Inviato da DragonFly il 19.12.2005 alle 1:07






... ... Hum si shorta ?

Obiettivo:
$ 24.44 nera
$ 26.17 verde


$ 30.40 stop marrone superiore

- 29.57 perno (UNICA vera resistenza)

Area servizio- area trappola $ 29.75

Violazione con volumi $ 29.17 marrone inferiore segnale confermato

...e poi si longa fino a $ 35 ...?

..o il contrario ?

Book Value: $11.62
Ceo Michael B. McCallister

Performance
52 Week High $ 31.02
52 Week Low $ 15.20

Stock Report (Nasdaq)

Beta 0.40

Short Interest (Nasdaq)


Weekly 3 anni

long long per l'Amor di Dio, fino a $ 35 ...

A quando i dati ?

Due giorni al 15 dicembre i day to cover
Dec. 15, 2004 2,442,889 1,202,105 2.03

Ciao Rw



"January 5, 2005 2:05 PM - Humana Inc. to Release Fourth Quarter Results on February 7, 2005 - PR NEWSWIRE"

..azz quasi un mese...


fu.m.a

...aaa... intendi i short?

...non li ho aggiornati purtroppo
Anche quelli in bigcharts...(vedi indicatori grafico, mi sono andato a leggere la legenda...su cosa indicano)
sono aggiornati solo al mese prec. Purtroppo.

...yess

earnings

Covering Analysts:

Banc of America Securities
CIBC World Markets
Credit Suisse First Boston
Fitch, Inc.
Fox-Pitt, Kelton
Goldman Sachs
J.J.B. Hilliard, W.L. Lyons
J.P. Morgan
Lehman Brothers
Merrill Lynch Global Securities
Morgan Stanley Dean Witter
Morningstar, Inc.
Pittsburg Research
Prudential Securities Research
SG Cowen Securities Corporation Inc
Salomon Smith Barney
Standard & Poor's
UBS Warburg

No no, dicevo la data degli earnings...

..Se i dati sono buoni, la tirano giu' verso le due rette nere ($ 22.80- $ 24.40) , fanno il pieno
e la fanno salire.

Se i dati fanno schifo, la tirano su ora , e vendono azioni da 35-33 $
in attesa dei dati

... fa.sc,ia sara' daccordo Antitrader

A guardarla dall'89 fa paura, altro che ...

Un giornaliero.
E' da inizi dicembre che accumula ( o distribuisce) sopra una retta nera...

l'A.T. dice short !

Chiude due cent sotto ema 10.
Chiude sotto resistenza.
Da seguire e verificare in PRE_Open

Sulla "botta iniziale" presunta, ci si ricopre eventualmente subito.
Diciamo 3-4 $ sotto.
Se sprinta in alto lasciarla correre almeno fino a $ 33 e spicci, dove transita una resistenza verde dinamica.

Data: Mon, 10 Jan 2005 21:07:57 +0100
Oggetto: hum guadagna il 3%

Ha marcato $30.38 di massimo
Non e' mai andata sotto $ 29.17
Ha recuperato ema 10 subito in apertura



01/10/05 21:06:56 30.35 30.35 30.35 1.652.200

Max a $33.02 (a grafico 33,20)

01/18/05 15:33:20 33.02 33.02 33.02 25200

Ora gia a $32,40 ... ro.te.a di minimo



01/18/05 15:39:41 32.53 32.51 32.53 169.700

Humana`s ChoiceCare Network Members To Benefit From Sierra
Providence Health Network - [HUM]

1/21/2005 10:11:03 AM Friday morning, Humana, Inc. (HUM), a Kentucky-based health benefit company, said it has entered into a long-term deal with Tenet Healthcare Corp. (THC) for Sierra Providence Health Network. The deal relates to providing medical services to individuals and families participating in Humana’s preferred provider organization and also self-funded health insurance programs in the EL Paso area.

As per the deal, Humana’s preferred provider organization (PPO) members and other health plan members supported by Humana’s ChoiceCare Network can access from January 15, all inpatient, outpatient and emergency services provided by three hospitals. The three hospitals are Sierra Medical Center, Providence Memorial Hospital and Rio Vista Physical Rehabilitation Hospital, located in El Paso, it was stated.

....seeeeee
per fortuna che shorto poco e ci guardo bene sempre prima

Vedi che tram in arrivo stavo per prendere in faccia.

Un grafico settimanale...

Neppure il piccolo gap ha chiuso e tempo tre candele era gia' ricoperta

Guarda un po' le ultime venti sedute

"Un piano predefinito

Prepara la tua mente ad avere un piano predefinito o un obiettivo nel futuro ."

fa.sc,ia


Decidi di seguire le regole quando compri o vendi ma prima accertati che le regole siano buone e che funzionino . Le regole che ho dato io sono buone regole pratiche.



The New Stock Trend Detector
Capitolo 2




...

Controllate:

la candela del primo di novembre (e l'interessante pattern)
la candela del primo di dicembre

Ricordate che dopodomani e' il primo febbraio

Riflettete sulla mia domanda-intenzione formulata all'apertura del topic
(oggettivamente "motivata" )
Riflettete sulla regola.

