Stock prices of many of the largest health care companies fell heavily this morning on the news that Amazon, JPMorgan Chase and Berkshire Hathaway would team up to create a company that would "address health care for their U.S. employees."
The big picture: Just mentioning "Amazon" and "health care" in the same sentence is enough to throw the health care watchers on Wall Street into a tailspin.
Losers, as of market close on Tuesday:
- Cigna (down 7.2%)
- Anthem (down 5.3%)
- AbbVie (down 5.2%)
- Walgreens (down 5.2%)
- UnitedHealth Group (down 4.4%)
- CVS Health (down 4.2%)
- Express Scripts (down 3.2%)
- Humana (down 3.1%)
- McKesson (down 2.6%)
- AmerisourceBergen (down 2.5%)
- Cardinal Health (down 1.8%)
Reality check: There are still almost no details about what Amazon, JPMorgan and Berkshire will do, other than it will be focused on their own employees and involve technology.
