Why Oscar Health (OSCR) Stock Crashed on Friday

We recently published a list of 10 Stocks that Crashed on Friday. In this article, we are going to take a look at where Oscar Health (NYSE:OSCR) stands against other companies mirroring Wall Street’s downturn.

Wall Street’s main indices finished the shortened trading week in the negative territory, dampened by labor market data that came in much hotter than expected. The news fueled concerns that the Federal Reserve will not slash interest rates again.

Both the Dow Jones and the Nasdaq Composite dived by 1.63 percent on Friday, while the S&P 500 declined by 1.54 percent.

Ten companies mirrored a wider market downturn amid a series of catalysts that dampened investing appetite. This article explores the reasons behind their decline.

In Friday’s biggest losers, we only considered the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A close up of a patient and a healthcare professional engaging in conversation, showing the company’s commitment to patient care.

Oscar Health Inc. (NYSE:OSCR)

Health insurance firm Oscar Health (OSCR) finished this week’s shortened trading lower, slashing 7.26 percent to end at $14.18 apiece, weighed by the Los Angeles wildfire that destroyed thousands of structures and claimed the lives of 10 people.

Oscar Health (OSCR), along with its insurance counterparts, all posted significant declines as the Los Angeles blaze which broke out on Tuesday already resulted in total damage and economic loss of up to $150 billion.

According to weather site AccuWeather, the economic damages could still potentially increase as the fires continue to spread.

Insurance companies stand to bear the brunt of the damages and expect increased claims that could potentially hurt their financial performance.

Overall, OSCR ranks 10th on our list of companies mirroring Wall Street downturn. While we acknowledge the potential of OSCR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than OSCR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.