Il titolo era appena sopra una resistenza importante e aveva quasi raddoppiato il suo valore, lasciando numerosi gap up nel suo cammino

Dal momento che lo abbiamo inserito in watch
operare contro trend ha pagato pochissimo
rispetto ai $ 4 "comodi e sereni" offerti ( ad oggi) a chi ha seguito il trend.
Non e' finita e occorre altra pazienza per andare short.

Ciao Rw

...controllato.
...se la storia si ripete...

cmq...ho dato un 'okkiata anche agli short interest ...presupponendo
che siano aggiornati fi-u-ta (...sull'aggiornamento mi vien da ridere...)

...come vedi, ci segnala solo un 1.88 % in short ....che è modesto su un flottante
di Shares Outstanding a 159.41M. Anche se è aumentato dal mese
precedente (Dicembre Shares Short 2.44M) di ben 15.57% con Shares Short a 2.82M.

Il prezzo dell'area distribuzione e' piu' alta di quella che ho immaginato
due settimane fa... e neppure di poco

ipotizziamo che possa durare 4 sedute
e pensiamo che il lunedi' successivo
presentano i dati ...

Controllo il grafico e ti dico ...

Ciao Dragone

Data: Wed, 02 Feb 2005 19:53:33 +0100
Oggetto: hum ...azz


e abbiamo visto anche i $ 35 ...
Ora appena - 0.30% ...e il 51% dei volumi medi

02/02/05 20:15:55 34.75 34.75 34.75 725.600

ancora e' presto... ro.te.a

Data: Mon, 07 Feb 2005 18:59:34 +0100
Oggetto: hum trimestrale


02/07/2005 -


Humana Inc. Reports 2004 Financial Results of $1.72 Earnings per Share
- 2004 earnings per share up 22 percent

LOUISVILLE, Ky., Feb 07, 2005 /PRNewswire-FirstCall via COMTEX/ -- Humana Inc. [HUM] today reported a 22 percent increase in diluted earnings per common share (EPS) for the year ended December 31, 2004 (FY 2004), with $1.72 EPS compared to $1.41 EPS for the year ended December 31, 2003 (FY 2003). Factors contributing to the rise in the company's performance for the year include improvement in each of the company's business segments, with strong results from Medicare and further progress in commercial operations.

The company earned $0.29 per diluted common share for the quarter ended December 31, 2004 (4Q04), with pretax results consistent with the company's guidance raised in early December 2004.

"Our Medicare results confirmed how our commitment to this market enhanced our position both financially and strategically as we increased our already robust experience with the senior consumer. Additionally, our leadership in consumer-oriented health plans and an improving product mix fueled further progress in our commercial business," said Michael B. McCallister, Humana's president and chief executive officer. "The fourth quarter was a solid finish to a great year. As strong as 2004 was for us, emerging opportunities in both the Government and Commercial segments make our prospects for 2005 and beyond even stronger."


http://phx.corporate-ir.net/phoenix.zhtml?...0840&highlight=

fa.sc,ia

Questa spike a $ 40 non promette nulla di buono
per chi la vuol vendere allo scoperto.
Gli hanno tirato due "cartocetti" , ma sul gap segnalato ha reagito con veemenza.

Probabili nuovi max .

Tre volte i volumi medi
sulla tenuta del canaletto giallo , poco sotto S2
un "possibile" entry point (con stop incorporato, molto vicino).

Adesso staziona appena sotto il pivot centrale

02/07/05 19:11:49 34.40 34.38 34.41 4.421.100

Puo' arrivare a $ 48 e non solo, nel tempo.
E' da pazzi andargli sotto in senso contrario, con una trimestrale cosi'.
Ci sta solo qualche buon reverse short intraday
poco altro di piu' almeno per ora.

Il poco altro e' un giretto in basso, verso $ 29, verso la nera
ma difficile dire con precisione quando ...
Sulle 4 ore questa e' la situazione:

We Raise Humana Estimate To Reflect Favorable Tax Effect, Strong
Government Health Plan Earnings - Prudential Financial Comments [HUM]

2/8/2005 1:59:30 PM Tuesday, Prudential Financial hiked its 2005 EPS
estimate for Humana, Inc. (HUM) to $2.04 from $1.94,
while establishing its 2006 estimate of $2.28. The brokerage also upped its price
target on the stock to $30 from $19, while maintaining its Underweight rating on
these shares.

Analyst David Shove said these changes followed Humana reporting fourth quarter
EPS of $0.29, which was $0.02 above consensus and $0.05 above his estimate.

The analyst said hike in 2005 estimate was to incorporate the favorable tax effect,
while 2006 estimate embodies strong government health plan earnings with some
commercial health plan earnings contribution.

The analyst noted that government health plan earnings drove Humana’s fourth
quarter profitability, while commercial health plans played a supporting role.

