Downbeat Outlook Cripples Health Care Stocks
The Morgan Stanley Healthcare Payors Index has turned negative for the year after falling as much as 4.4 percent in Wednesday’s trading session.
Indeed, the index is having its worst day in six weeks after WellPoint missed earnings estimates and provided downbeat 2012 guidance.
WellPoint hit a year-and-a-half low, on heavy volume, after the company lowered guidance due to declining enrollment and higher medical costs. CEO Angela Braly noted that intense competition among health plans was pressuring enrollment numbers.
Here is a look at Wednesday's performance for some of the major health-care stocks.