UnitedHealth, Elevance Health stocks drop toward four-day losing streaks in wake of earnings reports

Shares of UnitedHealth Group Inc. (UNH) sank 4.1% in afternoon trading Wednesday, which puts them on track to suffer the worst four-day performance -- down 8.1% -- in 15 months, after the health insurer's first-quarter earnings report raised concerns over the "unintended consequences" of changes to Medicare Advantage rates. Meanwhile, shares of Elevance Health Inc. (ELV) dropped 5.7%, and have slumped 8.2% amid a four-day losing streak, after the health care services company reported first-quarter earnings that beat expectations, but Mizuho analyst Ann Hynes said she believes the stock is under pressure as days claims payable (DCP) declined from the sequential fourth quarter and from a year ago. Among other health care services companies, shares of Centene Corp. (CNC) slid 3.7%, Humana Inc. (HUM) gave up 4.0% and Molina Healthcare Inc. (MOH) dropped 5.1%. The relatively big declines in health care services stocks contrasts with the S&P 500's rise of less than 0.1%.

-Tomi Kilgore

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04-19-23 1453ET

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