Cigna: Health Care Winners and Losers

Updated with closing prices

Managed care stocks raced out of the trading gate Wednesday, a day after the Senate's top Democrat signaled that Congress may miss a year-end deadline for passing health care legislation.

Managed care stocks have soared and fallen for months on the latest developments in the health care debate. A big concern for investors is whether the government creates a public option that could pose competition to private health insurers. A public option currently is in both House and Senate bills.

On Tuesday, Senate Majority Leader Harry Reid, D-Nev., said lawmakers would not be bound by any time lines as they work on legislation that aims to cover the uninsured and tame rising medical costs. Lawmakers and President Obama have set deadlines of completing work on health care by the end of the year.

Reid's office later issued a statement saying they still intend to send legislation to Obama for his consideration by Christmas. The House of Representatives could vote on its version of the overhaul bill in a few days.

Investors may be encouraged by the possibility of a delay or blown deadline in the Senate.

"The longer the process takes, the more likely there will be resistance to it," Miller Tabak analyst Les Funtleyder said.

Funtleyder said managed care companies -- which have been reporting mostly better-than-expected results for the recently completed third quarter -- are priced for worst-case scenarios regarding the overhaul. Any good or better-than-expected news can boost their share prices.