Tenet shares jump after update from CEO

Shares of Dallas-based Tenet Healthcare closed Jan. 8 at $20.31, up nearly 8 percent from the day prior.

The hospital operator's shares jumped after executive chairman and CEO Ronald A. Rittenmeyer's presentation at the J.P. Morgan Healthcare Conference in San Francisco, according to Seeking Alpha.

During the presentation, Mr. Rittenmeyer provided an overview of the company's performance in 2018 and discussed top priorities for this year.

Tenet plans to deploy $150 million to $175 million this year for acquisitions in the ambulatory space. The company will possibly use additional funds to expand its ambulatory care segment if more deals make sense, according to the presentation slides.

Mr. Rittenmeyer said Tenet is still exploring strategic options for Conifer Health Solutions, its business services subsidiary. The company announced in 2017 that it was considering selling Conifer. In addition to a potential sale, the company is exploring other alternatives, such as a merger or a tax-efficient spinoff.

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