Breaking News Instant updates and real-time market news.

AFL

Aflac

$48.98

-2.88 (-5.55%)

07:59
08/22/19
08/22
07:59
08/22/19
07:59

Aflac says 'rigorous, voluntary review' of postal channel sales began in July

In a regulatory filing, Aflac Incorporated stated that it intends to discuss the following matters with analysts and investors: Near the end of July and prior to the Aflac Incorporated earnings call on July 26, Aflac Life Insurance Japan Ltd. commenced a "rigorous, voluntary review" of postal channel sales. "There has been no change in the focus or intensity of the review since originally launched. The review is focused on policyholders who seek to turn in their old cancer policies in favor of new policies with enhanced benefits and features, specifically, if any policyholders were disadvantaged by the process," the company stated; The 104,000 policies recently referenced in certain media reports regarding Aflac Japan represent all lapsed and reissued policies in the Japan Post Co. Ltd. channel between May 2018 and May 2019. In addition to the 104,000 policies mentioned in media reports, there were an additional 2,600 lapsed and reissued policies sold by Japan Post Insurance Co. Ltd. during the same time period. "Lapse and reissue activity, which increased with the launch of a new and improved cancer policy in April 2018, is a compliant practice that provides the insured a choice to maintain coverage before the new policy takes effect. Thus, under lapse and reissue customers can choose to maintain two policies in force during the waiting period associated with the new policy. Aflac Japan administers lapse and reissue with the customer's best interest in mind to minimize inconvenience, avoid gaps in coverage, and ensure fair value for any premium paid," Aflac said; To enhance customer convenience, Aflac Japan introduced conditional surrender, another documented systems and administrative program, to ensure a smooth transition from old to new policies. "This process ensures no loss of coverage during transition, and only one policy remains in-force at any given time. When conditional surrender was introduced in 2014, only a small number of post offices were handling cancer insurance and were primarily engaged in offering coverage to new customers. Further, JPC and JPI salespersons that would be required to handle simultaneous policy cancellation and reissuance under the conditional surrender program are not currently allowed to directly handle the policy cancellation process. For these reasons, JPC and JPI did not immediately implement the conditional surrender program. Following the expansion to approximately 20,000 post offices and the product revision in April 2018, resulting in great demand for Aflac Japan's improved cancer product, JPC and JPI elected in early 2019 to adopt and install the conditional surrender program beginning late in 2019 once administratively ready to execute," the company said.; The sale of cancer policies continues in the Japan Post Group channel. "Based on daily proposal and new annualized premium trends to date in August, Aflac Japan management has observed a material decline in sales running at approximately 25% of normal daily volumes. Consistent with Aflac Incorporated's statement on the earnings call, while we believe sales will normalize in the future, there is a clear impact while JPI's investigation proceeds and they work to address the issues. Assuming a continuation of these trends to date for the rest of the year, we anticipate that sales in the Japan Post Group channel may decline by as much as 50% from a very strong 2018 given our refreshed cancer product. Based on this same assumption, we anticipate this would result in total third sector and first sector protection sales down in the mid-teens for the year. We continue to see normal retention and are not changing our protection-type first and third sector earned premium growth of 1% to 2% for the year," Aflac stated.

AFL Aflac
$48.98

-2.88 (-5.55%)

