WCG - Supreme Court Refuses to Hear Obamacare Case Health Insurer Stocks Breathe Sigh of Relief
Today, the Supreme Court refused to hear an Obamacare case.
When federal district court judge Reed O'Connor held that Obamacare was unconstitutional in December 2018, health insurance stocks crashed hard. Molina Healthcare (NYSE: MOH) dropped 8.9%. Tenet Healthcare (NYSE: THC) lost 6.8%; Cigna (NYSE: CI) fell 3.3%.
Last month, a federal court of appeals partially reversed the district court's opinion, sending the case back down to be reheard. That news left the Affordable Care Act in place for the time being, and health insurance shareholders were happy again. Centene (NYSE: CNC) jumped up 4% and Molina rose 3%. Shares of Wellcare (NYSE: WCG) went up over 2%.