Centene's 0.08 Rise on 256th Ranked $0.44 Billion Volume Amid Healthcare Sector Shifts and Regulatory Uncertainty

Centene Corporation (CNC) saw a 0.08% rise in trading on October 8, 2025, with a total volume of $0.44 billion, ranking 256th in market activity for the day. The stock's performance was influenced by ongoing strategic shifts within the healthcare sector and evolving regulatory dynamics in managed care services. Analysts noted muted trading activity despite broader market volatility, suggesting limited short-term catalysts for the company's shares.

Recent developments highlight Centene's focus on optimizing its Medicaid portfolio through targeted state contract renegotiations. The company has been prioritizing high-growth markets in the South and Southwest, where demographic trends and policy reforms are driving enrollment expansion. However, rising pharmacy benefit margin pressures and state-level budget constraints have tempered investor enthusiasm, with earnings guidance remaining within conservative parameters.

To ensure the back-test matches what you have in mind, could you please clarify a few practical details? 1. Universe • Are we looking at all U.S. exchange-listed common stocks, or a different equity universe? 2. Selection timing • For each trading day, do we select the “top-500 by volume” based on a) that day’s trading volume and buy them at the same day’s close, or b) the previous day’s volume and buy them at today’s open? • Positions are closed after exactly one trading day—should that be at the next day’s close (close-to-close returns) or the next day’s open (open-to-open)? 3. Trading frictions • Assume zero transaction costs/slippage, or would you like a default cost (e.g., 5 bps per trade)? Once I have these points, I can set up the daily rebalance back-test from 2022-01-01 through today and present performance metrics and charts.