Feb 28, 2018

Community Health Systems' stock craters on giant losses

CHS lost $2.5 billion in 2017. Photo: Jeffrey Greenberg / UIG via Getty Images

The stock price of Community Health Systems plummeted more than 17% today after the floundering hospital system posted a $2.5 billion loss in 2017, due in large part to a big write-down of assets. That amounts to a net loss of $22 per share. CHS also still has $13.9 billion of debt.

The bottom line: Investors continue to lose their shirts on CHS, which has sold off dozens of hospitals to combat its colossal debt. CHS CEO Wayne Smith recently said he regrets acquiring rival hospital chain Health Management Associates.

Go deeper

Special report: Health care workers vs. coronavirus

Photo Illustration: Sarah Grillo/Axios. Photos: Angela Weiss/AFP via Getty Images, Bruce Bennett/Getty Images, and Europa Press News/Europa Press via Getty Images

Health care workers are at an especially high risk of catching the coronavirus, because of their prolonged exposure to patients who have it. Making matters worse, the U.S. doesn't have enough of the protective equipment, like masks and gloves, that keeps them safe.

  • And yet these workers, with loved ones of their own, keep showing up at hospitals across the country, knowing that more Americans than they can possibly care for are depending on them.
Go deeperArrow39 mins ago - Health

Backed by the Fed, bond investors get bullish

Illustration: Sarah Grillo/Axios

The Fed's massive injections of liquidity have reopened much of the bond market, and after back-to-back weeks in which more than $100 billion flowed out of bond funds, investors have regained their bearings and now see opportunity.

What's happening: But after the hemorrhaging outflows relented last week, bulls may now be sticking their heads out a bit too far. Junk bond funds took in more than $7 billion for the week ended April 1, according to Refinitiv Lipper, setting a new weekly record.

What top CEOs fear telling America about the coronavirus shutdown

Illustration: Eniola Odetunde/Axios

Top CEOs, in private conversations and pleas to President Trump, are warning of economic catastrophe if America doesn't begin planning for a phased return to work as soon as May, corporate leaders tell Axios.

Why it matters: The CEOs say massive numbers of companies, big and small, could go under if business and government don't start urgent talks about ways groups of workers can return.