The analyst noted that Humana is developing a commercial driven health plan
presence. Yet, the analyst expects Humana’s earnings expectations and valuation
to continue to be based on its government health plan franchise earnings power.
---------------------------------------------------------------------------------------------

Al...close (1,500,000 circa i volumi)

L'ultimo piano e' riuscita a perderlo...
Il giornaliero regge bene l'"impatto" del tempo
Medie vicine al contatto ...

Un dettaglio sulle 4 ore per venti sedute

Altro giro, altra corsa... sempre $ 31- $ 35
Quando uscira' dal rettangolo che direzione prendera' ?

Questo topic su HUM dal primo intervento in poi mostra chiaramente quanto sia difficile anche vendere allo scoperto i titoli.
Long o short e' spesso SOPRATTUTTO una questione di "tempo",
e non solo di prezzo

Nuovi massimi ... fi-u-ta siamo a $ 37

HUM lo vedo bene, l'avevo in portafoglio 3 anni fa , poi lo vendetti, sbagliando

3:11pm 05/26/05

Humana unit wins its 3rd DoD services contract (HUM) By Carolyn Pritchard

SAN FRANCISCO (MarketWatch) -- Humana Inc. (HUM) said Thursday that its Humana Military Healthcare Services unit has been awarded its third Department of Defense patient appointing services contract for the department's Keesler Air Force Base in Mississippi. Work on the contract will start July 1, the healthcare services provider said. Total annual revenues from the three contracts is expected to be about $2 million.

Io ancora ringrazio il cielo di non essermi posizionato short
Nuovi max assoluti anche questa ottava.
Questa ha voglia di correre verso $ 50

Humana Agrees to Pay $1M in Back Wages
Tuesday July 12, 5:13 pm ET
Humana Agrees to Pay More Than $1 Million in Back Wages for Fair Labor Violations


LOUISVILLE, Ky. (AP) -- Humana Inc. will pay more than $1 million in back wages for violations of the Fair Labor Standards Act, the U.S. Labor Department said Tuesday.
The company denied any wrongdoing while agreeing to make payments to 2,510 employees.


Department investigators determined that the health benefits company failed to properly compensate customer service and claims specialists at call centers in Louisville, Green Bay, Wis., and Cincinnati, the department said.

The violations occurred from February 2003 to February 2005, the department said.

"We acknowledge no wrongdoing," Humana spokeswoman Mary Sellers said by phone from Humana's headquarters. "We do not believe there were any violations that took place."

Louisville-based Humana agreed to pay the back wages, she said, because "it's the right thing to do for the employees."

Investigators found that the company failed to record and properly compensate the employees for off-the-clock time actually worked powering up equipment, logging onto the network and bringing up necessary computer programs.

"They can't do their job unless they power up the equipment and get the required programs up, so that's considered work time," said Jo Anne Burgoyne, a spokeswoman for the Labor Department's office in Atlanta.

The amount Humana agreed to pay in back wages totaled $1,013,259, she said.

Humana cooperated with department investigators, she said.

Among other things, the federal Fair Labor Standards law requires that employees be paid for all work time. It requires employers to maintain accurate records of workers' wages, hours and other employment conditions.

Humana has about 7 million medical members nationally and in Puerto Rico.

Humana shares closed down 7 cents at $41.39 Tuesday on the New York Stock Exchange.

Siamo a $ 45.70

anche adesso seguiamola nella discesa, c'è un gap intorno a 40 che grida vendetta

HUM è molto buona, mo' fa causa ai medici de tutti gli States, Miami Vice :D


http://www.marketwatch.com/tools/quotes/ne...C3C710%7D&symb=

chart by staff

Exchange=Nyse
Size=Mid-Cap
Primary SIC Code=6324 (Hospital And Medical Service Plans)
Secondary SIC Code=8062 (General Medical And Surgical Hospitals)
CIK=0000049071
NAICS=524114 (Direct Health and Medical Insurance Carriers)
QM ID=522 (Health Care Plans)
Adr=NO
Country-Adr=nn

Humana Inc. Reports First Quarter 2006 Financial Results of $0.50 Earnings per Share
MONDAY, MAY 01, 2006 5:00 AM



LOUISVILLE, Ky., May 01, 2006 (BUSINESS WIRE) -- Humana Inc. (HUM) :

-- 2006 EPS outlook raised to $2.82 to $2.88

-- Consolidated revenues increase $1.32 billion, or 39 percent year over year

-- Medical membership up 32 percent year over year and 31 percent sequentially

-- New Medicare PDP business impacts quarterly earnings pattern

-- GAAP cash flows from operations of $1.01 billion

-- Non-GAAP cash flows from operations of $233.3 million

Humana Inc. (HUM) today reported $0.50 in diluted earnings per common share (EPS) for the quarter ended March 31, 2006 (1Q06), within the range of the company's guidance for 1Q06 EPS of $0.50 to $0.55. As expected, the change in the quarterly pattern of 2006 earnings resulting from the introduction of the company's stand-alone Medicare Prescription Drug Plans (PDPs), combined with higher Medicare sales, marketing, and service infrastructure costs versus a year ago, resulted in a year-over-year decline in 1Q06 EPS, while driving an increase in Medicare revenues of over $1.25 billion, or 127 percent. EPS for the quarter ended March 31, 2005 (1Q05) of $0.65 (a) was $0.15 higher than 1Q06 EPS.

