Magellan falls after announcing loss of key customer

theflyonthewall.com

Magellan Health Services (MGLN) is retreating after it announced earlier today in a regulatory filing that it would lose a significant customer, starting in January 2014. Specifically, a health insurer that had used Magellan to manage its behavioral health services has decided not to renew its deal with Magellan. The latter company had obtained about $144.5M in revenue in the nine months ended September 30 from the contract, which expires on December 31, 2013, Magellan stated. In early trading, Magellan sank $2.19, or 4.23%, to $49.56.

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