Medicare Mess Sends Humana Shares on Worst Fall Since Financial Crisis [BNN Bloomberg (Canada)]
Clover Health Investments, Corp. - Class A Common stock (CLOV)
Company Research
Source: BNN Bloomberg
The health insurer's stock price plunged 22% on Tuesday and Wednesday alone, something it last did in February 2009. And they kept falling, putting the shares on track for their worst week since 2020 and putting them at a level last seen in March of that year. It all started on Tuesday, when speculation rippled through the stock market that Humana was going to lose high quality ratings on some of the major plans it manages for the US Medicare program. By early Wednesday morning, a week before the government is due to release its official Medicare ratings, the company confirmed the rumors were true. As a result, only about a quarter of its members will be in highly rated plans that generate extra revenue, down from 94% previously, Humana said. The news sent its shares into a tailspin, falling as much as 24% within the first five minutes of Wednesday's trading, its biggest intraday decline since Feb. 23, 2009. At the peak of the selloff on Wednesday morning, Humana had lost a third
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CLOV
Earnings
- 11/6/24 - Beat
CLOV
Sec Filings
- 11/18/24 - Form 4
- 11/12/24 - Form 4
- 11/12/24 - Form SC
- CLOV's page on the SEC website