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Early Edge: Tenet Healthcare, E*Trade Financial, Oceaneering International, and Wynn Resorts

THC adjusts its forecast, ETFC reports August trading stats, OII unveils an asset sale, and WYNN strikes a deal with Macau

by 9/12/2011 9:25:40 AM
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Checking out a few of today's hot stocks on the move, we've got an adjusted full-year forecast from Tenet Healthcare Corporation (THC), August trading stats from E*Trade Financial Corporation (ETFC), a unit sale for Oceaneering International (OII), and progress on a planned Macau casino for Wynn Resorts, Limited (WYNN).

Tenet Healthcare

Tenet Healthcare Corporation (THC - 5.02) said this morning that it expects adjusted full-year earnings to fall toward the low end of its forecast of $1.175 billion to $1.275 billion. The company attributed its softer guidance to "an unfavorable mix shift including significant growth in Medicaid volumes and declines in Medicare acuity."

THC price chart"We initiated cost-cutting actions early in August designed to reduce the impact of [a] less favorable patient mix," said President and CEO Trevor Fetter. "We expect these accelerated cost efficiencies to have a more visible impact in our fourth quarter."

THC is off 4.4% in pre-market trading, extending a retreat from resistance at its 50-day moving average. This formerly supportive trendline has pressured THC lower since mid-April, bringing the equity's year-to-date decline to nearly 25%.

Following today's lackluster full-year guidance, THC's downtrend could be exacerbated by a round of bearish brokerage notes. Zacks tallies 10 "buy" or better ratings for the shares, compared to eight "holds" and zero "sells."

E*Trade Financial

E*Trade Financial Corporation (ETFC - 10.74) saw trading volume rise in August, as rampant market volatility triggered increased daily activity. Daily average revenue trades (DARTs) weighed in at 193,546, up 34% sequentially and 57% on a year-over-year basis. E*Trade ended the month with roughly 2.8 million brokerage accounts, including net new brokerage accounts of 10,148 for August. Net new brokerage assets arrived at $1.6 billion.

ETFC has edged 0.8% lower ahead of the bell, backing down from a test of resistance at the $12 level. This chart region has capped all of the stock's weekly closes since Aug. 12.

Meanwhile, quite a few bears are betting on ETFC's technical woes to continue during the near term. Short interest on the stock ramped up by 82.8% during the past month, and now accounts for 3.3% of the equity's available float.

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