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WellPoint results infect insurer stocks

Shares of several health insurers sank Wednesday after WellPoint Inc. cut its 2012 earnings forecast and its second-quarter net income dropped more than 8 percent.

By Associated Press | Updated on July 25, 2012

Shares of several health insurers sank Wednesday after WellPoint Inc. cut its 2012 earnings forecast and its second-quarter net income dropped more than 8 percent.

WellPoint, the nation’s second-largest insurer after UnitedHealth Group Inc., said its enrollment slipped in the quarter. Companies cut jobs, reducing the number of people covered by employer-sponsored health insurance. WellPoint’s medical costs also spiked in May. Although they returned to normal levels last month, WellPoint decided it was prudent to lower its forecast in case costs spike again later this year.

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