The company estimates EPS for the year ending December 31, 2006 (FY06E) will be in the range of $2.82 to $2.88 versus $1.79 (a) for the year ended December 31, 2005 (FY05), a growth rate of approximately 60 percent.

"This is a transformative year for Humana, and we're on track to achieve the objectives that will produce 2006 growth in both earnings and revenues of more than 50 percent," said Michael B. McCallister, Humana's president and chief executive officer. "Better-than-expected Medicare membership growth and good progress in our Commercial business during the first quarter has led us to raise our guidance this morning for full-year earnings per share. By maximizing this year's opportunities, we're also establishing a strong foundation for robust growth in 2007 and beyond."

he company also evaluates its earnings performance on a non-GAAP basis. See management's explanation under item (b) of the "Footnotes" section of this news release. Below is a reconciliation of GAAP to non-GAAP results for 1Q06 and FY06E.

Year-over-
1Q06 Consolidated Results Year
of Operations Pretax Pretax Net Change
($ in thousands except EPS) Income Margin Income EPS in EPS(a)
---------------------------------------------------------------------
GAAP results $131,208 2.8% $83,715 $0.50 (23%)
---------------------------------------------------------------------
Excess net realized
capital gains© (29,113) (0.6%) (18,167) (0.11)
---------------------------------------------------------------------
Non-GAAP results(b) $102,095 2.2% $65,548 $0.39 (24%)(e)
---------------------------------------------------------------------



EPS Growth
FY06E Consolidated Results of Operations EPS Rate(a)
----------------------------------------------------------------------
GAAP results $2.82 to $2.88 58% to 61%
----------------------------------------------------------------------
Excess net realized capital gains© (0.11)
----------------------------------------------------------------------
Non-GAAP results(b) $2.71 to $2.77 34% to 37%(f)
----------------------------------------------------------------------



Revenues - 1Q06 consolidated revenues rose 39 percent to $4.70 billion from $3.39 billion in 1Q05, with total premium and administrative services fees up 37 percent compared to the prior year's quarter. These substantial increases are primarily the result of significantly higher enrollment in the company's Medicare Advantage plans and the implementation of stand-alone PDPs for Medicare beneficiaries on January 1, 2006.

Medical costs - The company's medical expense ratio (medical expenses as a percent of premium revenue or MER) of 83.7 percent in 1Q06 was unchanged from that for 1Q05 as significant year-over-year improvement in this metric for the Commercial Segment was offset by a higher Government Segment MER. The higher MER in the Government Segment results from the inclusion of stand-alone PDP results in the current period.

Selling, general, & administrative (SG&A) expenses - As expected, the company's consolidated SG&A expense ratio (SG&A expenses as a percent of premiums plus administrative services fees or SG&A expense ratio) increased to 16.1 percent for 1Q06 from 14.3 percent (a) in 1Q05 due to the increase in SG&A expenses associated with the Medicare expansion coupled with a substantial increase in the percentage of Commercial medical members in ASO accounts. The increase in SG&A related to Medicare results from the build out of infrastructure and support functions in advance of the anticipated escalation in enrollment and from sales and marketing costs associated with the more concentrated 2006 Medicare selling season.

Acquisition - Effective May 1, 2006, the company completed its acquisition of CHA Health, a Kentucky-based health plan, adding approximately 92,500 Commercial medical members for cash consideration of approximately $65.0 million.

Government Segment Results Summary

1Q06 Government Segment Results
($ in thousands) Pretax Income Pretax Margin
----------------------------------------------------------------------
GAAP results $21,572 0.7%
----------------------------------------------------------------------
Excess net realized capital gains© (1,872) -
----------------------------------------------------------------------
Non-GAAP results(b) $19,700 0.7%
----------------------------------------------------------------------



Pretax results:

-- Government Segment pretax earnings were $21.6 million in 1Q06 compared to $70.5 million (a) in 1Q05. This decline was anticipated as the company's Medicare stand-alone PDP offerings change its quarterly pattern of earnings for 2006.

Enrollment:

-- Medicare Advantage membership rose to 741,200 at March 31, 2006, an increase of 291,300 (65 percent) from March 31, 2005 and 183,400 (33 percent) from December 31, 2005. The company's expanded participation in various Medicare programs and markets combined with the company's increased sales and marketing efforts for these programs led to the higher membership level.

-- Membership in the company's Medicare Advantage plans continued to rise in the second quarter and approximated 800,000 in April 2006 with May 2006 expected to approximate 860,000 upon completion of the standard monthly enrollment reconciliations with the Centers for Medicare and Medicaid Services (CMS). The company continues to expect Medicare Advantage membership in the range of 900,000 to 1.1 million by December 31, 2006.

