HCA Healthcare's $580M Trade Ranks 221st on U.S. Volume List Amid Regulatory Clouds

On October 1, 2025, HCA Healthcare (HCA) traded with a volume of $0.58 billion, ranking 221st in trading activity among U.S. equities. The stock closed marginally lower by 0.03%, reflecting muted investor sentiment amid broader market consolidation.

Recent developments surrounding HCA have centered on regulatory scrutiny and operational performance. The company faces ongoing investigations into billing practices, which could impact its revenue structure and compliance costs. Analysts note that while these issues are not new, their resolution timelines remain uncertain, contributing to cautious positioning among shareholders.

Operational metrics from Q3 2025 indicate stable inpatient volumes, though outpatient growth has slowed compared to prior quarters. Management attributed this to seasonal fluctuations and competitive pressures in key markets. Investors are closely monitoring whether these trends will necessitate further cost optimization measures, which could affect short-term earnings visibility.

To run this test accurately I need a bit more detail: Market universe – do you want all U.S.-listed common stocks (NYSE + NASDAQ), just S&P 500 constituents, or another universe? Ranking time – should the “top 500 by volume” list be formed at each day’s close (so you would buy at the next day’s open) or at the same day’s open (buy at the open and sell at the close)? Trade price – do you prefer using open-to-open returns, close-to-close, or another convention? Weighting – should the 500 names be equal-weighted each day, or volume-weighted / cap-weighted? Transaction costs – assume zero, or apply an estimated cost per trade? Once I have these points I can generate the signal file and run the back-test exactly as you described.