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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.
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Title Annotation:Medical Stock Spotlight; revenue report
Article Type:Brief article
Geographic Code:1USA
Date:Aug 3, 2009
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