambetter news is certainly bad and the stock has underperformed but how is that “tanked”?
They pulled their financial guidance for 2025 because Ambetter didn't perform as expected with profits. She said in her email, "people were sicker," which translates to "Ambetter had to cover medical costs, and we didn't make me millions for my pay bucket." Who knew that was the purpose of paying for health insurance (sarcasm)? Now we have a scheduled town hall for our department that we haven't had for months after which can only mean additional reorgs & looming layoffs ahead. Disgusting how they claim they are all about the members when it's 100% clear they aren't and have not been for years.
The Centene board needs to execute its authority and remove Sarah London and replace immediately. Terrible leader.
It seems like a major actuarial error on forecasting. The BBB's effect is not even there yet!
it's really simple, it's due to bad management
Sara just sent an email and a press release about 20 min ago that we did not meet the Marketplace financial goals. I wonder if that means definite layoffs over all areas and no bonuses?
@a1 sounding more and more like layoffs coming soon, the higher ups won’t take them loses lightly
Withdrew forward guidance, sc--wed up actuarial data for ACA, turns our growth is much slower than expected. Get out if you can.