Stock Alert: Universal Health Services Rises 9%

(RTTNews) - Shares of Universal Health Services, Inc. (UHS) are currently up nearly 9% on Friday morning. The company, which provides hospitals and health care services, had yesterday announced it will reduce base salaries of few executives to partially offset the impact of COVID-19 pandemic.

UHS is currently trading at $111.78, up $8.87 or 8.62%, on the NYSE.

In an SEC filing the company said in response to the COVID19 pandemic, the Compensation Committee of the Board of Directors of Universal Health Services approved the reduction Founder, Chairman and CEO Alan Miller's base salary by 100% for the two-month period from June 1, 2020 through July 31, 2020. The company will also cut base salaries for Marc Miller, Steve Filton, Marvin Pember and Matthew Peterson by 20% for the three-month period from June 1, 2020 through August 31, 2020.

In addition, the base salaries of all non-executive officers of the company, and certain other members of the company's senior management team, will be reduced during the three-month period of June 1, 2020 through August 31, 2020, by various percentages ranging from 20% to 5%.