Early Morning Movers (CNC, SHW, HOGS, MMR)

Early Morning Movers (CNC, SHW, HOGS, MMR)

Centene Corp (NYSE:CNC) shares declined 13.09% to $44.26 in the morning hour after the company was notified by the Ohio Department of Job and Family Services (ODJFS) that Buckeye Community Health Plan, Centene’s Ohio subsidiary, was one of four incumbent health plans that was not awarded a contract to continue serving Medicaid members in Ohio, effective January 2013. Centene intends to file a formal protest within the required seven-day notice period.

Sherwin-Williams Company (NYSE:SHW) stock gained 1.47% to $112.40 in the early hour after the company updated its sales and earnings expectations for the first quarter ended March 31, 2012.

The company’s first quarter diluted net income per common share for the first quarter is expected to be in the range of $.92 to $.95 per share, as compared to the January guidance of $.56 to $.74 per share. The increase in guidance is owing to strong sales and operating results of the company. The Company reported diluted net income per common share of $.63 per share in the first quarter 2011.

ZHONGPIN INC. (NASDAQ:HOGS) stock fell 8.53% to $9.63 in the morning hour. The federal regulators on Friday froze the accounts of six people accused of insider trading involving shares of the company.

The individual defendants and the offshore Prestige Trade Investments made over $9.2 million in profits on well-timed purchases of call options and stock in Zhongpin, in the days before the company’s chairman announced a proposal to take the Nasdaq-listed company private.

Mcmoran Exploration Co (NYSE:MMR) shares fell 4.63% to $9.27 in the early hour.  The company today provided an update on flow testing activities at the Davy Jones No. 1 well on South Marsh Island Block 230. The company said that they have successfully achieved the technical completion and work is on-going to establish commercial production from the well. The stock of the company has declined over 50% in the last one year.