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Byline: DAVID SAITO-CHUNG
The S&P 500 edged less than 0.1% lower Thursday on quieter NYSE trade. The Dow eased 0.3%.
Coventry Health Care, up 6.07 points in the previous two sessions, fell 2.41 to 38.41 on volume of 5.49 million shares, the highest in a year. The fast-growing HMO saw a block trade of 2.41 million shares at 39.50, down 1.31 from Wednesday's close. Coventry's revenue growth has sped up during the past two quarters, from 12% to 16% to 26%.
Corrections Corp. of America gave up virtually all of Monday's sharp gain, sinking 0.60 to 20.65 on 6 1/2 times normal trade. The stock broke out of a long base on April 3. It's still 12% above its pivot point of 18.45.
Protective Life sank 1.18 to 27.55 on nearly triple its usual volume. On Wednesday, the stock dipped below its 200-day line on above-average turnover. It's part of the Insurance-Life industry group, ranked a paltry 142nd among 197 IBD groups for six-month price performance.
Protective earned 65 cents in the first quarter, up 8% from a year ago but 2 cents below First Call's consensus estimate. The company said variable annuity sales jumped 57.5%. ...