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Tenet Healthcare hires advisers to explore options -source
Tenet Healthcare Corp(THC) has hired advisers to explore strategic alternatives, including a potential sale of the hospital operator, a person familiar with the matter said on Wednesday. The discussions are in the early stages and there is no guarantee they will lead to a sale, added the person, who could not speak for attribution because the talks are private. Tenet declined to comment.
BRIEF-Tenet, Paladin reach agreement to transfer ownership of Tenet's Philadelphia hospitals
Tenet Healthcare Corp(THC): * Tenet and Paladin Healthcare reach definitive agreement to transfer ownership of Tenet's Philadelphia hospitals.
Tenet Healthcare CEO Fetter to step down in March
Tenet Healthcare Corp. said late Thursday Chairman and Chief Executive Trevor Fetter will step down from his roles on March 15, 2018, or when a successor is appointed. Independent lead director Ronald A. Rittenmeyer will become executive chairman, effective immediately, and the board has hired Russell Reynolds Associates to conduct a search for a new CEO. Tenet also said it has started to "refresh the composition of its board," with an eye for ensuring that the board "has the best mix of skills and experience to maximize the future value of the company," it said in the statement. Shares of Tenet rose more than 3% in the late session, after ending the regular trading day down 0.2%. 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.
CBO: Trump threat to scrap cost-sharing payments would increase federal deficits, premiums
Withholding the Affordable Care Act's cost-sharing reduction payments, which President Donald Trump has threatened to do, would increase federal deficits and increase gross premiums for certain ACA plans, the Congressional Budget Office said in a report released Tuesday. It would also mean that about 5% of people would be living in areas with no individual market insurers in 2018, the CBO found, but people in "almost all areas" would likely have access to individual market plans by 2020.
The cost-sharing reduction payments pay back health insurers for the increased cost of certain plans on the ACA's marketplaces. The payments being withheld would mostly affect silver ACA plans, increasing gross premiums by 20% in 2018 and 25% by 2020, according to the report. Other people buying individual market plans might face slight increases over the next two years but net premiums would largely be similar to or less than what they would otherwise be, the report said. Federal deficits, though, would increase by $6 billion in 2018, $21 billion in 2020 and $26 billion in 2026. The number of uninsured people would be slightly higher next year but slightly lower beginning in 2020. The CBO added a substantial caveat to all of its findings, noting that "those effects are uncertain and would depend on how the policy was implemented."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.
Anthem quarterly earnings above expectations, but revenue falls short
Anthem Inc. on Wednesday posted quarterly earnings that were ahead of Wall Street's target, but sales missed the consensus mark. The health insurance heavyweight said net income for the second quarter was $855.3 million, or $3.16 a share, compared with $780.6 million, or $2.91 a share, a year ago. Adjusted earnings of $3.37 were above a FactSet consensus estimate of $3.24 a share. Operating revenue was $22.2 billion, up from $21.27 billion a year ago. Analysts had looked for $22.28 billion in operating revenue for the most recent period. Anthem said it's raising its third-quarter dividend by 5 cents a share to 70 cents a share. It also now expects fiscal year 2017 adjusted earnings to be more than $11.70 a share. 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.
WebMD to be bought by KKR's Internet Brands for $2.8 billion
WebMD Health Corp. announced an agreement Monday to be acquired by KKR & Co. LP's Internet Brands in a deal valued at $2.8 billion. Under terms of the deal, WebMD shareholders will get $66.50 in cash for each share they own, a 20.5% premium to Friday's closing price of $55.19. The deal is expected to close during the fourth quarter. The deal comes after the health information services company announced in February that it was commencing a process to explore strategic alternatives. "We believe that this transaction will provide additional flexibility and resources to deliver increased value to consumers, healthcare professionals, employers, and health plan participants," said WebMD Chief Executive Steven Zatz. The stock, which is currently halted for news, was up 18% prior to the halt. It has run up 11.3% year to date through Friday, while the SPDR Health Care Select Sector ETF has climbed 17.5% and the S&P 500 has gained 10.4%. KKR's stock has soared 25.9% this year.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.
BRIEF-WellCare says its unit Missouri Care signed agreement with SSM Health
WellCare Health Plans Inc(WCG). * Wellcare health plans says its unit missouri care inc signed an agreement with ssm health. * Wellcare health plans - agreement with ssm health provides in-network coverage to missouri care's mo healthnet managed care members.
GOP health bill boosts hospital, health insurer and drug stocks
Hospital system stocks rallied as much as 8% on Thursday following the release of the Senate GOP health bill, which appears to be more favorable to hospitals than the House of Representatives bill passed in early May. Tenet Healthcare Corporation shares jumped 8%, Community Health Systems Inc. shares skyrocketed 8.2%, HCA Healthcare Inc. shares rose 3.6% and Universal Health Services Inc. shares lifted 2.6% in midday trade, compared with a 1.6% rise in the Health Care Select Sector SPDR . Health insurer stocks also rose Tuesday, with UnitedHealth Group shares up 1.4%, Aetna Inc. stock rising 1.1%, Humana Inc. shares lifting 1.3% and Anthem Inc. shares up 0.9%, compared with a 0.2% rise in the S&P 500 . The Senate health bill "tries to phase in the pain" of changes to the Affordable Care Act like Medicaid spending cuts, said Spencer Perlman, director of health-care research at Veda Partners, who described the Senate plan as having "the same architecture" but "nicer furnishings." Still, the benefit for hospitals is only in the short-term and thus probably overdone, he said. "Clearly, the Senate bill is viewed as less disruptive than the House bill to the number of people currently receiving insurance," said Stephanie Miller, senior analyst at Height Securities. But "the initial reaction may have oversimplified how different this bill is," she said, predicting that stocks that have risen on the news may be "rebalancing" in the coming days. Drug stocks also rose in Tuesday trade, with the SPDR S&P Pharmaceutical ETF rising 1.7% and the SPDR S&P Biotech ETF rising 1.6%, which could be happening because the health bill has given investors confidence in Republicans achieving another legislative priority, tax reform, Miller said. Shares of the Health Care Select Sector SPDR have risen 8.7% over the last three months, compared with a 3.9% rise in the S&P 500 . 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.
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