Business Services Industry
Cigna Shares Fall on Earnings Warning.
Knight Ridder/Tribune Business News, July, 2003
By Todd Mason, The Philadelphia In...uirer Knight Ridder/Tribune Business News
Jul. 12--Cigna Corp. warned investors late yesterday that its second-...uarter and 2003 earnings will fall well short of analysts' expectations.
Cigna shares, off $2.13 per share, or 4.6 percent, to close at $44.49 on the New York Stock Exchange, fell an additional $3.09 or 6.9 percent in after-hours trading.
The Philadelphia insurance company also said that H. Edward Hanway, its chairman and chief executive, would take control of its flagging health-care business.
In related actions, Cigna said its HealthCare division president, Patrick E. Welch, is leaving the company, and that John W. Coyle, a veteran executive, joined Cigna to take over sales,...
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