JPMorgan analyst Gary Taylor says last night's 5th Circuit Court of Appeals' "tweener" ruling was in line with his expectations but probably better than the prevailing consensus. The court affirmed the Texas district court ruling that the Affordable Care Act's individual mandate is unconstitutional, but remanded the issue of severability back to the district court for a more thorough examination, Taylor tells investors in a research note. He believes the second part of the ruling is better than prevailing market expectations as it indicates that two Republican judges at least took issue with the lower court's cursory examination of severability. Centene (CNC) and Molina Healthcare (MOH) have by far the largest earnings exposure to the Affordable Care Act and the stocks may be up mid-single-digit percentages today, says the analyst. He believes the ruling removes a partial overhang on both stocks.