Tenet, Netflix: After-Hours Trading

Tenet Healthcare and Netflix were among the stocks making moves in Thursday's extended session.
By Michael Baron ,

NEW YORK (

TheStreet

) --

Tenet Healthcare

(THC) - Get Report

was the big winner in after-hours action on Thursday after the company received an unsolicited takeover bid from

Community Health Systems

(CYH) - Get Report

.

The stock was last quoted at $6.39, up 49%, on volume of 2.7 million, according to

Nasdaq.com

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

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.

National Semiconductor

Shares of

National Semiconductor

(NSM)

slumped in extended trading on Thursday after the chip company said it expects a sequential decline in revenue of as much as 12% in the current quarter.

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.

The stock was last quoted at $14.30, down 4.5%, on volume of nearly 445,000, according to

Nasdaq.com

. Based on a regular session close of $14.97, the shares are down about 4% so far in 2010; although they have bounced more than 26% since scraping a 52-week low of $12.60 on Aug. 25.

Wall Street was viewing National Semi as a mixed bag ahead of its second-quarter report, which 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. Of the 23 analysts covering the stock, two were at strong buy, five at buy, 10 at hold, another five at underperform and one said sell.

Green Mountain Coffee Roasters

Shares of

Green Mountain Coffee Roasters

(GMCR)

were getting scorched in late trades after the company gave a first-quarter profit outlook that's below Wall Street's current consensus estimate and widened the low end of its full-year earnings view.

The Waterbury, Vt.-based coffee and tea vendor, known for its Keurig one-cup brewing system, 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.

Citing expected volatility in coffee prices and flexibility to support anticipated new product launches, Green Mountain said it's now looking for non-GAAP earnings of $1.19 to $1.29 a share in fiscal 2011 vs. its prior expectation of $1.24 to $1.29 a share.

The stock was down more than 17% to $30.90 in late trades with more than 2.9 million shares changing hands.

Netflix

Shares of

Netflix

(NFLX) - Get Report

rose in after-hours action, adding more than 5% to $201.33 on volume of around 400,000 after it was announced the company is joining the

S&P 500

index.

Standard & Poor's said after the close 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.

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).

S&P said the adjustments are being made to "make each index more representative of its market capitalization range."

Index changes tend to spark volatility in the affected stocks because investors anticipate fund managers looking to mirror the performance of the indexes will need to adjust their holdings accordingly.

Shares of F5 were also moving in reaction, gaining 4% to $144.50, while Cablevision's stock gained 5% to $35.01 on volume of less than 15,000.

--

Written by Michael Baron in New York.

>To contact the writer of this article, click here:

Michael Baron

.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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