On Friday, Caterpillar Inc. (NYSE:CAT)’s shares declined -1.45% to $65.43.
Caterpillar Inc. (CAT) is announcing recently that Ed Rapp, a 36-plus-year veteran of the company and presently group president with responsibility for Resource Industries, has elected to retire.
“Early retirement was not part of my plan,” Rapp said. “But I have recently been diagnosed with ALS – better known as Lou Gehrig’s disease – a disease that presently has no known cure. My decision to leave Caterpillar and its people was the toughest choice I have ever faced. I love Caterpillar, especially the people I get to work with at all levels of the company, counting dealers, suppliers and customers. But, I have a new challenge in front of me, and together with my family, I will now turn my focus and attention to the next chapter in life, which will comprise fighting the disease, raising awareness and supporting those in search of a cure.”
In order to ensure a smooth transition, Rapp will remain with Caterpillar and continue leading the Resource Industries group through early 2016. The company plans to declare a replacement for Rapp in early 2016.
Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. The company’s Construction Industries segment offers backhoe, small wheel, skid steer, multi-terrain, compact track, medium and compact wheel, and track-type loaders; mini, wheel, and track excavators; track-type tractors; and select work tools, motor graders, telehandlers, soil compactors, and pipelayers, in addition to its related parts for the heavy and general construction, rental, mining and quarry, and aggregates markets.
CIGNA Corporation (NYSE:CI)’s shares gained 0.61% to $140.08.
Seton Health Plan, Inc., and Cigna (CI) have reached a joint venture agreement and unique partnership to offer employers in and around Austin and Waco integrated health care products designed to improve access, affordability and the patient experience.
Seton Health Plan’s insured and self-insured offerings will be accessible next year to employers with 51 or more employees within a 13-county area served by Austin-based Seton Healthcare Family and Waco-based Providence Healthcare Network. The health care products will guide customers of Seton, Providence and associates through a more clinically integrated and cost-effective system of care designed to improve quality and patient outcomes, reduce duplication of services and eliminate unnecessary costs.
Seton Health Plan and Cigna expect to make products accessible to employers by the summer of 2016.
“We recognize that health care is local, so our aim is to offer integrated products that will meet the needs of individuals who live and work in our area,” said Jeff Cook, president and CEO, Seton Insurance Services, and vice president of Insurance and Value-Based Reimbursement for Ascension, the nation’s largest non-profit health system and parent organization of Seton and Providence. “We’ll accomplish that with collaborative health plans that present more choices for affordable and personalized health care while maintaining our focus on clinical excellence.”
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.
At the end of Friday’s trade, Chesapeake Energy Corporation (NYSE:CHK)‘s shares dipped -8.99% to $4.15, as Crude oil futures fell for a seventh straight session on Monday, their longest losing streak since mid-2014, as a forecast from the International Energy Agency (IEA) that the global supply glut was likely to deepen next year dragged on prices.
Brent crude LCOc1 fell below $38 a barrel for the first time since December 2008 on Friday after the IEA said demand growth was slowing while OPEC output remained high. U.S. crude, West Texas Intermediate (WTI) CLc1, settled in the $35 territory for the first time since February 2009.
Front month WTI was down 10 cents at $35.52 a barrel by 0727 GMT, while Brent was down 10 cents to $37.83 a barrel. Reuters Reports
Chesapeake Energy Corporation is a producer of natural gas, oil and natural gas liquids (NGL) in the United States. The Company operates in two segments: Exploration and Production, and Marketing, Gathering and Compression. The exploration and production segment is responsible for finding and producing oil, natural gas and NGL.