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Add healthcare investors to the list of victims of that Texas judge’s idiotic ruling against Obamaca

Add healthcare investors to the list of victims of that Texas judge's idiotic ruling against Obamacare:

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The potential victims of the widely ridiculed ruling by U.S. District Judge Reed O’Connor of Texas against the Affordable Care Act number in the millions — possibly about 160 million protected by one or another of the law’s medical-related provisions.  Legal experts say those people won’t necessarily feel the effect of the ruling for months, if not years — and that’s assuming it’s upheld by higher courts, which the experts consider unlikely. (Here’s a concise rundown of how off-kilter the ruling is, by Abbe Gluck of Yale Law School.) Advertisement  But there’s a whole different class of people who already are feeling the impact. They’re investors in shares of healthcare companies dependent on the continued operation of the Affordable Care Act. Many of those stocks took major hits after trading opened Monday morning, followed by further declines Tuesday. That Texas judge’s ‘insane’ ruling that Obamacare is unconstitutional could leave the law fatally wounded — or even stronger By Michael Hiltzik Dec 15, 2018 | 8:40 AM  The worst blow seems to have been sustained by Molina Healthcare, a Long Beach health insurer that was already facing questions about its management, as we reported over the weekend. Molina shares closed Tuesday at $118.36 on Nasdaq, down $14.69 or 11.15% from its close Friday. (O’Connor issued his ruling after the market’s close Friday.)  That’s a reflection of the company’s heavy investment in two Affordable Care Act programs. Molina derived about 35% of its 4.5 million members and about 32% of its premiums from the ACA marketplace and Medicaid expansion in 2017, the company reported.  Also heavily affected were shares of Centene, a St. Louis-based insurer with a similarly sizable dependence on the ACA. Centene closed Tuesday at $120.09 on the Nasdaq, having sustained a two-day loss of $7.44 or 5.83%. Like Molina, Centene has focused on the lower-income end of the health insurance market, a strategy that has helped it find a profitable niche in the exchange and Medicaid expansion markets.  J.P. Morgan analyst Gary Taylor calculates that Centene and Molina both depend on the ACA programs for more than 40% of their earnings per share, according to Bloomberg. Molina Healthcare goes to war with its founding family, affecting coverage for 79,000 patients By Michael Hiltzik Dec 14, 2018 | 6:45 AM  Among other healthcare companies suffering trading losses that were probably due in part to the ruling are Anthem, down 5.89% over two days, and Cigna, down 6.48% in the same period.  On the broader market, stocks fell sharply Monday but recovered Tuesday. From Friday through Tuesday, the Standard & Poor’s 500 index fell 2.04%, the Nasdaq fell 1.83%, and the Dow Jones Industrial Average fell 1.76%.  What distinguishes these losses from those of other stakeholders in the ACA is that they’re immediate, though they may well be fleeting. O’Connor’s ruling, however, could have a long-term impact on millions of others by
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