After sleeping on the news, Tenet Healthcare ( THC) investors decided the company's profit warning late Tuesday wasn't so bad after all. Shares of the troubled hospital chain jumped 6.5% Wednesday afternoon to $19, more than recovering from Tuesday's after-market slide. The stock sank below $17 late Tuesday after Tenet warned that profits will fall short of expectations both this year and next. But for Tenet investors, fretting for weeks over Medicare billing scandals and regulatory investigations, profits are clearly secondary. The market in fact rushed to embrace promises that Tenet will adopt more conservative billing practices that could cut deeply into earnings growth. Under its new business strategy, Tenet is expecting 2003 earnings of $2.38 to $2.78 a share, well below previous guidance of $2.93. The company also cautioned that 2004 earnings could slip to $2 a share before new growth plans take hold. "We have a lot of work to do to recover from the events of recent weeks, and I do not underestimate the task we have ahead of us," CEO Jeffrey Barbakow admitted. "I recognize the very real skepticism and anger among investors.