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January 29, 2013
08:00 EDTTHCTenet Healthcare names Chief Compliance Officer Andrews as general counsel
Tenet announced that Audrey Andrews, currently Tenetís senior vice president and chief compliance officer, has been named senior vice president and general counsel.
News For THC From The Last 14 Days
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August 4, 2015
17:00 EDTTHCOn The Fly: Top stock stories for Tuesday
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10:33 EDTTHCMedAssets sinks on contract loss despite new activist interest
The shares of MedAssets (MDAS) are falling after disclosing that its supply chain contract with hospital chain Tenet (THC) had not been renewed. The fall this morning reverses a move higher in after-hours trading last night after investment adviser Starboard Value announced that it had obtained an 8.7% stake in the company, which provides management services to healthcare organizations. STARBOARD TAKE: In conjunction with the announcement of its stake in MedAssets, Starboard announced that it had sent a letter to to the company's CEO and board, expressing its view that its stock is "deeply undervalued" compared with its assets and earnings power. The activist investor unveiled a plan that it said would create significant shareholder value and raise the company's share price to $37-$46 by the end of next year. Among the steps advocated by Starboard were reductions in operating expenses, improved capital allocation and the exploration of all available strategic alternatives. This morning, however, MedAssets disclosed that it received notice that Tenet decided not to renew its supply chain deal. The deal, which will expire on January 31, 2016, is expected to generate 5%-6% of MedAssets' revenue this year, the company stated. PIPER TAKE: In a note to investors last night, Piper analyst Sean Wieland disagreed with Starboard's assessment of MedAsset's outlook. The company is facing "structural challenges," and it will be difficult to implement the $60M-$90M of operating expense reduction that Starboard is advocating without hampering the company's revenue or growth, Wieland contended. Additionally, MedAssets' margins are "unsustainable high" at current levels, the analyst stated. Reacting to MedAsset's loss of the Tenet deal in a separate note, Wieland pointed out that this is the second major contract loss for MedAssets in the last several weeks. Last month, MedAssets lost its group purchasing organization contract with another healthcare provider, St. Barnabas. The two contract losses will make it more difficult for MedAssets to obtain new business, predicted the analyst, who reiterated a $15 price target and Underweight rating on the shares. PRICE ACTION: In early trading, MedAssets fell 7.75% to $21.77 per share.
09:16 EDTTHCOn The Fly: Pre-market Movers
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08:07 EDTTHCMedAssets says SCS Agreement with Tenet not renewed
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August 3, 2015
16:31 EDTTHCTenet sees Q3 adjusted EPS 5c-49c, consensus 40c
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16:31 EDTTHCTenet now sees FY15 adjusted EPS $1.32-$2.21, consensus $2.29
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16:29 EDTTHCTenet reports Q2 adjusted EPS 75c, consensus 44c
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07:49 EDTTHCTenet volatility increases into Q2 and outlook
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