Elevance makes a late cut to its 2024 forecast after seeing trouble in Medicaid ...Middle East

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Shares of Elevance tumbled early Thursday after the insurer said rising Medicaid costs prompted a 2024 forecast cut less than three months before the year’s end. The Blue Cross-Blue Shield insurer said it was dealing with a “timing mismatch” between Medicaid rates and higher claims from its customers. The company dropped its forecast for 2024 adjusted earnings to approximately $33 per share after predicting at least $37.20 in July. Wall Street expects $37.25 per share, according to the data firm FactSet. Insurers typically act conservatively with their forecasts this late in the year and focus on signaling to investors how the coming year will play out. With more than 8.9 million people enro

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