The largest exchange traded fund (ETF) tracking the healthcare sector rose 1% in morning trade Monday as traders keyed on Community Health Systems’ (NYSE: CYH) increased bid for Tenet Healthcare (NYSE: TCH), and quarterly earnings from Humana (NYSE: HUM).
Community Health’s best and final offer “is a thoughtful way to get to some resolutions on this transaction,” said Jefferies analysts. “We expect Tenet to reject this offer on grounds that it is still inadequate.”
Tenet shares were down about 4% in recent trading Monday.
In other sector news, Humana before the opening bell reported higher quarterly profit. [Healthcare ETFs Mixed Following Humana Earnings.]
Health Care Select Sector SPDR (NYSEArca: XLV) was up 1.1% at last check.
Health Care Select Sector SPDR
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