07/16/19
EVER
07/16/19
DOWNGRADE
EVER
Underperform
Aflac downgraded to Underperform from In Line at Evercore ISI
Evercore ISI analyst Thomas Gallagher downgraded Aflac to Underperform from In Line.
07/29/19
RAJA
07/29/19
DOWNGRADE
Target $62
RAJA
Outperform
Aflac downgraded to Outperform from Strong Buy at Raymond James
Raymond James analyst Gregory Peters downgraded Aflac to Outperform from Strong Buy with a $62 price target citing valuation.
07/29/19
RAJA
07/29/19
DOWNGRADE
Target $62
RAJA
Outperform
Raymond James downgrades Aflac to Outperform on Japan Post issues
As previously reported, Raymond James analyst Gregory Peters downgraded Aflac to Outperform from Strong Buy, stating that its near-term sales outlook in Japan will be challenged as Japan Post works through allegations of agent misconduct that could limit new sales through the end of the year. Japan Post accounted for about 25% of Aflac Japan's third sector sales in 2018 and the companies announced an expanded relationship last year, noted Peters, who keeps a $62 price target on Aflac shares.
08/21/19
EVER
08/21/19
NO CHANGE
EVER
Underperform
Aflac third sector sales estimate at risk due to Japan Post, says Evercore ISI
After the Mainichi reported that sources close to the company believe Japan Post mis-sold 104,000 Aflac cancer insurance policies, Evercore ISI analyst Thomas Gallagher called this a surprise, noting that both Aflac and Japan Post previously said they did not believe those policies were part of the sales mispractices found at Japan Post. He wouldn't be surprised if Aflac polices were suspended through Japan Post, at least until the systems issues are rectified, and said a "more severe outcome" would be if Japan Post includes a broader suspension of Aflac cancer sales until it completes its entire review. Gallagher, who said there may be some risk to his current third sector sales estimate of an 11% decline in 2019, keeps an Underperform rating on Aflac shares.

TODAY'S FREE FLY STORIES

CAL

Caleres

$22.08

-0.71 (-3.12%)

16:35
09/17/19
09/17
16:35
09/17/19
16:35
Hot Stocks
Caleres appoints Angela Bass as Chief Human Resources Officer »

Caleres announced Angela…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 19

    Sep

  • 02

    Oct

CHSP

Chesapeake Lodging

$27.20

-0.2 (-0.73%)

, PK

Park Hotels & Resorts

$25.80

-0.32 (-1.23%)

16:34
09/17/19
09/17
16:34
09/17/19
16:34
Hot Stocks
Chesapeake Lodging completes sale of two new York hotels for $138M »

Chesapeake Lodging Trust…

CHSP

Chesapeake Lodging

$27.20

-0.2 (-0.73%)

PK

Park Hotels & Resorts

$25.80

-0.32 (-1.23%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

CAE

CAE

$25.54

0.4 (1.59%)

16:34
09/17/19
09/17
16:34
09/17/19
16:34
Conference/Events
CAE management to meet with CIBC »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 20

    Sep

  • 13

    Nov

UNVR

Univar

$22.68

0.29 (1.30%)

16:34
09/17/19
09/17
16:34
09/17/19
16:34
Hot Stocks
Univar selected as distributor for Unovyn's chlorinated paraffins in U.S. »

Univar Solutions has been…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 23

    Sep

SGMS

Scientific Games

$23.62

-0.3 (-1.25%)

16:33
09/17/19
09/17
16:33
09/17/19
16:33
Hot Stocks
Scientific Games' Haddrill sells 45,681 common shares »

In a regulatory filing,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 23

    Sep

CLPHY

CLP Holdings

$0.00

(0.00%)

16:32
09/17/19
09/17
16:32
09/17/19
16:32
Conference/Events
CLP Holdings management to meet with CIBC »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 19

    Sep

CBAY

CymaBay

$5.86

-0.02 (-0.34%)

16:31
09/17/19
09/17
16:31
09/17/19
16:31
Hot Stocks
CymaBay announces departure of Chief Medical Officer Pol Boudes »

CymaBay Therapeutics…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 23

    Sep

AMR

Alta Mesa Resources

$0.12

0.0062 (5.64%)

16:31
09/17/19
09/17
16:31
09/17/19
16:31
Hot Stocks
Alta Mesa Resources receives Nasdaq notice of delisting »

Alta Mesa Resources…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

MGA

Magna

$53.89

0.05 (0.09%)

16:30
09/17/19
09/17
16:30
09/17/19
16:30
Conference/Events
Magna management to meet with CIBC »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 17

    Sep

  • 19

    Sep

  • 24

    Sep

16:30
09/17/19
09/17
16:30
09/17/19
16:30
Options
Preliminary option volume of 17.2M today »

