24H｜Tesla Rises 1%; Wolfspeed Jumps 5% After Soaring 98% Tuesday; U.S. Health Insurer Shares Fall; Centene Drops 23%; Oscar Health down 6%
Tesla Motors shares rose 1% in overnight trading following 5% drop in the prior session.
Wolfspeed Inc. rallied 5% in overnight trading after soaring 98% in the previous trading day.
U.S. health insurer shares fell in overnight trading. Centene fell 23%; Molina Healthcare fell 8%; Oscar Health fell 6%; Elevance Health fell 3%; UnitedHealth fell 1%.
A federal judge on Tuesday blocked the Trump administration from moving forward with plans to overhaul the U.S. Department of Health and Human Services by reorganizing several of its agencies and substantially cutting their workforce.
Centene shares tumbled after the health insurer pulled its 2025 guidance, citing insurance market trends that veered from its assumptions and threaten $1.8 billion in revenue.
Preliminary data from 22 states found an adjustment intended to compensate insurers for taking on sicker patients would fall short of Centene’s expectations, cutting $2.75 per share from its adjusted annual earnings, the company said in a statement. Details from another seven states could reduce the company’s performance further, it said. In April, Centene forecast adjusted earnings for the year exceeding $7.25 a share.
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