Insurer to miss profit target
Thursday, May 31, 2001 | 10:57 a.m.
SANTA ANA, Calif. -- PacifiCare Health Systems Inc., a big health insurer in Nevada, said Wednesday it will miss profit forecasts this year because of higher-than-expected medical costs in its big California commercial health plans market.
PacifiCare had projected 2001 profits of $99 million or $2.94 a share. The new projection is $56 million-$59 million, or $1.65 to $1.75 a share.
PacifiCare stock fell 4 percent or 77 cents this morning to $17.73.
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