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Health Insurers Fall After House Panel Passes Bill

 

Wednesday, Aug 05,2009, 9:59:40 PM   Click:

N FRANCISCO (MarketWatch)-- Health insurance shares fell Monday, bucking a broad market rally, following a House committee's approval of a sweeping healthcare reform bill late Friday. Hospital stocks, which may benefit if such legislation becomes law, rallied. Wellpoint Inc. (WLP) fell 0.8%, Coventry Health Care Inc. (CVH) sank 1.9%, Cigna Corp. (CI) lost .2% and UnitedHealth Group (UNH) slipped 2.8%. Tenet Healthcare Corp. (THC) and Community Health Systems Inc. (CYH) stocks rose more than 5%. The approved Energy and Commerce Committee bill authorizes a public insurance plan, but the legislation faces many hurdles before it becomes law. Such a plan might hurt insurers due to increased competition, said Standard & Poor's equity analyst Jeffrey Loo. Health care was the second-worst performing sector on the S&P 500 ($SPX) , which rose 1.3%.

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