Leaders and Laggards.How industry stocks fared from 5/1/99 through 5/31/99
May was a disappointing month for the long term care sector as investors openly fretted about the deteriorating de·te·ri·o·rate
v. de·te·ri·o·rat·ed, de·te·ri·o·rat·ing, de·te·ri·o·rates
To diminish or impair in quality, character, or value: fundamentals of most of the nursing home companies. The Raymond James This article or section is written like an .
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Mark blatant advertising for , using . Long Term Care Index declined 9.5%, while the NASDAQ Composite The Nasdaq Composite is a stock market index of all of the common stocks and similar securities (e.g. ADRs, tracking stocks, limited partnership interests) listed on the NASDAQ stock market, meaning that it has over 3,000 components. It is highly followed in the U.S. fell only 2.8%, and the Russell Russell, English noble family. It first appeared prominently in the reign of Henry VIII when
John Russell, 1st earl of Bedford, 1486?–1555, rose to military and diplomatic importance. 2000 increased 1.4% with the recent small stock rally. Sun, Mariner Mariner
Any of a series of unmanned U.S. space probes sent near Venus, Mars, and Mercury. Mariners 2 (1962) and 5 (1967) passed Venus within 22,000 mi (35,000 km) and 2,500 mi (4,000 km), respectively, and made measurements of temperature and atmospheric density. , and Vendor negotiated covenant covenant (kŭv`ənənt), agreement entered into voluntarily by two or more parties to do or refrain from doing certain acts. In the Bible and in theology the covenant is the agreement or engagement of God with man as revealed in the default waivers as the troubled chains attempted to balance perilously per·il·ous
Full of or involving peril; dangerous.
per leveraged capital structures with a murky operating outlook.
Company Gain/ Closing Loss price Integrated Health Services +22.1% $5.88 (NYSE:IHS) Beverly Enterprises +11.5% $7.25 (NYSE:BEV) Capital Senior Living +10.1% $10.88 (NYSE:CSU) Alterra Healthcare -44.9% $12.25 (ASE:ALI) Genesis Health Ventures -36.0% $4.44 (NYSE:GHV) Mariner Post Acute Network -34.5% $2.25 (NYSE:MPN) Company Key factors Integrated Health Services The stock bounced on the announcement (NYSE:IHS) that IHS would manage long term care contract rehabilitation operations previously operated by NovaCare. Beverly Enterprises On Little stock-specific news, the stock (NYSE:BEV) advanced as investors looked past the OIG investigation and concentrated on the company's lack of contract rehab and high 1995 costs as a basis for PPS payments. Capital Senior Living The company announced the election of Larry (NYSE:CSU) Cohen as CEO and increased its Banc One credit line to $34 million with no change in terms, at a time when competitors experi- enced more expensive capital with REITS. Alterra Healthcare The stock was crushed following the (ASE:ALI) company's earnings release, which reported operating EPS that fell $0.03 short of expectations, increasing financing costs, and longer fill-up periods. Genesis Health Ventures Speculation about potential financial buyers (NYSE:GHV) died following a disappointing quarter, a dispute with HCR Manor Care over the possible termination of pharmacy contracts, and union press releases accusing the company of understaffing facilities. Mariner Post Acute Network Hopes for a near-term turnaround were (NYSE:MPN) dashed with a second quarter 1999 loss of $1.07 per share, the violation of certain debt convenants, and the layoffs of nearly 7,000 therapists. SOURCE: RAYMOND JAMES & ASSOCIATES, ST. PETERSBURG, FLORIDA. FOR INFORMATION, CALL JAMES KUMPEL AT 727-573-8178.