Tenet stock falls after earnings, weak guidance
Tenet Heathcare Corp. shares fell 5% in the extended session Monday after the the company logged an earnings beat but released guidance that was below Wall Street's expectation. The company reported third-quarter net losses of $9 million, or 9 cents a share, compared with losses of $367 million, or $3.64 a share, in the year-ago period. Adjusted for items such as acquisition costs and restructuring, earnings were 29 cents a share. Revenue fell to $4.49 billion from $4.59 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 13 cents a share on revenue of $4.37 billion. For the fourth quarter, analysts model adjusted earnings of 54 cents on sales of $4.53 billion. Tenet said it expects fourth-quarter adjusted earnings of 10 cents to 48 cents a share and sales of $4.42 billion to $4.62 billion. Tenet stock has gained 79% this year, with the S&P 500 index rising 1.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.