The health sector cratered yesterday on fear of ‘Medicare for All’ gutting the sector.
The stock is down 13.3% so far in April, on track for its biggest one-month decline since February 2009 when it fell 30.64%. UnitedHealth shares initially rose Tuesday after it reported first-quarter earnings and revenue that beat Wall Street’s expectations. But the stock quickly gave up those gains on jitters from investors over drug pricing reform and “Medicare for All” proposals from Democratic lawmakers.
Insurers were not the only companies that cratered. Pharmaceutical companies like AbbVie fell around 3%. More volatile drugmaker stocks like CRSP fell much more – closer to 8%. Hospitals fell. Drug suppliers fell. CVS took another dump.
There have been a couple wild health-related stories recently. Scientists restored brain some function after the death of a farm animal & in Israel they’re 3D printing organs using a patient’s cells.
FNKO fell as low as $18.68 a share from a daily high of $20.06, due in large part to announcing their CFO Russell Nickel intends to step down by the end of this year. They closed at $19.09 a share – off 5.21%. They’re announcing earnings after market close May on 2.