The US stock market opened lower on Tuesday amid a slight increase in oil prices and following Japan’s decision to approve a new stimulus package of 13.5 trillion yen ($132 billion).
Meanwhile, investors are keeping an eye on Tenet Healthcare Corp (NYSE:THC), Atwood Oceanics, Inc. (NYSE:ATW), Williams Companies Inc (NYSE:WMB), Williams Partners LP (NYSE:WPZ) and Integrated Device Technology Inc (NASDAQ:IDTI) today following the release of their financial results for the last quarter. Let’s take a closer look at the performance of the companies in question and analyze the hedge fund sentiment towards them.
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Tenet Healthcare Misses Estimates
Tenet Healthcare Corp (NYSE:THC)’s stock slid today after the company’s second quarter earnings fell short of analysts’ forecasts. The Texas-based healthcare company posted adjusted EPS of $0.38, less than the expected $0.52, but revenue of $4.87 billion topped the consensus estimate of $4.83 billion. Tenet Healthcare expects its full-year EPS to be in the range of $1.32-$1.67, much less than the consensus estimate of $1.93, while earnings in the third quarter are expected to lie between $0.10-$0.25 a share, down from the expectation of $0.43. Tenet Healthcare also said on Monday that it had agreed to pay $514 million to resolve a criminal investigation and civil litigation related to a kickback scandal involving an Atlanta medical clinic and three hospitals. The company also agreed to appoint a corporate monitor for three years as part of the settlement. A total of 34 funds from our database were bullish on Tenet Healthcare Corp (NYSE:THC) at the of the first quarter
Atwood Oceanics Beats Estimates
Atwood Oceanics, Inc. (NYSE:ATW) is in the news after the company beat analysts’ bottom-line forecasts for the fiscal third quarter. The offshore drilling contractor posted EPS of $1.53, versus expectations of $0.90, while revenue of $227.8 million missed the estimates of $232.74 million. The company also said it had bought $145.8 million of its senior notes in open-market transactions with an average discount of 34.8%, and in July, it purchased $42 million of notes through a Dutch auction and it currently has $448.7 million of senior notes outstanding. At the end of March, 18 investors tracked by Insider Monkey were long Atwood Oceanics, Inc. (NYSE:ATW).
On the next page, we discuss why Williams Companies, Williams Partners LP and Integrated Device Technology making moves today.