Business Services Industry
Stock of disability insurer UnumProvident jumps on second-quarter results.
Knight Ridder/Tribune Business News, August, 2004
By Mike Pare, Chattanooga Times/Free Press, Tenn. Knight Ridder/Tribune Business News
Aug. 6--UnumProvident Corp.'s stock price jumped higher Thursday as analysts and shareholders drew on better-than-expected second-quarter results and an outlook aimed at boosting profits.
The stock price for Chattanooga's biggest company rose 60 cents per share, or 3.8 percent, to close Thursday at $16.26, its highest level of the year.
Still, company officials think it may be a while before rating agencies upgrade its debt from junk status because a 44-state review of the disability insurer's claims operations is a couple of months away from completion.
"We need to get a couple of issues behind us before we make a case for a ratings...
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