Why Tenet Healthcare, Freeport-McMoRan, and Johnson Controls Jumped Today

Wall Street had a somewhat quiet day today, as the major benchmarks hovered near breakeven, and failed to gain or lose much ground. With no market-making news, investors seemed distracted by the total solar eclipse that was making its way across the U.S. Even as the broader market failed to make any radical moves, several stocks still managed to post gains. Tenet Healthcare Corp. (NYSE: THC), Freeport-McMoRan Inc. (NYSE: FCX), and Johnson Controls International PLC (NYSE: JCI) each made moves upward and were among the best performers of the day. Below, we'll look more closely at these stocks and tell you why they did so well.

Tenet Healthcare, one of the largest hospital owners in the U.S., saw its share price initially spike more than 20%, eventually settling up about 15%. Investors were reacting to news that hedge fund Camber Capital Management had acquired a 5.7% stake in the acute care provider, according to a Schedule 13-G filing with the SEC. This continued the upward move that began last week after the resignation of two board members who represented activist investor Glenview Capital Management. Board members Randy Simpson and Matt Ripperger cited irreconcilable differences, setting the stage for a potential proxy fight. Glenview, which holds an 18% stake in Tenet, revealed that it was considering a number of options, and could push for a change in leadership or sale of the company.

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Source: Fool.com