"Market Movers: Macy's, Cigna, Eli Lilly, CI, M, SNAP"
Macy's, Cigna Group, Eli Lilly, Paramount, and other stocks are experiencing significant movements in midday trading.
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Cigna Group
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"Monday's Must-Watch Stocks and Market Highlights"
Macy's stock surged 15% after reports of a potential takeover bid by institutional investors Arkhouse Management and Brigade Capital, with a reported bid value of $5.8 billion. Shareholders could potentially receive $21 per share in cash if a final agreement is reached. Meanwhile, Cigna's stock climbed 13% as the healthcare giant announced it would divert funds from a potential buyout to shareholders instead. Cigna plans to add $10 billion to its share repurchase authorization, bringing the total to $11.3 billion, reflecting the belief that its shares are undervalued. The company also stated it would consider smaller acquisitions in the current market environment.
Cigna Group Settles Overcharging Claims with US Medicare Advantage Program
Health insurer Cigna Group has reached a settlement with the United States over allegations of overcharging the government's Medicare Advantage program. The settlement includes a payment of approximately $172 million by Cigna and the company will enter into a corporate integrity agreement with the U.S. Office of Inspector General. Prosecutors had accused Cigna of submitting false diagnoses for patients between 2012 and 2019, resulting in the company obtaining tens of millions of dollars in Medicare funds.