Hospital stocks are under pressure amid labor strife
With 75,000 Kaiser Permanente healthcare workers striking this week, hospital stocks are under pressure, and industry giant Tenet Healthcare Corp. THC, -1.31% could be next to face a significant work stoppage, analysts say.
The widening labor unrest weighed on some hospital stocks this week. As of mid-afternoon Thursday, Tenet Healthcare shares were down about 9% so far this week, while Community Health Systems Inc. shares CYH, -3.66% were down about 4% for the week. HCA Healthcare Inc.’s stock HCA, +0.63% was roughly flat.
“Our hospitals have been bargaining in good faith to reach a fair agreement to continue to recruit and retain staff,” Tenet Healthcare said in a statement to MarketWatch Thursday. “Unfortunately SEIU-UHW is prioritizing spreading false narratives over reaching an agreement for its members.” If a strike does occur, Tenet said, “we are prepared and will be in full operation during that time.” Tenet employees represented by the union include certified nursing assistants; licensed vocational nurses; emergency room, radiology and respiratory technologists; and other workers, according to SEIU-UHW.
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