Shares of Franklin, Tenn.-based Community Health Systems surged Feb. 20, the day after the company released financial results for the fourth quarter of 2019 and provided guidance for 2020.
The hospital chain's shares closed Feb. 20 at $6.72, their highest closing price since October 2017. Shares of CHS traded between $5.39 and $7.26 on Feb. 20 and were up 40 percent from the day prior at market close.
The big jump came after CHS reported fourth-quarter operating revenues of $3.29 billion, surpassing the Wall Street consensus estimate of $3.18 billion. The company reported adjusted earnings per share of 40 cents for the fourth quarter of 2019, topping analysts' average estimate of a loss of 46 cents per share, according to The Motley Fool.