INDIANAPOLIS (AP) — WellPoint Inc., the nation's second-largest health insurer, surprised Wall Street on Wednesday by cutting its 2012 forecast and reporting second-quarter earnings that both fell and missed expectations.

Investors then sent the Indianapolis company's stock price on its biggest one-day plunge in more than three years.

The insurer said it lowered earnings expectations after enduring a rough month of May and seeing enrollment slip. That fall was largely due to job cuts, which reduce the number of people covered by employer-sponsored health insurance.

"We're not seeing the economy improve, and it continues to be sluggish," Chief Financial Officer Wayne DeVeydt said.

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