Cool reception. Analysts question outcome of Columbia spinoff plans.

Columbia/HCA Healthcare Corp.'s long-awaited restructuring plan is leaving Wall Street unsatisfied and raising questions about what will happen to one-third of the nation's largest for-profit hospital chain. Under the plan, Columbia will be carved into five groups, with the company keeping its choicest hospitals. Three groups with a total of 108 facilities--which haven't performed as well overall--will be spun off.