Centene Corporation Common Stock (CNC)
33.98
-2.04 (-5.66%)
NYSE · Last Trade: Oct 23rd, 2:04 PM EDT
Shares of health coverage company Centene (NYSE:CNC)
fell 7.5% in the afternoon session after a peer in the health insurance industry, Molina Healthcare, cut its annual profit forecast after reporting higher-than-expected medical costs. Molina's announcement triggered a sell-off in its stock and created a ripple effect across the sector. The company slashed its earnings guidance, citing elevated medical expenses, particularly in its government-backed Affordable Care Act plans. This news raised concerns among investors that Centene, which operates in a similar market, could face the same financial pressures. As a result, the negative sentiment dragged down shares of several other health insurers as the market reacted to signs of trouble in the sector.
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