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UnitedHealth Slumping on first quarter results

Shares of the managed healthcare provider UnitedHealth Group Inc. (NYSE:UNH) are trading in the negative territory in the early session as the company reported first quarter earnings that were down 7.8 percent. However, the company did beating earnings per share estimates by 1 cent for the quarter and narrowly missed on revenue. But compared to the same period a year ago, earnings per share is down 6 cents. UnitedHealth cited new taxes related to Obamacare and reduction in government funding for Medicare Advantage as reasons for the bad quarter. Despite the fall in earnings, UnitedHealth was able to increase its membership rolls by 2.7 million in the quarter. In addition, the company reaffirmed its full year earnings outlook for 2014.