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Oct. 14, 2014, 3:31 PM
- Global growth, foreign-exchange, oil, and small caps are the subject of every client inquiry, says David Kostin. His team's recommendation: Buy "American exceptionalism."
- In Kostin's view, U.S. economy and corporate fundamentals are still strong, with economic growth expected by Goldman economists to be 3.2% next year, the fastest expansion since 2005. Europe is expected to grow just 1%.
- What his team likes are those stocks of companies which have a high proportion of domestic sales, plus sectors like Consumer Staples (XLP -0.1%) and Discretionary (XLY +0.7%) which stand to benefit from lower oil prices (plunging again today).
- As for small caps (IWM +0.9%), Kostin is wary, noting downward earnings revisions have boosted small cap P/E ratios even as prices have declined.
- The list of S&P 500 names capturing two or more of Kostin's themes: GT, GM, PCLN, AMZN, CMCSA, LOW, DG, TSN, ADM, CVS, AVP, WAG, PXD, HAL, JPM, BAC, SCHW, PNC, MS, C, GNW, LNC, MET, THC, AET, UNH, ESRX, HUM, WLP, BIIB, GILD, DAL, CMI, FLR, CRM, JBL, MA, FB, MU, FSLR, VMC, MON, T.
Oct. 7, 2014, 7:52 AM
Oct. 6, 2014, 11:18 AM
- Tenet Healthcare Corp. (THC -1.4%) will report Q3 results on November 3. The conference call will be held on November 4 at 9:00 am CT.
- Consensus view is EPS of $0.09 on revenues of $4B.
Sep. 24, 2014, 10:17 AM
- In a private transaction, Tenet Healthcare Corp. (THC -0.3%) sells $500M aggregate principal amount of senior notes. Proceeds will be used for general corporate purposes.
Aug. 23, 2014, 7:58 AM
- Joel Greenblatt made investors fortunes at his hedge fund 30 years ago by holding a highly concentrated basket - six to eight names - of deep-value stocks, but his approach today is somewhat different: Buy more than 300 high-quality stocks trading at cheap prices and short more than 300 expensive, lower-quality names. Stocks are weighted in the portfolio depending on where they rank along that spectrum.
- Greenblatt: "[My partner] and I would wake up some days and lose 15% or 20% of our net worth ... now it's more like 15 or 20 basis points."
- The strategy is also available in a trio of mutual funds Greenblatt's Gotham Asset Management offers, and they now account for more than half of Gotham's $7B in AUM.
- A top position last year remaining a large holding after a big run higher is Apple, thanks to "huge returns on capital" and 11% earnings yield. As for Apple's future, Greenblatt will leave that for others to debate: "I don't own just Apple. I own a bucket of companies like Apple, and over time, I know my bucket is going to work."
- Top 5 long holdings now: ENR, SAFM, BG, AXE, CAT.
- Top 5 short holdings now: SUSS, THC, BOBE, KMT, TMO.
Aug. 4, 2014, 5:07 PM
- Tenet Healthcare Corp. (THC +1.9%) Q2 results: Net Operating Revenues: $4,042M (+66.9%); Operating Income: $207M (+2.5%); Net Loss: ($26M) (+48.0%); Loss Per Share: ($0.27) (+51.0%); Quick Assets: $406M (+259.3%); CF Ops: $247M (+93.0%).
- 2014 Guidance: non-GAAP EBITDA: $1.85B - 1.95B.
- Q3 Guidance: non-GAAP EBITDA: $400M - 450M; EPS: ($0.30) - $0.21.
Aug. 4, 2014, 4:24 PM
- Tenet Healthcare (NYSE:THC): Q2 EPS of $0.17 beats by $0.16.
- Revenue of $4.04B (+2.5% Y/Y) beats by $100M.
- Shares +2.25%.
