Here's Why Tenet Healthcare Stock Perked Up Today
Shares of Tenet Healthcare (NYSE: THC), a giant hospital operator, popped after the company said it was going to spin off a payment processor. Investors would have preferred a direct sale, but a spinoff was good enough to drive the stock 14.5% higher on Wednesday.
Despite today's gain, Tenet Healthcare stock has fallen 48.3% over the past year because the company's $15.8 billion of long-term debt and slowly sinking revenue has applied lots of pressure on the hospital operator. For years, Tenet has tried to find a buyer for its billing and payment processing subsidiary, Conifer. Since Tenet can't get one of its peers to buy Conifer, the company has decided to sell its shares to investors.
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