Community Health Has Surprise Quarterly Loss; Stock Plunges
- `Things got worse, and it wasn't just the flu,' analyst says
- Community considers selling some hospitals to pay down debt
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Shares of Community Health Systems Inc., the U.S.’s second-largest chain of for-profit hospitals, plunged after the company reported an unexpected fourth-quarter loss.
The stock fell 22 percent to $14.53 at 3:24 p.m. New York time. Earlier they plunged as much as 31 percent to $12.86, the lowest intraday price since December 2008. With Tuesday’s drop, Community’s shares have lost more than 75 percent of their value since their 52-week closing high of $64.04 on June 26.