In the news
President Donald Trump's administration has discontinued advertising and media outreach designed to encourage enrollments in the last days of the Affordable Care Act open enrollment season, Politico reported. The open enrollment period will end Jan. 31.
EMC Insurance Group Inc. announced an increase in its full-year 2016 guidance and now expects operating income of $2.05 per share to $2.10 per share, up from the previous estimate of $1.55 per share to $1.75 per share. Full-year 2016 net income is expected to be $2.18 per share to $2.23 per share.
Sylvia Mathews Burwell, former President Barack Obama's secretary of Health and Human Services, is all set to become American University's 15th president, starting June 1.
Prudential Financial Inc. has responded to a wrongful dismissal lawsuit brought against it by three former employees who alleged that they were fired for bringing attention to allegedly fraudulent sales tactics at the company and Wells Fargo & Co., The Wall Street Journal reported. Prudential said in a filing that the trio that worked in the company's corporate investigations department was terminated because of inappropriate workplace conduct, according to the report.
Superior Court Judge Katherine Bacal has denied State Farm General Insurance Co.'s request for a temporary restraining order to delay the implementation of rate reductions for homeowners and renters insurance, California Insurance Commissioner Dave Jones said in a statement. Jones had ordered State Farm General Insurance to cut its insurance rates by an average of 7.0%, saying the rates charged by the insurer were excessive.
The National Association of Insurance Commissioners' leaders are warning Congress that potential action taken to change the health insurance market could do "irreparable harm" and lead to a rapid collapse of that market. The letter comes as congressional leaders move forward with an effort to repeal the health law and come up with a replacement.
A federal judge's decision blocking the proposed $34 billion merger between Aetna Inc. and Humana Inc. did not have a dramatic impact on the stocks of major managed care companies. The SNL Insurance Index rose 1.55% to 871.32 for the week of Jan. 26, and the S&P 500 climbed 1.12% to 2,296.68.
Ryan Specialty Group Underwriting Managers agreed to acquire all of Interstate Insurance Management Inc.'s assets and operations, Business Insurance reported. Terms of the deal were not disclosed.
Click here to read a summary of earnings reported Jan. 26 by select insurance companies covered by S&P Global Market Intelligence.
Actelion may float R&D unit in June; J&J talc-related cancer trials to proceed: The takeover of Actelion Ltd. by Johnson & Johnson will result in a spinoff company, with 600 employees and about 14 products under development.
Financial news in other parts of the world
Asia-Pacific: Zurich, Bank of China form bancassurance partnership; Fiji maintains policy rate
Europe: UBS profit drops sharply; Sabadell's remains stable; HSH Nordbank sells NPLs
Middle East & Africa: Change of guard at Stanbic IBTC; MENA tops list of world's corrupt
Latin America: BM&FBOVESPA ups stake in Lima bourse; Banorte's Q4'16 profit rises
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng slipped 0.06% to 23,360.78, while the Nikkei 225 increased 0.34% to 19,467.40.
In Europe, around midday, the FTSE 100 was down 0.06% to 7,157.12, and the Euronext 100 was down 0.33% to 934.39.
On the macro front
The GDP report, the consumer sentiment report and the durable goods orders are due out today.