Biotech
Friday, October 13th, 2023 3:51 pm EDT
Key Points
- UnitedHealth, a managed-care giant, reported robust Q3 financial results, surpassing Wall Street expectations with adjusted earnings of $6.56 per share and revenues of $92.4 billion.
- In response to the strong earnings report, UnitedHealth’s shares rose by approximately 2%, reaching around $535 each. This performance contributed to a nearly 1% increase in the S&P 500 healthcare sector, outperforming other sectors like energy and financials.
- Jim Cramer of CNBC noted that UnitedHealth plays a pivotal role in the healthcare industry, and its positive performance is expected to benefit related stocks. He mentioned Humana as one of the companies poised to perform well, with its shares rising by nearly 2.5% on the day. This report follows UnitedHealth’s earlier warning about increased medical costs, which had impacted healthcare stocks, including Humana, and boosted shares of various medical device manufacturers. UnitedHealth’s strong Q3 results have helped allay concerns, bringing its year-to-date performance into positive territory.
UnitedHealth, a managed-care giant, reported strong financial results, with adjusted earnings of $6.56 per share and revenues of $92.4 billion for the third quarter of the year, surpassing Wall Street expectations. In response, UnitedHealth’s shares increased by approximately 2% to reach around $535 each, contributing to a nearly 1% rise in the S&P 500 healthcare sector. The company is a prominent player in the healthcare industry and is expected to positively influence related stocks. Jim Cramer noted the positive outlook for the health-care sector and highlighted companies like Humana, which rose by almost 2.5% on the day. UnitedHealth had previously warned of increased medical costs earlier in the year, impacting healthcare stocks and medical device makers. However, its strong Q3 results have helped alleviate concerns, leading to a positive year-to-date performance for UNH shares.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/13/cramer-unitedhealth-is-back-and-lifting-other-health-care-stocks-with-it.html
