Financial Mines

News and notes from the business reporters for the Connecticut Media Group.
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Archive for January, 2012

CT’s health plan clearinghouse site active

Wednesday, January 11, 2012 by:Rob Varnon
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Individuals, families and employers hunting for health insurance options can visit the Health Reinsurance Association of Connecticut’s website, the CT Health Channel.

The Connecticut Insurance Department posted a link on its website Tuesday.

You can find news on a variety of insurance issues as well as links to companies and agencies offering individual, family and group plans.

The health channel was created from a state law passed last year that called for the creation of a health insurance clearing house website. It gave the administration of the site to the HRAC, a nonprofit created more than 30 years ago to help the uninsured find health coverage.

http://www.cthealthchannel.org/

Register to print in Hartford, closing its New Haven plant

Tuesday, January 10, 2012 by:Rob Varnon
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The New Haven Register has filed a notice with the state of Connecticut that it will permanently cease print production operations this year and put 105 people out of work, according to a filing obtained by the New Haven Independent.

The notice says the Register is not closing and will continue to maintain its news coverage.

The Register’s Group Editor Matt DeRienzo referred questions to the group publisher but noted the move will not affect home delivery.

Calls to the Register’s publisher and its corporate parent Journal Register Co., were not immediately returned, but further investigation confirmed the Register plans to outsource its printing operations to The Hartford Courant.

See the Independent’s story here, which confirms rumors that have been swirling around the paper for more than a month. The Indy notes the Register still plans on having a print product, but will outsource it.

http://bit.ly/xjZx7l

The Register, one of the nation’s oldest daily newspapers, has been printing the news out of 40 Sargent Dr., New Haven.

Terex and Kaman grab good gains Tuesday

Tuesday, January 10, 2012 by:Rob Varnon
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Westport-based Terex posted another solid day in the market with shares up 3.62 percent to $15.44. The maker of construction equipment has had a nice run this year after earning an overweight rating from JP Morgan earlier in the month.

Bloomfield aerospace company Kaman Corp. surged in trading after the lunch break and after a presentation to investors indicated the company sees a good chance to expand and take global market share.

Shares of Kaman rose 3.92 percent to close at $29.45.

Kaman provides material and components for several key military contracts, including Sikorsky Aircraft’s Black Hawk line and Lockheed Martin’s Joint Strike Fighter.

But the company also reported further progress on its joint K-Max helicopter program with Lockheed. Kaman and Lockheed have built an unmanned helicopter that has been used to make cargo drops in Afghanistan. It’s a program with huge upside, according to Kaman and with the Pentagon looking to trim costs, including those related to manpower, this program looks promising.

Stamford-based Hexcel Corp., a composite material provider for aerospace and other industries, saw shared rise 3,55 percent to $25.96.

Other Connecticut winners:

RBS up 5.76 percent to $6.61.

UBS up 4.26 percent to $11.76

And Cigna up 4.32 percent to $45.62.

Casey Quirk and Assoc. promotes Levi and White

Tuesday, January 10, 2012 by:Rob Varnon
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Casey Quirk & Associates promoted two analysts who have worked on hedge fund and retirement allocation issues to directors of the Darien-based management consulting firm.

CQA is an adviser to the advisers, providing consulting services to traditional and alternative investment managers.

The firm promoted Jeffrey A. Levi, who is a co-author of Casey Quirk’s 2009 whitepaper on the hedge fund industry, The Hedge Fund of Tomorrow:  Building an Enduring Firm, in partnership with the Bank of New York Mellon, and is a key contributor within Casey Quirk’s economic alignment practice area.

It also promoted Justin R. White,who is a co-author of Casey Quirk’s 2009 whitepaper, Target-Date Retirement Funds: The New Defined Contribution Battleground, and is a member of the Profit Sharing/401k Council of America’s research committee. His consulting work at Casey Quirk also includes assignments focused on business strategy, organizational design, U.S. and global distribution, investment capability assessments, and product development.

Pentagon spent $1.6 billion on Russian helicopters

Tuesday, January 10, 2012 by:Rob Varnon
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The Inspector General has released a brief synopsis of its investigation into a Department of Defense program to provide Russian-made Mi-17 helicopters for use in Iraq and Afghanistan.

The DoD has until Feb. 6 to respond to the full report, which is critical of the Pentagon’s inventory measures. The report said  “DoD officials were unable to identify a comprehensive list of all DoD-owned and supported Mi-17s, their total ownership costs, and all planned requirements in support of these aircraft.”

Buying MI-17s drew concern from U.S. politicians and American helicopter makers as the contract was not competitively bid. There was also a ban on Russian military sales at the time so a middleman was used. Since 2006, the Pentagon has spent $1.6 billion buying these Russian helicopters and the IG says another $1 billion in acquisitions are planned.

One reason the Pentagon wanted to use Mi-17s, according to reports that surfaced in 2008, was that Afghani and Iraqi forces were familiar with the Mi-17 and would allow them to get into the air faster.

Aetna reaffirms full-year earnings

Tuesday, January 10, 2012 by:Rob Varnon
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Mark T. Bertolini, chairman, CEO and president of Aetna Inc. is expected to reaffirm  full-year operating earings of $5.15 per share during JP Morgan’s Health Care Conference Tuesda, the company said in an SEC filing.
Aetna shares were trading at $44.42 during the conference as Bertolini spoke.

NU’s Shivery expected to return to duty after heart scare

Tuesday, January 10, 2012 by:Rob Varnon
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Northeast Utilities told the SEC Tuesday that Chairman, President and Chief Executive Charles Shivery went to the hospital Sunday after experiencing a heart problem.

No specifics on the medical condition were divulged, but NU said Shivery is expected to be released and able to resume a regular workload after a period of recovery.

Until then and in spite of storm-response- related criticism over NU’s alleged cumbersome corporate structure,  the utility said three executives will team up as an Office of the Chairman to take over Shivery’s duties until he returns.

Leon Oliver, COO, David McHale, CFO and Gregory Butler, general counsel are in charge of dat to day operations and will report to the Executive Committee of NU’s board of trustees.

Shares of NU were up 13 cents to $34.64 in afternoon trading on the NYSE.

Noon shares of UBS, RBS Cigna and Terex above 3 percent

Tuesday, January 10, 2012 by:Rob Varnon
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Shares in Westport-based construction equipment maker Terex Corp. were up more than 4 percent to $15.50 in noon trading.

Terex has enjoyed a string of good days this year, following an “overweight” upgrade by analysts at JP Morgan last week.

Overall, the market was up Tuesday with the S&P 500 gaining almost a full percent at noon.

Local Connecticut area market beaters included, Cigna, which was up more than 3 percent to $45.14; RBS, which saw its New York-traded shares up 5.44 percent to $6.59; UBS up 3.72 percent to $11.70.

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