Flu season may have a more muted impact on some health care stocks than investors expect, even though experts warn that this year's version is shaping up to be more intense than recent seasons.

Higher-than-normal reports of flu started cropping up in several states before Christmas, and flu-related hospitalizations also began climbing earlier than usual. The Centers for Disease Control and Prevention has warned that they see a bad season shaping up for the flu, which usually peaks in midwinter.

On average, about 24,000 Americans die each flu season, according to the CDC.

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