Bob Herman Jan 30
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Health care stocks freak out over new Amazon company

Brokers run around on the Wall Street stock exchange floor
Health care stocks tanked Tuesday morning. Photo: Spencer Platt / Getty Images

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.

Axios 7 hours ago
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Axios 5 hours ago
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North Korea says it is stopping nuclear and missile testing

Kim Jong-un sits at a desk.
Kim Jong-un. Photo: STR/AFP/Getty Images

North Korean leader Kim Jong-un has announced the country will stop conducting nuclear tests and launches of intercontinental ballistic missiles starting April 21, and shut down a nuclear test site in the north side of the country, through a broadcast on the state news agency KCNA reports, and President Trump announced in a tweet, later adding quotes from the message.