-- Membership in the company's stand-alone PDPs totaled 1,959,000 at March 31, 2006. PDP sales momentum continues to be strong with April 2006 membership of approximately 2.2 million and May 2006 expected to approximate 2.6 million. The company now anticipates PDP membership in the range of 2.7 million to 2.9 million by the end of 2006.

-- As expected, TRICARE membership of 2,874,000 at March 31, 2006 was essentially unchanged from December 31, 2005. The company also anticipates no material change in TRICARE membership during 2006.

-- Medicaid membership of 427,000 at March 31, 2006 declined 50,200 from March 31, 2005 and 30,900 from December 31, 2005 due to the non-renewal of the Illinois Medicaid contract in the third quarter of 2005 and a shift of eligible Puerto Rico Medicaid members to the Medicare program.

Revenues:

-- Medicare Advantage premiums of $1.72 billion in 1Q06 increased 75 percent compared to $983.1 million in 1Q05, the result of substantially higher enrollment, increases in per-member premiums, and the impact of changes in the geographic mix of the related membership. Medicare Advantage premiums per member increased 6 percent year over year during 1Q06.

-- Medicare PDP premiums added $515.2 million in new revenues in 1Q06.

-- TRICARE premiums and administrative services fees during 1Q06 of $611.9 million compare to $575.7 million in 1Q05. The year-over-year increase primarily reflects a higher premium for the second option period which began April 1, 2005.

-- Investment income for the quarter included a capital gain of approximately $6.4 million associated with the sale of a venture capital investment.

Medical Expenses:

-- The Government Segment MER increased 50 basis points to 85.6 percent in 1Q06 compared to 85.1 percent in the prior year's quarter. The increase is primarily the result of the establishment of the stand-alone PDPs in January 2006 (MER of 96.4 percent in 1Q06) partially offset by improvement in the MER for Medicare Advantage plans year over year during 1Q06.

-- The MER for stand-alone PDP offerings over each of the interim reporting periods is impacted by the recognition of benefit costs as incurred under each plan's provisions. Different PDP designs offered by the company result in varying levels of coverage through each of the different layers of beneficiary cost responsibility as specified under the Standard PDP, as defined by statute. The company anticipates an MER for the full year for its stand-alone PDPs in the range of 85 percent to 88 percent, with MER improvement expected in each sequential quarter throughout the year. Variables that may impact the quarterly MER for the stand-alone PDPs include: (1) the timing of member enrollment, (2) the PDP offering chosen by the member, and (3) the speed with which members move through their deductibles.

SG&A Expenses:

-- The Government Segment's SG&A expense ratio for 1Q06 of 13.8 percent was 290 basis points higher than that for 1Q05 of 10.9 percent (a) driven by expenses associated with the infrastructure build out of the company's expanded Medicare offerings. In particular, marketing expenses and service costs per member were significantly higher year over year. The company anticipates that its SG&A expense ratio will improve as marketing expenses decline substantially during the Medicare Advantage lock-in period beginning July 1, 2006 and the average membership associated with the Medicare expansion increases throughout the year, providing more leverage against administrative costs.

Commercial Segment Results Summary

1Q06 Commercial Segment Results
($ in thousands) Pretax Income Pretax Margin
----------------------------------------------------------------------
GAAP results $109,636 6.4%
----------------------------------------------------------------------
Excess net realized capital gains© (27,241) (1.5%)
----------------------------------------------------------------------
Non-GAAP results(b) $82,395 4.9%
----------------------------------------------------------------------



Pretax results:

-- Results for the Commercial Segment during 1Q06 reflect pretax income of $109.6 million compared to $46.2 million(a) in 1Q05. Non-GAAP pretax income for the segment of $82.4 million increased $36.2 million compared to 1Q05. Commercial Segment operating earnings in 1Q06 reflect year-over-year improvements in utilization trends and the timing of the benefit of capital gains.

-- The company now projects 2006 pretax earnings in its Commercial Segment of between $180 million and $220 million, driven by improving medical costs trends combined with disciplined pricing.

Enrollment:

-- Commercial Segment medical membership of 3,259,400 at March 31, 2006 increased approximately 40,000 (1 percent) from March 31, 2005 and 88,600 (3 percent) from December 31, 2005. The sequential increase in Commercial Segment medical membership was attributable to higher administrative services only (ASO) membership partially offset by a decline in fully insured group membership.

-- ASO medical membership of 1,395,200 at March 31, 2006 accounted for approximately 43 percent of the company's Commercial medical membership, a growth rate in enrollment of 18 percent year over year and 19 percent since December 31, 2005.

-- Membership in the company's Smart plans and other consumer offerings increased to 421,200 at March 31, 2006, representing approximately 13 percent of Commercial medical membership compared to 12 percent at March 31, 2005.

Revenues:

-- Premiums and administrative services fees for the Commercial Segment decreased 2 percent to $1.62 billion in 1Q06 compared to $1.66 billion in the prior year's quarter, as an increase in administrative services fees resulting from an 18 percent increase in ASO membership was more than offset by lower premiums due to declines in at-risk enrollment.

