NEW YORK (TheStreet) -- Shares of Anthem (ANTM) - Get Report  are sliding 3.34% to $133 in pre-market trading this morning despite the Indianapolis-based health insurance company posting better-than-projected second quarter results before today's market open.

Anthem posted adjusted earnings of $3.33 per share, compared to analysts expectations of $3.23 per share. Revenue increased 7.7% to $21.3 billion, while analysts projected revenue of $20.57 billion. 

In 2015, the company reported second quarter earnings of $3.10 per share on revenue of $19.76 billion.

Operating losses increased to $25.6 million this quarter due to expenses from Anthem's pending $48 billion acquisition of health services provider Cigna (CI). The company added its commitment "remains as strong ever" to closing the deal.

The Department of Justice filed lawsuits against the proposed acquisition in an attempt to block the deal. Anthem is now filing a lawsuit against the DOJ to allow the acquisition to go through. 

Additionally, Anthem expects 2016 revenue to land between $82.5 billion to $83.5 billion and adjusted earnings to be more than $10.80 per share. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate ANTHEM INC as a Buy with a ratings score of B+. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: ANTM

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