Health Stocks Fall After Amazon, JPMorgan, Berkshire Announce Health-Care Deal

Amazon, JPMorgan and Berkshire Hathaway unveil new plan
Nonprofit company will seek to reduce companies’ health costs

Bloomberg’s Zach Tracer reports on what the new company will mean for the health-care sector.(Source: Bloomberg)

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By Ivan Levingston

January 30, 2018 at 1:12 PM UTC

Updated on

January 30, 2018 at 3:02 PM UTC

This article is for subscribers only.

Health-care stocks slumped after three companies led by Internet giant Amazon.com Inc. said they plan to collaborate on developing ways to cut the cost of employee health care.

Pharmacy-benefit manager Express Scripts Holding Co. fell as much as 11 percent, the most intraday since April, at the open of U.S. trading Tuesday, while rival CVS Health Corp. dropped as much as 6.4 percent. Health insurers also fell, with Anthem Inc. losing as much as 6.5 percent and Aetna, which is being bought by CVS, sliding as much as 4.3 percent.