Market Overview

Health Care Stocks Spike After McCain Announces 'No' Vote On Graham-Cassidy Proposal

Health Care Stocks Spike After McCain Announces 'No' Vote On Graham-Cassidy Proposal

Health care stocks caught a boost Friday afternoon as the latest ━ and perhaps last ━ effort to repeal the Affordable Care Act (known to many as Obamacare) lost critical GOP support.

“I cannot in good conscience vote for the Graham-Cassidy proposal,” Sen. John McCain wrote in a statement, joining the dissident voice of Sen. Rand Paul.

McCain objected to both the bill’s unclear implications and the Republican strategy to fast-track discussions to prevent Democratic intervention.

“I believe we could do better working together, Republicans and Democrats, and have not yet really tried,” he wrote. “Nor could I support it without knowing how much it will cost, how it will affect insurance premiums, and how many people will be helped or hurt by it.”

The senator requested answers through an analysis by the Congressional Budget Office, which will not be available until the end of the month. Republicans need to pass the bill by Sept. 30 to ensure continued progress.

With Paul and McCain uniting with the Democrats, the vote is expected to result in a tie. However, Republican Sen. Susan Collins has indicated her inclination to vote no, which would kill the movement altogether.

“The premiums would be so high they would be unaffordable,” Collins said Friday.

The following stocks spiked up on the news:

  • Aetna Inc (NYSE: AET)
  • Anthem Inc (NYSE: ANTM)
  • Centene Corp (NYSE: CNC)
  • Community Health Systems (NYSE: CYH)
  • Humana Inc (NYSE: HUM)
  • Molina Healthcare, Inc. (NYSE: MOH)
  • UnitedHealth Group Inc (NYSE: UNH)

Image Credit: By Flicker photographer dsb nola, via Wikimedia Commons

Posted-In: Affordable Care Act Graham-Cassidy Bill john mccainNews Health Care Politics Movers General Best of Benzinga


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