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27.02.2020 15:21:40

J.P. Morgan is 'extraordinarily skeptical' COVID-19 is a material headwind to MCO earnings

Shares of managed care organizations fell in premarket trading Thursday, to extend recent sharp losses, as concerns over the potential negative impacts from the coronavirus outbreak has triggered a sharp stock market selloff this week. Meanwhile, J.P. Morgan analyst Gary Taylor suggested the investor reaction to COVID-19 was an overreaction, as previous respiratory pandemics haven't produced medical expense impacts that were greater than an average "elevated" seasonal influenza impact. "Our conclusion is quite simple; we are extraordinarily skeptical that COVID-19 proves to be a material headwind to managed care earnings in 2020, and even if it was, it would likely be a one-time impact that would not impair forward earnings power," Taylor wrote in a note to clients. Shares of UnitedHealth Group Inc. fell 1.8% in premarket trading, after shedding 12.8% this week through Wednesday. Elsewhere, shares of Centene Corp. shed 3.5% premarket after already losing 17.0% this week; and Cigna Corp.'s stock lost 3.1% premarket to extend this week's losses of 13.0%. The S&P 500 has lost 6.6% this week through Wednesday, and futures are dropping 1.7% ahead of Thursday's open.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Weiter zum vollständigen Artikel bei "Market Watch"