-- Commercial Segment medical premiums for fully insured groups increased approximately 7 percent on a per-member basis during 1Q06 compared to 1Q05. This increase includes the effect of a greater percentage of the company's fully-insured group block being weighted towards small groups, as its large group business becomes more weighted towards ASO. Premium yield and medical cost trends for small group business currently include a higher level of benefit buydowns versus larger employers. The company anticipates FY06 commercial premiums for fully insured group membership to increase at least equal to the expected rise in per-member medical costs.

-- As disclosed in the company's fourth quarter 2005 earnings press release, investment income for 1Q06 included a capital gain of approximately $45.3 million associated with the sale of a venture capital investment. The company has historically recorded substantial capital gains from such investments each year, though the timing has not been historically consistent as to the quarters in which such gains occur.

Medical Expenses:

-- In 1Q06, the Commercial Segment MER of 80.1 percent was 210 basis points lower than the 1Q05 MER of 82.2 percent, reflecting improving medical cost utilization trends and an improving customer risk profile.

-- Per-member medical costs for commercial fully insured group accounts are now forecasted to rise in the range of 6 to 7 percent during 2006, including the effect of a greater percentage of our fully-insured groups being weighted towards small employers, as discussed above. Commercial group "same store" medical cost trends are now expected to be approximately 50 to 75 basis points lower than the company's previous forecast.

-- Individual components of Commercial medical cost trend for 2006 are anticipated to approximate as follows: inpatient hospital utilization - flat to 1 percent; inpatient and outpatient hospital rates - upper single digits; outpatient hospital utilization - low to mid single digits; physician - mid single digits; and pharmacy - high single digits to low double digits.

SG&A Expenses:

-- The Commercial Segment SG&A expense ratio of 20.4 percent for 1Q06 compares to 17.8 percent (a) in 1Q05, the result of lower average fully-insured medical enrollment and an increase in the percentage of commercial medical membership related to ASO to 43 percent in 1Q06 versus 37 percent in the prior year.

Cash Flows from Operations

Cash flows provided by operations for 1Q06 of $1.01 billion compared to $95.6 million (a) in 1Q05. The company also evaluates operating cash flows on a non-GAAP basis, as described in footnote (d) of the "Footnotes" section of this news release.

Cash flows from operations
($ in millions) 1Q06 1Q05(a)
----------------------------------------------------------------------
GAAP cash flows provided by operations $1,008.0 $95.6
----------------------------------------------------------------------
Timing of premium payment from CMS(d) (774.7) 19.8
----------------------------------------------------------------------
Non-GAAP cash flows provided by
operations(b)(d) $233.3 $115.4
----------------------------------------------------------------------



Non-GAAP cash flows provided by operations increased to $233.3 million in 1Q06 from $115.4 million (a) in 1Q05 driven by growth in the company's Medicare operations. The company continues to expect that cash flows from operations for 2006 will be in the range of $750 million to $850 million driven by expected higher earnings.

Footnotes

(a) In accordance with Generally Accepted Accounting Principles
(GAAP), Humana adopted the retrospective method for implementing
new stock option accounting rules on January 1, 2006.
Consequently, prior period results in this news release reflect
the restatement for the expensing of stock options.

(b) The Company has included certain financial measures that are
not in accordance with GAAP in its summary of financial results
and earnings projections within this news release. The company
believes that these non-GAAP measures, when presented in
conjunction with comparable GAAP measures, are useful to both
management and its investors in analyzing the company's ongoing
business and operating performance. Internally, management uses
these non-GAAP financial measures as indicators of business
performance, as well as for operational planning and decision
making purposes. Non-GAAP financial measures should be considered
in addition to, but not as a substitute for, or superior to,
financial measures prepared in accordance with GAAP.

© During 1Q06 the company realized a gain on the sale of an
investment totaling approximately $52 million (pretax) or $0.19 in
EPS, which is $34 million (pretax) or $0.13 per share higher than
the capital gains assumed in the company's 2006 non-GAAP EPS
guidance and $34 million (pretax) higher than the capital gains
realized in 2005. The company, in turn, donated $0.02 per share of
the excess gains to the Humana Foundation.

(d) When reviewing and analyzing Humana's operating cash flows,
company management applies the CMS premium payment in each month
to match the corresponding disbursements. To do otherwise distorts
meaningful analysis of the company's operating cash flow.
Therefore, decisions such as management's forecasting and business
plans regarding cash flow use this non-GAAP financial measure.

(e) Computed by comparing 1Q06 non-GAAP EPS to 1Q05 non-GAAP EPS
of $0.51. 1Q05 GAAP EPS of $0.65 included the realization of a tax
gain contingency of $0.14 per share.

(f) Computed by comparing FY06E non-GAAP EPS to FY05 non-GAAP EPS
of $2.02. FY05 GAAP EPS of $1.79 included expenses associated with
a class action litigation settlement of $0.27 per share, expenses
related to Hurricane Katrina of $0.10 per share, and the benefit
from the realization of a tax gain contingency of $0.14 per share.



