phsy evergreen

Ban, purtroppo non mi pare la solita esagerazione. Portare le riserve a utile, per quanto corretto (e potrebbe non esserlo), implica che l'operating income, che è un dato in qualche modo strutturale del business sia più depresso di quanto non si pensi.... Purtroppo non ricordo bene le differenze tra HMO, PPO etc., ma non sono buone notizie, complessivamente. Nel frattempo gli han dato un'altra bastonata. Rimane che a spanne dovrebbe fare almeno 3$ di utile per share per year(le stime son più alte) e, SE è sustainable, è certamente sottovalutata.

PacifiCare Health Systems Inc. (PHSY) shares slumped as much as 17 percent on Thursday on worries about the HMO's ability to cope with creeping medical costs, analysts said. Analysts also said PacifiCare's quarterly earnings, reported late Wednesday, were somewhat murky and included millions in credit for excess reserves. Santa Ana, California-based PacifiCare posted a fourth-quarter net profit of $37 million, or $1 per share, compared with a loss of $26 million, or 77 cents a share, a year ago. In reporting its results, PacifiCare did not break out how much of its $1 earnings per share came from reserves set aside to cover medical claims not yet reported, analysts said. Joe France, analyst at Credit Suisse First Boston, said that the earnings might have been inflated because of the reserves gain. He added: "It's hard to get too excited about a Medicare HMO." PacifiCare is the biggest provider of Medicare private health plans, run jointly with the government. The company has trimmed tens of thousands of high-cost members to bring itself back in the black in 2002, after losing money in 2001. Steeper premiums are offsetting PacifiCare's shrinking membership base, analysts said. The company swung to profit in 2002 after losses in 2001 on failure to accurately price its premiums ahead of soaring medical costs. Analysts were also troubled by the company's medical cost ratio for its nongovernmental business -- which excludes Medicare and the U.S. military Tricare health plan -- edging up from a year ago. The medical cost ratio, a key gauge of profitability, is the slice of each dollar an HMO spends that goes toward medical costs. PacifiCare took a hit last year when it lost the account of 180,000 members to cover CalPERS, the California Public Employees' Retirement System. CalPERS is the third-biggest buyer of health care in the United States -- behind the federal government and General Motors Corp. (GM) _________________________________________ Senza approfondire, parrebbe la solita esagerazione.........

qualcuno sa questi idioti cosa hanno detto nella conference di oggi che il titolo sta perdendo il 15%? E il bello è che da ieri si sapeva che avrebbero battuto gli estimates, con 1$/share.... (il link alla conference si trova su http://biz.yahoo.com/cc/2/26812.html)