Why UnitedHealth Group Stock Cratered Today
UnitedHealth Group (NYSE: UNH) couldn't escape the market's terrible day today. Shares of the large-cap diversified health management company ended Wednesday down by 11.22%. Since the start of the year, UnitedHealth has now shed approximately $76 billion worth of market capitalization, or roughly 25% of its prior value. UnitedHealth and nearly all large U.S. insurance companies are getting hammered this year, thanks to the COVID-19 illness.
Last week, UnitedHealth joined other major U.S. health insurers by waiving the out-of-pocket costs for COVID-19 diagnostic tests for its members. That's the correct course of action, given the scope of the outbreak. But it will have a hefty impact on the bottom lines of U.S. health insurers in general.
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Source Fool.com
