What’s really interesting about UNH lately is their PBM play in pharmaceuticals. Even Humira can be swapped out—biosimilar substitution is putting serious pressure on U.S. health insurance margins. With both insurers and the FDA squeezing, and rebates getting cut, just keeping costs under control is an achievement. After a drop like this, looking at past cycles, it usually takes 3–6 months for sentiment to recover. The market needs to confirm both a policy bottom and an earnings bottom—the rebound will be slow. Don’t get too optimistic; wait for the wind to shift.$Unity Software(U.US)nitedhealth.US