Magellan Health Services Inc. (MGLN) and Vanguard Health Systems Inc. (VHS) are each slated to lose key health-services businesses in Arizona later this year when their current contracts expire.The two companies can protest the contract announcements--covering behavioral-health at Magellan and Medicaid coverage at Vanguard--but their shares traded off sharply on news Arizona didn't select them for new deals.The loss may be most acute for Avon, Conn.-based Magellan, which received roughly a quarter of its revenue last year from its existing behavioral-health deal in Arizona. Magellan shares dropped nearly 11% to close at $47.45 Monday, then slid further to $45.99 after hours. Vanguard fell 6.4% to close at $15.55 and declined slightly after hours."We are disappointed in the State's decision especially given our track record of success in transforming the public behavioral health system in Maricopa County," said Richard Clarke, chief executive of Magellan Health Services of Arizona.The c...
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