Never Cancel An Analyst Day

A congressional hearing into a proposed rate increase prompted one company to cancel its investor day. What does it mean for investors?

Shares of WellPoint slumped on Tuesday after the company said it would cancel its investor day scheduled for later this month so it can prepare for a congressional hearing on premium rate increases.

U.S. lawmakers last week called upon WellPoint's chief executive to testify later this month about reports that its Anthem Blue Cross subsidiary planned to raise some premiums as much as 39 percent.

WellPoint, the largest U.S. health insurer by membership, also reiterated its full-year forecast for net income of at least $6 a share, and said it would provide more details on its outlook on a conference call with investors on March 17.

The forecast, it said, is subject to its ability to secure sufficient premium rates.

What’s the trade?

I never like to see a move like this, says Karen Finerman. At best is means nothing. But it could mean a lot worse.

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Trader disclosure: On February 16, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman's Firm And Finerman Own (GGWPQ); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred, (BAC) Leaps; Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (UNG), (USO); Finerman Owns (AAPL); Finerman's Firm And Finerman Own (GOOG); Finerman's Firm Owns (KFT); Finerman's Firm Owns (NOK), (TGT), (WMT); Seymour Owns (AAPL), (AA), (CCJ), (FXE), (INC). (VALE), (X); Terranova Owns (AAPL), (GOOG), (RIMM), (JPM), (QCOM), (IBM), (MSFT), (DELL), (EMC), (PALM); Terranova Is Long Dec. 2010 Crude Oil Futures; Terranova Is Long Dec. 2011 Crude Oil Futures; Grasso Owns (ABK), (AAPL), (ASTM), (BAC), (BGP), (C), (COST), (CSCO), (FAZ), (PFE), (PRST), (WMT), (V); Seymour Owns (X); Jon Najarian Owns (AMR), (BAC), (BCS), (C), (GS), (HD), (MS), (SPG), (UBS), (TRA), (WFMI)

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