Centene Shares Surge After Announcing to End Kentucky Deal

Photo Courtesy of Concrete Strategies, Some rights reserved

Shares of Centene Corp. surged 11 percent this morning after the Clayton-based company announced it would pull out of an unattractive Medicaid deal in Kentucky.

Earlier today, Centene said it would terminate its Medicaid managed care contract with the Kentucky Cabinet for Health and Family Services after only a year, a move that would cut some 200 jobs in Lexington.

Kentucky Spirit Health Plan, a Centene subsidiary, announced Wednesday that it is exercising its right to end the contract effective July 5, 2013. Read more on St. Louis Post-Dispatch.

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