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Molina Healthcare down 9% premarket on bad news in Texas

Oct. 30, 2019 9:25 AM ETMolina Healthcare, Inc. (MOH) Stock, CNC StockCNC, MOHBy: Douglas W. House, SA News Editor
  • Molina Healthcare (NYSE:MOH) slumps 9% premarket on light volume on the heels of its disclosure that the Texas Health and Human Services Commission has awarded its Medicaid services contracts for Bexar, Dallas, El Paso, Harris and Jefferson service areas to other providers.
  • Under the new contracts, it will provide services in Hidalgo and North East areas only.
  • Through the first three quarters of this year, the areas generated $1.2B in revenues. The company says it is "seeking to understand" the basis for the Commission's decision.
  • Competitor Centene (NYSE:CNC) is up 7% premarket.

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