Conference Call & Virtual Slide Presentation

Humana will host a conference call, as well as a virtual slide presentation, at 9:00 a.m. eastern time today to discuss its financial results for the quarter and the company's expectations for future earnings.

A live virtual presentation (audio with slides) may be accessed via Humana's Investor Relations page at www.humana.com. The company suggests web participants sign on approximately 15 minutes in advance of the call. The company also suggests web participants visit the site well in advance of the call to run a system test and to download any free software needed to view the presentation.

All parties interested in the audio-only portion of the conference call are invited to dial 888-625-7430. No password is required. The company suggests participants dial in approximately ten minutes in advance of the call. For those unable to participate in the live event, the virtual presentation archive will be available in the Presentations section of the Investor Relations page at www.humana.com.

Cautionary Statement

This news release contains forward-looking statements. The forward-looking statements herein are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described in the company's Form 10-K for the year ended December 31, 2005, as filed by Humana with the Securities and Exchange Commission.

A.M. Best Takes Various Rating Actions on Humana, Inc and Its Subsidiaries; Revises All Outlooks to Negative
FRIDAY, MAY 19, 2006 5:33 PM


OLDWICK, N.J., May 19, 2006 (BUSINESS WIRE) -- A.M. Best Co. has taken various rating actions on the financial strength ratings (FSR), issuer credit ratings (ICR) and debt ratings of Humana Inc (Humana) (HUM) (Louisville, KY) and its insurance and HMO subsidiaries. The outlook for the FSRs, ICRs and debt ratings has been revised to negative from stable. (See below for a detailed list of ratings.)

A.M. Best has downgraded the debt ratings on both the existing debt and shelf. The downgrading of the holding company's rating does not signify deterioration of its financial fundamentals. This rating action better reflects A.M. Best's traditional notching policy. The negative outlook reflects the enterprise's significant growth in Medicare Advantage and Medicare Part D, dependency on government contracts and increased capitalization pressure related to the large membership growth in the Medicare products. Government contracts will account for about two-thirds of Humana's revenue. To support this growth Humana will be required to increase its leverage.

Offsetting rating factors include geographic diversity, strong membership and revenue growth and improving commercial segment performance. Humana's multi-regional presence, brand recognition and good marketing strategy have contributed to its good market position in the Medicare market. Humana is working to continue to improve the profitability of its commercial segment. Margins in this segment are expected to improve slightly in the medium term mostly due to improved business mix.

A.M. Best will be monitoring Humana's operations closely as to the impact of the significant growth of the Medicare business, as well as the operating results of this core business. The maintenance of Humana's current A- (Excellent) ratings reflects A.M. Best's expectation that Humana will comply with several key financial and operational measures:

-- Humana follows through on a plan to contribute $600 million-$700 million of capital into its subsidiaries and maintain that level of capital. This includes adding capital if business growth exceeds projections.

-- Humana's 2006 pre-tax operating income will be approximately $740 million on a GAAP basis.

-- Results from Medicare Advantage and Medicare Part D will be within the forecasted pre-tax margins of 1-3 %.

-- Debt-to-capital ratio will not exceed the expected level of 31%, and A.M. Best would expect this ratio will trend downward in 2007 with future equity growth through retained earnings.

-- Cash at the holding company will be maintained to cover at least six months of interest service, a level which Humana has consistently exceeded.

-- Humana will not undertake any major acquisitions.

The FSR of A- (Excellent) and the ICRs of "a-" have been affirmed with a negative outlook for the following Humana Inc subsidiaries:

-- Humana Health Plan, Inc.

-- Humana Insurance Company, Inc.

-- Humana Insurance Company of Kentucky

-- Humana Health Insurance Company of Florida, Inc.

-- HumanaDental Insurance Company

-- Humana Health Plan of Ohio, Inc.

-- Humana Wisconsin Health Organization Insurance Corporation

-- Humana Medical Plan, Inc.

-- Humana Employers Health Plan of Georgia, Inc.

The FSR and ICRs have been downgraded to B+ (Very Good) from B++ (Very Good) and to "bbb-" from "bbb+" with a negative outlook, respectively, for the following Humana Inc subsidiaries:

-- Humana Health Plans of Puerto Rico, Inc.

-- Humana Insurance of Puerto Rico, Inc.

An FSR of B++ (Very Good) and an ICR of "bbb" have been assigned with a negative outlook to CarePlus Health Plans, Inc.

The FSR and ICR have been upgraded to B++ (Very Good) from B+ (Very Good) and to "bbb" from "bbb-", respectively, for CHA HMO, Inc. The ratings have been removed from under review and assigned a negative outlook.

The FSR of B++ (Very Good) and the ICR of "bbb+" have been affirmed with a negative outlook for the following Humana Inc subsidiaries:

-- Humana Health Plan of Texas, Inc.

-- Humana Health Benefit Plan of Louisiana, Inc.

