Tenet, Netflix: Premarket Trading

Shares of Tenet Healthcare, Netflix and Green Mountain Coffee Roasters were big premarket movers Friday.
By Eric Rosenbaum ,


NEW YORK (TheStreet) -- Tenet Healthcare (THC) - Get Report was poised for big action on Friday, up more than 51% in premarket trading after the hospital company received an unsolicited takeover bid from Community Health Systems (CYH) - Get Report.

Community Health's offer values Tenet at $6 a share in cash and stock. The breakdown of the per-share consideration is $5 in cash and $1 in Community Health common stock.

In premarket trading on Friday, Tenet shares were at $6.51.

Community Health estimates the value of the deal at $7.3 billion, including $3.3 billion and $4 billion in net debt. The company said it initially made its offer to Tenet on Nov. 12, and that Tenet subsequently rejected it on Dec. 6.

>>Tenet in Community Health's Sights

Netflix

(NFLX) - Get Report

spiked more than 3.5% in the premarket, continuing a rise in trading that began after the market close on Thursday, when Standard & Poor's announced it was adding the

online video rental company

to the

S&P 500

index.

Standard & Poor's said after the close on Thursday that Netflix,

Cablevision Systems

(CVC)

,

F5 Networks

(FFIV) - Get Report

and

Newfield Exploration

(NFX)

would be joining the benchmark index after the close of trading on Dec. 17.

F5 Networks was also among the most active stocks on the Nasdaq on Friday in the premarket, up more than 3%.

>>Search for Highest Dividends by Rate or Yield

Cablevision is replacing

King Pharmaceuticals

( KG), which is in the process of being acquired by

Pfizer

(PFE) - Get Report

, S&P said. The other three companies being moved out of the S&P 500 are

New York Times Co.

(NYT) - Get Report

,

Office Depot

(ODP) - Get Report

, and

Eastman Kodak

( EK).

Being added to the S&P 500 Index rallies stocks based on the fact that fund managers tracking the index will now be forced to take shares in the new S&P 500 constituent companies.

Shares of

National Semiconductor

(NSM)

were continuing a decline during Friday's premarket that began after the close the day prior, when the chip company said it expects a sequential decline in revenue of as much as 12% in the current quarter.

National Semiconductor shares were down by more than 5% in premarket trading on Friday.

The Santa Clara, Calif.-based maker of power management chips said it sees revenue of $344 million to $359 million for its fiscal third quarter ending in February. That view implies a sequential dip of between 8% and 12% from its second-quarter sales total of $390.4 million, and is below the current average estimate of analysts polled by Thomson Reuters for revenue of $382.3 million in the three-month period.

National Semi's second-quarter report was better than expected from a profit perspective but fell short on the top line because of overall weak demand, with the company singling out mobile phone customers in particular.

Shares of

Green Mountain Coffee Roasters

(GMCR)

dove in the premarket by more than 14%, after the

company's first-quarter profit outlook

fell far below the Street's current consensus estimate and widened the low end of its full-year earnings view.

The Waterbury, Vt.-based coffee and tea vendor said it expects non-GAAP earnings of 14 to 18 cents a share for the three months ending Dec. 31. The average estimate of analysts polled by Thomson Reuters calls for a profit of 20 cents a share in the December period.

Green Mountain revised the low end of its full year 2011 non-GAAP earnings guidance to a range of $1.19 to $1.29 a share in fiscal 2011, versus its prior expectation of $1.24 to $1.29 a share.

The stock was down more than $5 to a share price of $31.10 during Friday's premarket trading session.

Beckman Coulter

( BEC) shares were up 27% during Friday's premarket after the

Wall Street Journal

said the provider of laboratory tests, systems and supplies was considering a sale, and could fetch a deal premium as high as 25%.

Beckman Coulter shares gained close to $16 to a 52-week high above $72 during the pre-market session on Friday.

Shares of

Fuel Systems Solutions

(GMCR)

maker of natural gas vehicle engines, were down more than 5% and among the most active Nasdaq issues in the pre-market on Friday, after the company priced a secondary offering of 2 million shares at $30. Fuel Systems Solutions shares had closed at $31.60 on Thursday.

Fuel Systems Solutions took a hit earlier this week when it first announced plans for the secondary offering, and also lowered its full year revenue outlook.

>>Clean Energy Losers: Fuel Systems Solutions

-- Written by Eric Rosenbaum from New York.

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