Health-care companies fell amid concerns that a major merger would come at the expense of shareholders.

Cigna and Humana are in talks for a combination that would create a new powerhouse in the health-insurance industry.

One strategist said both stocks fell because antitrust regulators are highly unlikely to allow the merger to go through, following blockages of similar deals such as Anthem's attempt to buy Cigna in 2015.

Investors may fear that both companies will waste time and money in a vain attempt to consummate a deal.

Medical device maker Koninklijke Phillips shares fell sharply Wednesday as the Food and Drug Administration said there's an emerging safety issue involving its product for sleep apnea, known as a CPAP machine.

Shares of Vivos Therapeutics, which recently developed an alternative to CPAP machines, surged.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-29-23 1726ET