CVS, Centene shares plunge as their Medicare Advantage plans receive lower ratings

Shares of drugstore operator CVS Health Corp. fell as much as 10% and insurer Centene Corp. slumped 8% on Oct. 7, after performance ratings for Medicare Advantage health insurance plans were released the day before, reports Reuters. CVS' largest Medicare Advantage health insurance plan received a lower performance rating, the company said on Oct. 6, leading to more than $11.6 billion being wiped off its market value by 11:30 a.m. on Oct. 7. Centene, which has fallen more than 10% this year, also lost $3.5 billion of its market value by 11:30 a.m.