We recently published These 10 Stocks Just Lost Their Spark. Centene Corporation is one of the worst-performing companies on Thursday.
Centene Corporation saw its share prices touch a new all-time low on Thursday as investors turned even more cautious following one of its counterparts’ disappointing earnings performance tied to its Medicaid and Affordable Care Act (ACA) services.
At intra-day trading, Centene Corporation (CNC) dropped to its lowest 52-week price of $28.92 before slight buying persisted toward the end to push its share prices to $29.14.
Investors appeared to have unloaded positions ahead of the company’s second-quarter earnings results, after its counterpart, Elevance Health, reported a 24.2-percent drop in net income during the second quarter of the year.
Additionally, Elevance Health updated its outlook to reflect elevated medical cost trends under the ACA and slower rate alignment in Medicaid.
A doctor holding a clipboard in a hospital ward, discussing patient treatment plan with the nurses.
Centene Corporation likewise offers Medicaid and ACA services. Earlier this month, the company withdrew its 2025 earnings forecast due to an expected slump in its revenues from commercial plans under the ACA or Obamacare.
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This article is originally published at Insider Monkey.
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