Healthcare stocks dropped as Wall Street feared more bad news ahead for the nation's large insurance companies after insurer WellPoint Inc. abruptly canceled a massive rate increase in California, the Los Angeles Times
reports. Investors worried that Indianapolis-based WellPoint's decision to abandon plans for rate hikes as high as 39% amid pressure from state officials could be a sign of things to come elsewhere. "People are thinking, if this is happening in California, it might start happening in other states," said Steven Shubitz, a healthcare analyst with Edward Jones in St. Louis. "If that happens, profit growth could be seriously impacted."