UNH has lost more than $200 billion in market value in the last six months. The company’s old CEO sees a fix. Investors should be wary.

The stock has collapsed because nobody seems to know just how bad utilization rates have become. When UnitedHealth Group reported first-quarter results on April 17, management adjusted its 2025 earnings outlook from a range between $28.15 and $28.65 per share down to a range between $24.65 and $25.25 per share.

U.S. stock index futures slipped on Thursday as a rally fueled by the U.S.-China tariff truce appeared to ease, while UnitedHealth fell after a report of a DoJ investigation into the health insurer. Investors will also focus on comments from Federal Reserve Chair Jerome Powell due later in the day,