Tenet Heathcare Surges, JA Solar, Invesco Fall

Mayank Mehta
19 May, 2009
New York City

Tenet Healthcare Corporation led gainers in the S&P 500 index with a rise of 18.2%. American Apparel, Inc swings to first quarter loss. E-House (China) Holdings Limited first quarter profit tops market view. Medtronic Inc cutting 1,500-1,800 jobs in coming weeks.

[R]11:45AM New York – Tenet Healthcare Corporation led gainers in the S&P 500 index with a rise of 18.2%. American Apparel, Inc swings to first quarter loss. E-House (China) Holdings Limited first quarter profit tops market view. Medtronic Inc cutting 1,500-1,800 jobs in coming weeks.[/R]

Of the stocks in S&P 500 index, 251 increased, 243 declined and 6 were unchanged.

Zions Bancorporation led the decliners in the S&P 500 index of 8.2% followed by losses in Marshall & Ilsley Corporation of 7.2%, in Invesco Ltd of 6.2%, in The Home Depot, Inc of 4.3% and in Medtronic, Inc of 4.2%.

Tenet Healthcare Corporation led gainers in the S&P 500 index with a rise of 18.2% followed by gains in Teradyne, Inc of 6.4%, in Advanced Micro Devices, Inc of 6.2% and AK Steel Holding Corporation of 4.4%.

Other Movers

American Apparel, Inc ((APP)) added 7.4% or 38 cents to $5.47, the retailer of branded fashion said first quarter sales rose 2% to $114.3 million from $111.6 million a year ago. Net loss in the quarter was $9 million or 13 cents per diluted share compared to net income of $1.1 million or 2 cents per share a year ago.

Advanced Micro Devices, Inc ((AMD)) a global semiconductor company climbed 6.5% or 27 cents to $4.41.

Dick’s Sporting Goods, Inc ((DKS)) rose 3.6% or 72 cents to $20.50 after the full-line sporting goods retailer reported first quarter revenues rose 5% to $959.7 million from $912.1 million a year ago. Net income in the quarter fell 48% to $10.2 million or 9 cents per diluted share compared to net income of $19.6 million or 17 cents per share a year ago.

E-House (China) Holdings Limited ((EJ)) jumped 7.0% or 94 cents to $14.31 after the real estate services company in China reported first quarter revenues fell 1% to $32.8 million from $33.2 million a year ago. Net income in the quarter fell 18.4% to $7.1 million or 9 cents per ADS compared to net income of $8.7 million or 11 cents per ADS a year ago.

Genworth Financial, Inc ((GNW)) surged 4.2% or 22 cents to $5.42 a financial security company has repaid in full the remaining outstanding balance, $330 million, on its 5.231% Senior Notes due May 16, 2009. The company has $331 million of outstanding 4.750% Notes due in June 2009.

The Home Depot, Inc ((HD)) lost 3.0% or 72 cents to $25.30 after the nation''s largest home improvement retailer reported first quarter sales fell 10% to $16.2 billion from $17.9 billion a year ago. Net income in the quarter rose 44% to $514 million or 30 cents per diluted share compared to net income of $356 million or 21 cents per share a year ago.

Invesco Ltd ((IVZ)) dropped 11.6% or $1.82 to $13.76 an independent global investment management company said it has commenced public offering of $400 million.

JA Solar Holdings Co., Ltd ((JASO)) fell 12.0% or 38 cents to $2.86 after the manufacturer of solar panels reported first quarter revenues fell 79.4% to Rmb 231.7 million from Rmb 1.1 billion a year ago. Net loss in the quarter was Rmb 193.27 million or Rmb 1.20 per ADS compared to net income of Rmb 154.47 million or Rmb 0.99 per ADS a year ago.

Medtronic, Inc ((MDT)) declined 3.0% or 96 cents to $33.00 after the medical device maker reported fourth quarter revenues fell 1% to $3.83 billion from $3.86 billion a year ago. Net income in the quarter fell 69% to $250 million or 22 cents per diluted share compared to net income of $812 million or 72 cents per share a year ago.

M&T Bank Corporation ((MTB)) rose 5.6% or $2.73 to $51.41 on a rally in banks after Morgan Stanley, Goldman Sachs prepared to refund the TARP funds to the U.S. Treasury.

Tenet Healthcare Corporation ((THC)) surged 18.2% or 43 cents to $2.68 an investor-owned health care services company was raised the stock to “buy” from “neutral” at Goldman Sachs.

The TJX Companies, Inc ((TJX)) added 3.0% or 81 cents to $28.75 an off-price retailer of apparel and home fashions reported first quarter sales rose 1% to $4.35 billion from $4.30 billion a year ago. Net income in the quarter rose 8% to $209.2 million or 49 cents per diluted share compared to net income of $193.8 million or 43 cents per share a year ago.