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.
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