A Virginia judge has ruled that the Obama health care bill is unconstitutional. It's unconstitutional to force people to buy coverage, which is hurting shares of the insurers like UnitedHealth Group Inc. (NYSE: UNH) and WellPoint, Inc. (NYSE: WLP).
The insurance companies initially spiked on the news, but just as fast as the spike happened, shares are coming back down just as fast. This would mean less business for these insurance companies, so potential profits will be hit.
Congress has exceeded its power said Judge Hudson, the ruling judge in the case. The judge did not rule about the validity of the entire law, just this section of the law.
