WellCare Health Plans Inc.
WellCare Health Plans Inc. (NYSE) led advancing issues, surging
$3.24, or 17% on the week, to $22.26. The health insurer reported
quarterly earnings well above forecasts, helped by premium revenue from
Medicare Advantage and Medicaid insurance plans. WellCare said it earned
$37 million in the second quarter, or 88 cents per share, compared with
$11.1 million, or 26 cents per share, in the year-ago period. Excluding
special items, but including investigation- related charges, WellCare
earned 88 cents per share. Analysts on average expected 41 cents per
share. In May, WellCare agreed to pay $80 million to settle Florida
healthcare fraud allegations. The company has also resolved an
investigation by the Securities and Exchange Commission.