Why Calpine, Tenet Healthcare, and Snap Jumped Today

Stocks closed down on Friday, as major benchmarks failed to make back lost ground from Thursday's steep declines. The departure of Trump administration chief strategist Stephen Bannon marked the latest shift among top White House officials, raising still more questions about whether hoped-for policy changes will make their way out of Washington. Yet even though key indexes finished with minimal moves south, several stocks managed to post solid advances to finish the week. Calpine (NYSE: CPN), Tenet Healthcare (NYSE: THC), and Snap (NYSE: SNAP) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.

Shares of Calpine finished higher by 10.5% after the generator of electricity got a buyout bid from a consortium of private investors led by Energy Capital Partners. The deal, which also involves a key Canadian pension plan, will pay Calpine shareholders $15.25 per share in cash, valuing the company at roughly $5.6 billion. Calpine had begun a strategic review process to look at potential deals during the spring, and CEO Thad Hill said that the move should allow Calpine to keep "providing safe and reliable power and serving our retail and wholesale customers with differentiated products and services." Even with today's gains, though, Calpine stock is down by a third from where it traded in early 2015, disappointing longtime investors with its overall performance.

Calpine's Goose Haven energy center. Image source: Calpine.

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Source: Fool.com