Two days before the One Big Beautiful Bill Act cleared Congress, the No. 1 insurer in the Affordable Care Act marketplace called in sick.

Centene (CNC), an S&P 500 member as well as the nation's largest Medicaid managed care provider, warned that beneficiaries of these programs were ringing up much bigger than expected medical bills. It also revealed that ACA enrollment had taken a surprise turn lower. The ailments sent Centene stock plunging 40% to an eight-year low as analysts slashed earnings estimates by more than half.

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