Panasonic Corp. (NYSE:PC) faces exacerbating market conditions in digital consumer products and the slowing economy in emerging countries. Panasonic reduced its FY13 perating profit outook to 140 billion yen from 260 billion yen which is due mainly to the sales reduction. The shares closed at $5.53, down $0.59 or 9.64% on the day. They have traded in a 52-week range of $6.04 to $11.00.
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Tower Group (NASDAQ:TWGP): The cost of Hurricane Sandy could surpass $20 billion, and this total could include insured losses of about $7 billion to $8 billion, as the majority of the remaining tab which is to be picked up by cities and states to repair infrastructure, states the hazard-research firm Kinetic Analysis Corp., reported Bloomberg. The shares closed at $18.02, down $0.77 or 4.1% on the day. They have traded in a 52-week range of $17.72 to $24.02.
Wellcare Group (NYSE:WCG) has entered into an agreement for the acquisition of UnitedHealthcare’s Medicaid business in South Carolina from UnitedHealth Group (NYSE:UNH). The transaction is subject to regulatory approvals, and WellCare expects the transaction to close during Q4. The shares closed at $47.60, down $7.63 or 13.81% on the day. They have traded in a 52-week range of $46.38 to $74.41.
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