On Monday, CIGNA Corporation (NYSE:CI)’s shares declined -0.77% to $160.05.
A.M. Best has placed the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of “a” of the key life/health auxiliaries, the medical health maintenance organizations (HMO) and dental HMO auxiliaries of Cigna Corporation (collectively referred to as Cigna) (Bloomfield, CT) [CI] under review with developing implications. Conpresently, the ICR of “bbb” of Cigna and its existing debt ratings have been placed under review with developing implications. A.M. Best also has placed the FSRs of A- (Excellent) and the ICRs of “a-” of four Cigna supplemental benefit companies and six Cigna HealthSpring companies under review with developing implications.
The actions follow the recent public declarement by Anthem, Inc. (Anthem) (Indianapolis, IN) of its intent to acquire Cigna for $184 a share in cash and stock. Although the price represents noteworthy premium to Cigna’ stock price, Cigna’s board publicly rejected the proposal, claiming that it is not in the best interest of shareholders. However, Anthem reiterated its commitment to the proposal and publicly revealed details of the potential transaction. The transaction is planned to be financed through a combination of cash and new debt with predictable financial leverage reaching around 50% following the deal completion. The acquisition will be subject to regulatory approval in multiple jurisdictions, which could extend until the end of 2016.
Cigna Corporation, a health services organization, provides insurance and related products and services in the United States and internationally. The company’s Commercial segment offers insured and self-insured customers medical, dental, behavioral health, and vision, in addition to prescription drug benefit plans, health advocacy programs, and other products and services. Its Government segment offers Medicare Advantage plans to seniors in 16 states and the District of Columbia, Medicare Part D plans in 50 states and the District of Columbia, and Medicaid plans.
NRG Energy Inc (NYSE:NRG)’s shares gained 0.71% to $22.76.
NRG Renew LLC, a wholly owned partner of NRG Energy, Inc. (NRG), the country’s largest independent power producer, declared plans to develop a 20 megawatt (MW) solar energy facility that will generate clean, reliable solar power for delivery to Cisco’s San Jose headquarters. NRG Renew LLC will convert its NRG Solar Blythe II location, which is a 153-acre parcel that has been under development by NRG since 2010, into a solar installation that will assist Cisco reach its aim of using renewable sources for at least 25 percent of its electricity needs by 2017. The project is planned to start commercial operation by the end of 2016.
Electricity generated by the solar installation will be sold to Cisco under a 20-year power purchase agreement (PPA), increasing Cisco headquarters’ total use of clean, emission-free electricity.
Located in the Sonoran Desert near the Arizona and California border, the NRG Solar Blythe II location receives plentiful sunshine: For nearly half the year, average temperatures reach 90°F or higher.1 The photovoltaic technology to be installed on-site requires no fuel and minimal water. The amount of emission-free energy generated is predictable to be equivalent to the power needed to serve more than 14,000 homes and to prevent more than 102,000 metric tons of carbon dioxide from entering the atmosphere annually, which is the equivalent of removing more than 21,000 cars from the road. During the construction period, the project is anticipated to create about 200 jobs.
NRG Energy, Inc., together with its auxiliaries, operates as a power company. The company provides electricity; system power, distributed generation, solar and wind products, backup generation, storage and distributed solar, demand response, energy efficiency, and on-site energy solutions; carbon administration and specialty services; and various energy services, such as operations, maintenance, technical, development, and asset administration services.
At the end of Monday’s trade, DryShips Inc. (NASDAQ:DRYS)‘s shares dipped -9.21% to $0.538.
DryShips Inc. (DRYS) declared recently the results of its 2015 Annual General Meeting of Shareholders.
The following proposals were approved and adopted at the Meeting:
- the election of Mr. George Xiradakis as Class B Director of the Company to serve until the 2018 Annual General Meeting of Shareholders; and
- the approval of the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A., as the Company’s independent auditors for the fiscal year ending December 31, 2015.
DryShips Inc. provides ocean transportation services for drybulk and petroleum cargoes, and offshore deepwater drilling services. The company operates through Drybulk, Tanker, and Drilling segments. The Drybulk segment provides drybulk commodities transportation services for the steel, electric utility, construction, and agri-food industries. The Drilling segment offers ultra deep water drilling services.
CMS Energy Corporation (NYSE:CMS), ended its Monday’s trading session with 0.52% gain, and closed at $32.92.
Mary Palkovich, vice president of energy delivery for CMS Energy Corp. (CMS), has been recognized by the Midwest Energy Association with a Maverick Award for her empowerment and advancement of women into leadership positions.
The Maverick Award is presented annually to someone who actively take parts in the advancement of women in leadership, who advocates for the professional advancement of women, and who acknowledges the full talents and capabilities and organizational benefits of women in energy operations and engineering.
Palkovich was also praised by several other current and former work associates for her leadership abilities. “Game-changer, that’s how I describe Mary Palkovich. She has tremendous influence, which she uses intentionally, to add value and drive positive change for the company, and for those she works with,” said Stephanie Menning, executive director at the Minnesota Utility Contractors Association.
A member of the Consumers Energy leadership team since 2013, Palkovich is responsible for engineering and planning for the company’s electric and natural gas distribution systems. She leads a team that develops and executes plans to maintain, upgrade and expand these distribution systems.
Prior to joining Consumers Energy, Palkovich held various engineering leadership roles at CenterPoint Energy, Minnegasco and Panhandle Eastern utility companies. She holds a bachelor’s degree in computer science and math from the University of Missouri-Kansas City, and an associate’s degree in civil engineering technology from Michigan Technological University.
CMS Energy Corporation operates as an energy company primarily in Michigan, the United States. The company’s Electric Utility segment engages in the generation, purchase, distribution, and sale of electricity to residential, commercial, and various industrial customers in Michigan’s Lower Peninsula. It operates a network of coal, gas, hydroelectric, oil, and wind generation plants. This segment’s distribution system comprises 434 miles of high-voltage distribution radial lines; 4,261 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 56,022 miles of electric distribution overhead lines; 10,304 miles of underground distribution lines; and substations with an aggregate transformer capacity of 24 million thousand volt-amperes. The company’s Gas Utility segment is involved in the purchase, transmission, storage, distribution, and sale of natural gas.
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