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Centene Corp reported quarterly revenue and profit ahead of analysts' estimates, helped by growth in its Obamacare individual business and as the health insurer's efforts to turn around recently acquired Health Net paid off. Centene's shares, which have fallen about 4 percent since the U.S. presidential election on Nov. 8, rose 8.25 percent to $68.88 in morning trading on Tuesday. The company has benefited from the expansion of Medicaid under the Affordable Care Act like other health insurers that focus on government-sponsored plans for the under-insured or uninsured.
Health insurer Centene Corp reported a lower-than-expected quarterly profit, largely weighed down by the Health Net acquisition. Centene, which acquired the smaller rival earlier in the year, set aside a $300 million reserve in July related to Health Net's operations. Analysts have said Centene's investors could grow frustrated over Health Net's performance, which has been below expectations so far.