Are folks going to finally stop investing...BD
NEW YORK (Reuters) Mar 11 - WellPoint Inc may have just shot down any investor hopes that U.S. health insurers could be a safe place to put their money in a troubled economy.
Shares of WellPoint tumbled as much as 27.6 percent on Tuesday after the largest U.S. health insurer by membership slashed its 2008 profit forecast, citing high medical costs, weak enrollment and a worsening economy.
The stock dropped as low as $47.70, the lowest price since November 2004. That move wiped away nearly $10 billion in market value in WellPoint alone. Rival insurers also fell sharply: Humana shares fell 18 percent, UnitedHealth Group shares were down about 10 percent, Cigna dropped 10 percent and Health Care sank 19 percent. Aetna shares fell 10 percent despite reaffirming its outlook on Tuesday.
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