On Thursday Senate Republicans moved a step closer to their seven year long promise to repeal the Affordable Care Act by unveiling a new bill that would cut Medicaid and end the law's requirement that most Americans have health insurance.
Hospital stocks were gaining as a result.
Shares of Tenet Healthcare (THC - Get Report) were higher by 6.67% to $18.86, HCA Healthcare (HCA - Get Report) was rising by 3.84% to $87.21, Universal Health Services (UHS - Get Report) was up by 1.9% to $115.37, and Community Health Systems (CYH - Get Report) was climbing by 7.01% to $9.46 this morning.
The 142 page bill looks to create a new system of federal tax credits to help people buy health insurance, the New York Times reports. States will be offered the ability to drop many of the benefits required by ACA including maternity care, emergency services, and treatment for mental health.
The bill was drafted in secret and is likely to come to the Senate floor next week. If the bill becomes law it is expected that millions of Americans will end up with no health coverage.
What's Hot On TheStreet
Tesla still doesn't deserve it valuation: Tesla (TSLA - Get Report) fanboys have just gained their daily pound of flesh. The electric car company has reportedly reached a deal with officials in China to open a production facility in the world's biggest clean-energy car market. The deal would likely allow it to form a joint-venture with a China-based partner and avoid the 25% tariff applied to imported vehicles. The move would also substantially cut shipping and production costs when compared to Tesla's facility in Nevada, TheStreet's Martin Baccardax reports.
Tesla is now valued at an insane $61 billion...and counting.
What was this Kroger exec drinking: Maybe this Kroger (KR - Get Report) fella has been up too late studying the aftershocks of Amazon's (AMZN - Get Report) big deal for Whole Foods (WFM) . "I'm glad their stores are finally open," Kroger CFO Michael Schlotman said about German rival Lidl at Oppenheimer's Consumer Conference Wednesday. Schlotman said he is excited, in fact he feels "great about it," to finally start seeing if the preparations Kroger put in place to compete with Lidl will stand the heat. TheStreet's Lindsay Rittenhouse was all over this bizarre exchange.
Having your profit margins crushed by a ruthless German grocer shouldn't be exciting, Kroger.
Don't forget about Intel: Advanced Micro Devices (AMD - Get Report) may beat Intel Corp. (INTC - Get Report) to selling the fastest computer chip this year, but the technology giant is working on other projects that are pushing the limits.
From artificial intelligence to drones, Intel is working to connect everything to the internet to collect data that can be used to improve safety, efficiency and lifestyles. Whether it is helping athletes perform better or making cars autonomous, Intel's technology is working to transform multiple industries. Here's 11 cool projects Intel is working on that investors seem to have forgotten about.
Visit here for the latest business headlines.