Yesterday was a difficult trading session for the managed healthcare group, with industry giant WellPoint Inc. (NYSE: WLP) cutting its 2008 profit forecast, blaming higher claims expense and the weak market conditions. Today is another tough day, with health care companies taking another hit on pressure from Humana Inc. (NYSE: HUM), which warned about lower-than-expected first quarter and full year earnings results.

Blaming increased prescription expenses, the second largest seller of Medicare drugs cut its first-quarter earnings outlook to a range of 44 to 46 cents a share against its previous prior guidance of 80 to 85 cents a share. Analysts, on average, expected the health insurer show higher first-quarter earnings of 78 cents, according to Thomson Financial.

The company also projected full-year earnings between $4.00 and $4.25 per share, down from a previous forecast of $5.35 to $5.55. Humana's estimates were below analysts' expectations for full-year earnings of $5.47per share.

On Monday night, rival WellPoint cut its full-year earnings outlook to a range of $5.76 to $6.01 a share, compared with its previous forecast of $6.41 a share. For its first-quarter, WellPoint predicted earnings between $1.16 and $1.26 a share, down from prior forecast for $1.44 a share.

The gloomy outlook from Humana made Wall Street push the stock down over 26% in early trading. Along with the company, the entire managed healthcare group is set for a decline and not even yesterday's reaffirmed forecast from Aetna Inc. (NYSE: AET) could encourage investors.

As the current view over healthcare companies shows, I am not too optimistic that the health insurance industry will be able to overcome traders' disappointment today.

Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.