UnitedHealth Group on Thursday joined the new club of very large American companies experiencing very large single-day stock losses, with a 22% drop wiping out $120 billion of shareholders’ value. The plunge marked investors’ reaction to a substantially lower projection from UnitedHealth executives for the full-year performance of Minnesota’s largest company.

Health insurance stocks are calling in sick today. Pulled lower by UnitedHealth Group’s (UNH) paring back of its forecasts for 2025—the news has the giant’s shares down roughly 19% in early action—the group is dropping Thursday.

UnitedHealth (UNH) shocked investors Thursday by cutting its 2025 profit forecast — and offering a sobering diagnosis: Older Americans are using more healthcare than expected, and the government is paying less to cover it.