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Centene (CNC) saw its trading volume surge by 38.86% on October 2, 2025, with $0.36 billion in shares exchanged, ranking it 325th among U.S. equities in terms of liquidity. The stock closed up 3.02% for the session, reflecting strong investor interest amid broader market volatility.
Analysts highlighted shifting regulatory dynamics as a key driver for the stock's performance. Recent developments in Medicaid expansion programs and potential adjustments to reimbursement rates under federal healthcare reforms have sparked renewed debate among stakeholders. These policy uncertainties, coupled with Centene's ongoing integration of newly acquired health plans, contributed to heightened short-term trading activity.
Market participants noted the company's strategic positioning in the managed care sector remains intact despite the near-term fluctuations. With its portfolio of low-income-focused Medicaid contracts and growing Medicare Advantage enrollment, Centene's long-term growth trajectory appears insulated from broader economic headwinds. However, investors are advised to monitor upcoming earnings releases for concrete guidance on margin sustainability.
To make sure I design the back-test exactly the way you intend, could you confirm the following details? 1. Universe • Do you want to include every listed U.S. stock (NYSE + NASDAQ) and, each day, pick the 500 names with the highest dollar trading volume? • Or is your universe restricted (e.g., S&P 500 constituents only, specific country, ADRs excluded, etc.)? 2. Re-balancing price • Should we assume we buy at the day’s close and sell at the next day’s close (close-to-close return)? • Or buy at next day’s open and exit at that day’s close (open-to-close)? 3. Weighting • Equal weight across the 500 stocks each day? • Or weight by trading volume / market-cap / something else? 4. Transaction costs • Should we include a per-trade cost or assume zero friction? 5. Benchmark (optional) • Would you like performance compared to a benchmark such as the S&P 500, or is raw return sufficient? Once I have these clarifications, I can set up the data query and run the back-test.

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