Preliminary option volume…

16:30
09/17/19
09/17
16:30
09/17/19
16:30
General news
Treasury Market Summary »

Treasury Market Summary:…

FB

Facebook

$188.13

1.89 (1.01%)

16:29
09/17/19
09/17
16:29
09/17/19
16:29
Hot Stocks
Facebook's Zuckerberg says Oversight Board a way to address 'harmful content' »

Mark Zuckerberg, the CEO…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 20

    Sep

  • 24

    Sep

  • 27

    Oct

TTWO

Take-Two

$130.79

2.085 (1.62%)

16:28
09/17/19
09/17
16:28
09/17/19
16:28
Hot Stocks
Take-Two's Rockstar debuts own PC game launcher »

Take-Two's Rockstar,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Sep

  • 13

    Nov

IOTS

Adesto Technologies

$10.63

-0.66 (-5.85%)

16:27
09/17/19
09/17
16:27
09/17/19
16:27
Syndicate
Adesto Technologies files to sell Convertible Senior Notes due 2024 »

The amount was not…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

ADBE

Adobe

$284.59

1.54 (0.54%)

16:25
09/17/19
09/17
16:25
09/17/19
16:25
Earnings
Adobe sees FY19 digital experience bookings growth greater than 20% »

Adobe said in its Q3 call…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 17

    Sep

  • 23

    Oct

  • 27

    Oct

JCAP

Jernigan Capital

$20.00

-0.04 (-0.20%)

, CUBE

CubeSmart

$35.92

0.82 (2.34%)

16:21
09/17/19
09/17
16:21
09/17/19
16:21
Hot Stocks
Jernigan Capital acquires membership interests in six properties »

Jernigan Capital (JCAP)…

JCAP

Jernigan Capital

$20.00

-0.04 (-0.20%)

CUBE

CubeSmart

$35.92

0.82 (2.34%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

CHWY

Chewy

$30.20

-0.2 (-0.66%)

16:21
09/17/19
09/17
16:21
09/17/19
16:21
Earnings
Chewy sees FY19 revenue $4.75B-$4.8B »

The company sees 35%-36%…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 17

    Sep

VRTS

Virtus Investment

$119.64

0.64 (0.54%)

16:21
09/17/19
09/17
16:21
09/17/19
16:21
Hot Stocks
Virtus Investment names Wendy Hills as EVP and Chief Legal Officer »

Virtus Investment…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Sep

  • 19

    Sep

YUM

Yum! Brands

$112.81

2.255 (2.04%)

16:20
09/17/19
09/17
16:20
09/17/19
16:20
Hot Stocks
Yum! Brands announces management changes »

Yum! Brands announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 01

    Oct

CGC

Canopy Growth

$28.40

0.61 (2.20%)

16:20
09/17/19
09/17
16:20
09/17/19
16:20
Initiation
Canopy Growth initiated  »

Canopy Growth initiated…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 26

    Sep

VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

16:20
09/17/19
09/17
16:20
09/17/19
16:20
Options
Closing CBOE SPX and VIX Index summary for September 17th »

The CBOE Volatility Index…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

IOTS

Adesto Technologies

$10.63

-0.66 (-5.85%)

16:20
09/17/19
09/17
16:20
09/17/19
16:20
Initiation
Adesto Technologies initiated  »

Adesto Technologies…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

16:20
09/17/19
09/17
16:20
09/17/19
16:20
General news
Treasury TIC data revealed a big pop in foreign demand for U.S. securities in July »

Treasury TIC data…

PZZA

Papa John's

$52.00

-0.72 (-1.37%)

16:19
09/17/19
09/17
16:19
09/17/19
16:19
Initiation
Papa John's initiated  »

Papa John's…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Nov

ATRO

Astronics

$31.20

-0.06 (-0.19%)

16:19
09/17/19
09/17
16:19
09/17/19
16:19
Hot Stocks
Astronics announces new $50M share repurchase program »

Astronics Corporation…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.