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The last two trading days saw a 32-percent spike in Tenet Healthcare Corp (NYSE:THC) as news suggested a potential turnaround in strategy and performance.
The first report indicated that Glenview Capital Management pulled two representatives off Tenet’s board, which prompted a 14-percent pop Friday. The institutional investor, which nonetheless committed to its 18-percent stake as Tenet’s largest shareholder, cited “irreconcilable differences” as the reason.
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Glenview’s renunciation of the two seats terminated a previous agreement between them and Tenet had called for “other ways to be a constructive owner of Tenet,” effectively freeing Tenet to pressure a sale, leadership change or other strategic alternative.
On Monday, Camber Capital Management got in on the action and revealed a new 5.7-percent stake, prompting another 20-percent run.
Investors should be aware that Friday and Monday’s activity merely returned the stock to early-August levels. Prior to the spikes, Tenet had sunk to an eight-year low on earnings misses.
Shares closed at $16.56 Monday, 31 percent above Friday’s open and 14.6 percent up on the day.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.