The following debt ratings have been downgraded with a negative outlook:

Humana Inc--

-- to "bbb-" from "bbb" on the $300 million 7.25% senior notes, due 2006

-- to "bbb-" from "bbb" on the $300 million 6.30% senior notes, due 2018

The following indicative ratings have been assigned with a negative outlook

Humana Inc--

-- "bbb-" on senior note securities

-- "bb+" on subordinated debt securities

-- "bb" on preferred shares

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.

SOURCE: A.M. Best Co

Humana Launches Medication Therapy Management Program to Provide Clinical and Economic Guidance to Medicare Members; Program Will Assist Beneficiaries in Optimizing Therapeutic Outcomes, Reducing the Risk of Adverse Drug Events
TUESDAY, MAY 23, 2006 12:51 PM
-
LOUISVILLE, Ky., May 23, 2006 (BUSINESS WIRE) -- Humana Inc. (HUM) has launched its Medication Therapy Management (MTM) program as required by the Medicare Modernization Act of 2003 and within the required timelines of The Centers for Medicare and Medicaid Service (CMS) for all Medicare Part D plan sponsors. Humana's program has been designed to assist beneficiaries optimize therapeutic outcomes, decrease the likelihood of adverse drug events and prevent over- or under-utilization of medications.

The program is being rolled out through a three-fold member communications strategy that includes personalized member mailings, telephonic communications and pharmacy consultations. All Humana Medicare members are mailed a monthly SmartSummary Rx (SM) prescription benefits statement that tracks their monthly prescription medication expenditures and provides relevant and timely information designed to help maximize their prescription drug benefits.

Humana is also working closely with its MTM program network of more than 2,000 retail pharmacies to meet program goals. A dedicated call center staffed by pharmacists and nurses will take calls from members and conduct telephonic outreach to select Humana members to help them better understand their medication regimens. Additionally, specially-trained MTM pharmacists will provide in-store comprehensive medication reviews to identify problems or gaps in prescription drug therapy, and consult with the referring physician to recommend and change in medication. In some cases, the pharmacist will refer the member to the prescribing physician for a follow up communication.

"Our MTM program services will be available to all Humana Medicare members who meet eligibility requirements as put forth by CMS," said William Fleming, PharmD, Humana vice president, pharmacy and clinical integration.

"These include members who have two or more chronic disease conditions, have anticipated costs of medications above $4,000 for the 2006 calendar year and take eight or more Part D medications within a 90-day interval," he added.

Humana has had the opportunity to test the effectiveness of its Medication Therapy Management program since November 2005 when it partnered with Albertson's Pharmacies in the Chicago-area to conduct a twelve month pilot program regarding face-to-face interactions at the retail pharmacy level. The quality results obtained from those interactions have since been used to improve processes that are now in place for the program's national launch.

"We have been extremely pleased with the program results based on the positive interaction between Humana members and pharmacists to date, and are confident that this model will facilitate improved prescription medication usage for our members," said Rob McMahan, PharmD, Humana MTM Manager. "Our MTM program incorporates best practices, including a significant education outreach to Humana network pharmacists and providers to ensure that our members can maximize the benefits of this new patient-focused program," he added.

A.M. Best Assigns Rating to Humana's $500 Million Senior Notes
WEDNESDAY, MAY 24, 2006 4:04 PM


OLDWICK, N.J., May 24, 2006 (BUSINESS WIRE) -- A.M. Best Co. has assigned a debt rating of "bbb-" to the forthcoming $500 million 10 year senior unsecured notes to be issued by Humana Inc. (Humana) (Louisville, KY) (HUM) . The outlook for this rating is negative. The financial strength ratings assigned to the group's operating companies remain unchanged.

Humana will issue the securities from its existing universal shelf registration, which was filed on March 31, 2006. Humana is expected to use the net proceeds from the sale of these securities for repayment of outstanding balances under its credit facility, which was $200 million as of May 1, 2006; repayment of Humana's $300 million 7.25% senior notes maturing on August 1, 2006; and for general corporate purposes, including funding short-term cash needs.

As of December 31, 2005, Humana's debt-to-capital ratio remained stable in the 24%-25% range. A.M. Best expects Humana's debt-to-capital ratio to increase and be managed to a level of no more than 31% and for the ratio to then trend downward in 2007 with future equity growth through retained earnings.

Humana's business is highly concentrated in the government sector, which includes TRICARE, Medicare Advantage and Medicare Part D product lines. Revenue in this sector is expected to make up approximately two-thirds of Humana's total revenue. Humana's large membership growth in the Medicare Advantage and Medicare Part D products puts pressure on Humana's capitalization and will require significant capital contribution. Although this segment has been profitable for Humana, operating margins are relatively low and earnings rely heavily on volume.

Offsetting factors include Humana's good multi-regional presence, strong membership and revenue growth and continued improvement in the commercial segment operating performance. Humana's revenue growth in 2006 is expected to be very strong at over 50%. Additionally, continued improvement in the commercial segment performance is projected to contribute favorably to Humana's earnings.

For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

For current Best's Ratings, independent data and analysis on more than 1,050 health companies and A.M. Best groups, please visit www.ambest.com/health.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.

by staff

http://www.marketwatch.com/News/Story/Stor...=2451&symb=


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