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Here's why investors are cheering Quest and LabCorp losing their exclusive contracts

Bertha Coombs

Both Quest Diagnostics and LabCorp lost exclusive contracts, but their stocks surged following the news. Analysts said the pair of announcements may indicate that the lab services didn't have to resort to rock-bottom pricing to hold onto their agreements. Losing exclusive contracts might normally seem like bad news, but shares of Quest Diagnostics DGX and LabCorp LH surged on Friday after the rival lab services firms announced new non-exclusive agreements with health insurers.

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