Shares of Franklin, Tenn.-based Community Health Systems closed July 17 at $2.11, their lowest closing price ever and down 9.4 percent from the day prior.
The hospital chain's shares traded between $2.09 and $2.35 on July 17 after closing July 16 at $2.33 per share. CHS' share price was down 2.9 percent on July 16.
CHS has been selling off hospitals in recent years to improve its financial position and reduce its heavy debt load. In late 2017, the company announced a plan to sell a group of hospitals with combined annual revenue of $2 billion. During an earnings call on April 30, CHS Chairman and CEO Wayne Smith said the company expects to complete the hospital divestiture plan in 2019.
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