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Oxford Puts on a Happy Face
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Business New Haven
1/21/2002
By: BNH
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TRUMBULL - An announcement that Oxford Health Plans Inc. (NASDAQ: OXHP) projected increased enrollment for 2002 instead of losing members as previously forecast buoyed the company's stock earlier this month.
A January 9 forecast that enrollment in the managed-care company would rise by about two percent this year precipitated a surge in buying, with Oxford shares rising $3.51 that day to close at $32.75 - a 13-percent gain for the day. Previously the company had projected a one- to two-percent decline for the same period. The projected gains do not include membership from MedSpan Inc. the Connecticut-based health plan that Oxford agreed last month to acquire for $19 million. That acquisition could more than double Oxford's membership in Connecticut employer health plans, although it is not expected to impact Oxford's earnings in 2002.
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