Taxes collected in May fell both below expectations and 2.96 percent below last May's revenues, according to the Department of Finance and Administration. The undercollection puts the state almost a quarter of $1 billion dollars below expectations 10 months into the year. More on that here.
The majority owner of Nashville-based restaurant holding company American Blue Ribbon Holdings has run into some headwinds in trying to carve out that business and others not related to its main real estate insurance companies. Fidelity National executives early this year announced their plan to spin their non-core assets — which also includes investments in Ceridian and Remy — into a separate structure with its own tracking stock. On Monday, they issued a lengthy statement restating their case in the face of negative recommendations from proxy advisors ISS and Glass Lewis. Shareholders will have their say next Wednesday.
Hospital stocks are finishing the week on a high note thanks to Medicaid expansion chatter in Virginia and Pennsylvania, says UBS analyst A.J. Rice. The firm says Community Health Systems has more than 11 percent exposure in Pennsylvania and LifePoint Hospitals gets nearly 13 percent of its revenues in Virginia.
Virginia Gov. Terry McAuliffe has made clear that expanding Medicaid is a top priority, but state Republicans are pushing back, MSNBC reports.
The governor insists he won't approve a budget without Medicaid expansion; Republicans insist they won't approve a budget with Medicaid expansion. It's pushed McAuliffe to try to get creative, though the details of his plan remain elusive.
Pennsylvania's shot at expansion seems a bit more likely, with three Republican House members joining with Democrats this week to vote in favor of expanding Medicaid. However, Gov. Tom Corbett does not support expansion, the Pittsburgh Post-Gazette reports, and has submitted a "Healthy PA" plan to the federal government in its stead.
Shares of CHS (Ticker: CYH) are up 8 percent this week to $45.12. Shares of LifePoint (Ticker: LPNT) are up 5 percent this week to $64.16.
Sarah Lacy, whose Pando team is co-organizing next week's Southland conference at Marathon Music Works, says she has accidently exceeded her goal of having 10 judges for the event's startup pitch competition. The 11th investor to commit is Paul Judge, an executive at Barracuda Networks, which means the winning startup team will get the opportunity to negotiate for a $110,000 investment.
Acadia Healthcare COO Ron Fincher exercised a batch of stock options Tuesday, the day the behavioral health company announced a major acquisition in the United Kingdom. Fincher exercised a little more than 14,000 shares for $317,000, then forfeited $471,000 worth of the resulting shares to cover those costs and more. Fincher did that on the day Acadia announced its $660 million acquisition of Partnerships in Care, the United Kingdom's second-largest behavioral health company. Shares of the company jumped 15 percent after that announcement and Fincher cashed in Wednesday, selling the roughly 4,500 remaining shares he had obtained the day before for a profit of nearly $212,000.
Shares of Acadia (Ticker: ACHC) were down 1 percent $46.73 Thursday afternoon.