Centene (CNC), Others Hit on Molina Warning
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The massive 30 percent sell-off in Molina Healthcare Inc. (NYSE: MOH), after premium revenue associated with the STAR+PLUS contracts in its Texas expansion was not adequate to cover the medical costs, is spilling over to other healthcare providers with a presence in the same service area.
Centene Corp. (NYSE: CNC) is down 16 percent, Cigna Corp. (NYSE: CI) is down 0.5 percent and AMERIGROUP Corporation (NYSE: AGP) is down 4 percent.
Molina said the medical care ratio for the STAR+PLUS membership in the expanded Hidalgo and El Paso service areas is running at approximately 120%.
While this could be a company specific issue, investors are selling now and asking questions later.
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Centene Corp. (NYSE: CNC) is down 16 percent, Cigna Corp. (NYSE: CI) is down 0.5 percent and AMERIGROUP Corporation (NYSE: AGP) is down 4 percent.
Molina said the medical care ratio for the STAR+PLUS membership in the expanded Hidalgo and El Paso service areas is running at approximately 120%.
While this could be a company specific issue, investors are selling now and asking questions later.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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