Revenue meanwhile increased 3.7 percent to $9.33 billion, as strong sales in Latin America and Asia offset falling sales in Europe.
Humana reports 21 percent drop in 1Q profit
LOUISVILLE, Ky. (AP) â¿¿ Humana Inc. said Monday that its first-quarter profit fell 21 percent as the health insurer paid out more in claims and beefed up spending to handle expected growth in its lucrative Medicare Advantage membership.
The company, based in Louisville, nudged up its earnings expectations for the full year to a range of $7.55 to $7.75 per share, up from its prior forecast of $7.50 to $7.70 per share.
But the first-quarter results and the increased forecast fell short of Wall Street expectations.
Hologic to buy Gen-Probe for about $3.72 billion
BEDFORD, Mass. (AP) â¿¿ Medical device maker Hologic Inc. has agreed to buy diagnostic test maker Gen-Probe Inc. for about $3.72 billion in an all-cash deal, expanding its portfolio of tools for detecting diseases.
Hologic said Monday that it will pay $82.75 for each share of Gen-Probe, a 20 percent premium over Gen-Probe's closing stock price of $68.71 on Friday. Its shares climbed almost 19 percent in morning trading.
The deal has been approved by the boards of both companies but still must be approved by Gen-Probe shareholders.
Global unemployment to keep rising, UN says
GENEVA (AP) â¿¿ Global unemployment will hit 202 million this year, or 6.1 percent, as debt-driven austerity measures hammer job markets and threaten to drive Europe into recession, the U.N. labor agency predicted Monday.
In a gloomy forecast, the International Labor Organization predicted unemployment, which stood at 196 million at the end of 2011, would edge up further in 2013, with the long-term unemployed and young people hit particularly hard.
With 50 million jobs vanished since the 2008-09 global financial crisis, the Geneva-based ILO's report said, "the global employment situation is alarming and shows no signs of recovery in the near future" despite signs of economic growth in some regions.