Aug. 3, 2014, 5:35 PM
- ACLS, ACXM, AEIS, AIG, ANV, APL, AREX, BRS, CAR, CHGG, CKEC, CKP, CNQR, CRK, CUTR, DRC, ECOM, ELNK, ENH, EOX, EPAM, GTAT, ININ, IRWD, JMBA, KAMN, KONA, LF, LLNW, LMNS, MCEP, MDR, MRO, MWA, NLS, OGS, OTTR, PHH, PL, PLOW, PXD, QLYS, REGI, ROSE, RP, RTEC, SALE, SNHY, THC, TNET, TNET, TSRA, TXRH, VNO, VNR, VVC, WAGE, Y
Jul. 29, 2014, 10:18 AM| Jul. 29, 2014, 10:18 AM
Jul. 25, 2014, 3:27 PM
- Money is flowing into hospital management firms today on bullish views about the impact of The Affordable Care Act. LifePoint Hospitals (LPNT +7.2%) leads the charge after it increased its earnings guidance earlier today.
- (UHS +6.6%) (HCA +2.3%) (SEM +0.4%) (THC +8.8%) (SSY -4.2%) (CYH +3.8%) (CHDX) (SCAI +1%) (ADPT -1.1%)
Jul. 16, 2014, 2:58 PM| Jul. 16, 2014, 2:58 PM
Jul. 14, 2014, 8:40 PM
- Tenet Healthcare (THC -0.3%) and Humana (HUM +0.9%) sign a new multi-year contract extension that provides Humana members with traditional commercial plans continued network access to Tenet's 79 hospitals, 193 outpatient centers and more than 1,800 doctors. Humana's Healthcare Exchange members in Atlanta, Birmingham, Houston, Memphis and San Antonio will have access to Tenet's services for the first time while Exchange members in Chicago, Detroit and Phoenix continue to have their access.
- The agreement also includes an accountable care organization (ACO) arrangement for Humana's Medicare Advantage members in Atlanta. The ACO is a collaboration between the two organizations that focuses on enhancing care coordination and includes incentive payments for achieving key evidence-based quality metrics.
- Financial terms of the contract are not disclosed.
Jun. 11, 2014, 9:50 AM
- Tenet Healthcare (THC -1.8%) offers $500M aggregate principal amount of 5.00% senior notes due 2019. The notes are being offered as a reopening of the notes issued on March 10, 2014. Proceeds will be used to retire the company's 9.25% senior notes due 2015.
May 5, 2014, 5:57 PM
- Tenet Healthcare (THC): Q1 EPS of -$0.12 beats by $0.02.
- Revenue of $3.93B (+64.4% Y/Y) beats by $20M.
May 4, 2014, 5:35 PM
- AEIS, AIG, APC, APL, ARE, AXLL, BDE, BNFT, CATM, CFN, CKEC, CKP, CRK, DATA, ECOL, ECOM, EGOV, ELNK, ENH, EOG, EOX, FLDM, FN, G, HCLP, HGR, HI, IDTI, ININ, KAR, LF, MCEP, MED, MR, NLS, OAS, OTTR, PIKE, PRI, PSMI, QLYS, RBC, RGR, ROSE, RWT, SALE, SKH, SMG, SNHY, STAG, SZYM, THC, TXRH, UAM, VECO, VNO, VVUS, WG, YY, ZIPR.
Apr. 11, 2014, 4:01 AM
- The White House has confirmed that Health & Human Services Secretary Kathleen Sebelius is resigning and will be replaced by Sylvia Burwell, the director of the Office of Management & Budget, assuming the latter is confirmed by the Senate.
- Sebelius' departure comes after she said in October that she should be held "accountable for the debacle" of the launch of Obamacare, although the program did reach the government's target of 7M sign-ups by the end of March. She said yesterday that at least 7.5M people have enrolled.
- One of Burwell's first challenges will be to work with health insurers as they set prices for Obamacare plans in 2015, which industry executives have warned could rise sharply.
- More on Obamacare
- Health insurers: AET, HNT, HUM, UNH, WLP, MO
- Hospital operators: HCA, CYH, THC, UHS, HMA, LPNT
- Pharmacies: WAG, CVS, BIOS, RAD, MHS, PMC, OCR
- ETFs: XLV, XHE, VHT, FXH, IHF, IHI, IYH, PTH, RYH, PSCH, RXL, RXD, XHS
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