2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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NEW YORK - Shares of Conseco Inc. declined Monday after a Keefe, Bruyette & Woods analyst cut his profit estimates to incorporate a one-time charge the insurer expects to take in the second quarter.
| CNO | 2.85 |  -0.16 |
Shares fell 23 cents, or 2.7 percent, to $8.17 in afternoon trading. Shares have traded between $8 and $18.45 in the past 12 months.
In a note to clients Friday, analyst Jukka Lipponen cut his second-quarter and full-year estimates by 5 cents each to incorporate a roughly $15 million pretax charge the company said it will take related to the consolidation of offices.
Lipponen now expects earnings of 20 cents per share in the second quarter and 90 cents per share for the year. Analysts polled by Thomson Financial, on average, forecast quarterly earnings of 23 cents per share and a full-year profit of 95 cents per share. Analyst estimates typically exclude one-time, unusual items.
Lipponen, who has an "Outperform" rating and a $15 target price on the stock, expects premium and policy income to be flat with the first quarter. Additionally, Lipponen forecasts modest growth in investment income from higher rates and some growth in assets.
Conseco plans to report second-quarter results before the market opens on Aug. 11.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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