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Molina Healthcare (MOH) Stock Plunges on Q1 Earnings Miss

NEW YORK (TheStreet) -- Shares of Molina Healthcare (MOH - Get Report) are tumbling by 18.86% to $52.11 on heavy trading volume Friday afternoon, after the company posted weaker-than-expected earnings for the 2016 first quarter after yesterday's market close.

The provider of Medicaid-related services posted adjusted earnings of 51 cents per diluted share, which fell short of analysts' expectations of 81 cents per share.

Revenue jumped by 37% to $4.34 billion year-over-year and surpassed Wall Street's estimates of $4.17 billion.

"Although first quarter results were not in line with our expectations, we nevertheless remain on track to meet our long term goals," CEO J. Mario Molina said in...