CHS shares jump 30%

Shares of Franklin, Tenn.-based Community Health Systems soared 30 percent Oct. 28 after the for-profit hospital chain said its longtime CEO would step down and it released better-than-expected financial results for the third quarter. 

The hospital chain's shares traded between $4.83 and $6  Oct. 28 after closing Oct. 27 at $4.39. CHS shares closed Oct. 28 at $5.71, up 30 percent from a day earlier. 

CHS announced after market close on Oct. 27 that it ended the third quarter of this year with a profit of $112 million, compared to a net loss of $17 million in the same period a year earlier. The company also revealed that Wayne Smith, who has helmed CHS since 1997, will step away Jan. 1 from his role as CEO to become executive chair of the board of directors. 

More articles on healthcare finance:
HCA execs keep cost-cutting plan in back pocket for next year
Up to 28 Kentucky hospitals at risk of closure
9 hospitals with strong finances

 

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.