We have compiled the news summaries and the moves on each.

Analog Devices, Inc. (NYSE: ADI) is lower after reporting a rise in third quarter profits but warning that Q4 will be weak due to global uncertainty.  Shares closed at $31.35 and shares are down about 2% at $30.78.

Blue Coat Systems Inc. (NASDAQ: BCSI) is getting crushed after it is forecasting a loss or gain of -$0.04 to $0.04 EPS versus estimates of $0.20 and higher.  It has also been downgraded or seen target cuts at many brokerage firms in research calls.  Shares are down 24% at $13.30, under the 52-week low of $14.91 and versus a $17.68 close yesterday.

Chico’s FAS Inc. (NYSE: CHS) is up after reporting a 42% rise in earnings and word that it is making an acquisition of a retailer in Florida.  Shares are up over 7% at $13.50 in pre-market trading.

Dell Inc. (NASDAQ: DELL) beat on the bottom line but turned in light revenues and guidance was light on sales as well.  Shares are down close to 6% at $14.85 or so this morning on active volume.

Eastman Kodak Co. (NYSE: EK) may be worth more in a breakup according to Bloomberg as it discusses $3 billion value for the patents alone.  Shares are indicated up more than 10% above $2.50 this morning.

First Solar, Inc. (NASDAQ: FSLR) is down on news that one of its top executives named Jens Meyerhoff is leaving the company after September 30.  Shares are down about 3% at $101.75 this morning.

NYSE Euronext, Inc. (NYSE: NYX) is getting a bit of a bounce of 2.3% to $27.15 after a substantial loss on Tuesday after Merkel and Sarkozy proposed a financial transaction tax of some sort. Shares were as high as $28.52 yesterday and closed down at $26.54.

Photronics Inc. (NASDAQ: PLAB), which manufactures photomasks for the chip sector, managed to post earnings gains and shares are responding handily.  Shares closed at $5.62 and the pre-market trading is up 9% at $6.13 on thin volume.

Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) is down on news that the FDA is extending its review of EYLEA (aflibercept injection) by three months.  Shares are down almost 5% at $54.68 in pre-market trading.

Staples, Inc. (NASDAQ: SPLS) is getting a big bounce after the office supplies retailer beat earnings and managed to forecast solid results ahead too.  This one has been sold off big from highs and shares are up about 8.5% at $15.43 on active pre-market volume.

Sunrise Senior Living, Inc. (NYSE: SRZ) popped last night and is indicated higher this morning after Jim Cramer on CNBC’s MAD MONEY said that it is a small and under-followed speculative company that could potentially make homegamers a lot of money.  Shares closed at $6.84 and the stock is indicated up around $7.25 this morning.

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JON C. OGG

The Centers for Medicare & Medicaid Services has issued a final rule that cuts Medicare skilled nursing facility Prospective Payment System payments by 11.1% in FY 2012 by $3.87 billion. The cuts are listed as being to “correct for an unintended spike in payment levels and better align Medicare payments with costs.”

The 2012 recalibration will result in a reduction of 12.6% to skilled nursing facility payments of $4.47 billion, but this would be partially offset by the FY 2012 update with an increase of 1.7% to Medicare payments to skilled nursing facilities.  This reflects a market basket of goods and services reduced by a 1% multi-factor productivity adjustment mandated by the Affordable Care Act.

A 2.5% increase for hospice reimbursement is not going to be anywhere close to offsetting the losses here.

Kindred Healthcare Inc. (NYSE: KND) is in three segments of hospitals, health services, and rehabilitation.  It gets somewhere close to 30% of its revenues from this segment being cut.  Its stock opened down at $14.06 and shares are down almost 27% at $13.77 versus a 52-week range of $11.52 to $28.99.

Sun Healthcare Group Inc. (NASDAQ: SUNH) may have its entire profits gone or at risk now as it has awful exposure here.  Its shares opened down at $3.21 versus a $7.00 close.  Shares are now down a total of 55% at $3.13 and its shares hit a low so far of $3.10 (52-week low) versus a 52-week high of $15.01.

Skilled Healthcare Group Inc. (NYSE: SKH) operates skilled nursing facilities, as well as assisted living facilities, hospice service providers, home health providers, and a rehabilitation therapy business. Its stock is down a sharp 37% at $5.44 after opening at $6.61 this morning.  Its 52-week trading range is $2.33 to $15.93.

Five Star Quality Care Inc. (NYSE: FVE) operates senior living communities via independent living or congregate care communities, assisted living communities, and nursing facilities, is down “only” about 8% at $4.55 versus a 52-week trading range of $3.50 to $8.95.

Sunrise Senior Living Inc. (NYSE: SRZ), which offers senior living services and independent living services, is down only 3% at $8.53 against a 52-week range of $2.18 to $12.44.

National Healthcare Corporation (NYSE: NHC) operates and manages long-term health care centers, and associated assisted living and independent living centers.  Its stock is down 12% at $41.78 against a 52-week range of $33.51 to $53.08.

Amedisys Inc. (NASDAQ: AMED) is in home health and hospice services and its shares are down 3% at $25.08. Almost Family Inc. (NASDAQ: AFAM), a home health provider, is down 3.7% at $24.33.

Senior Housing Properties Trust (NYSE: SNH) is a REIT in hospitals, nursing homes, senior apartments, independent living properties, and assisted living centers.  Its shares are also down today by 2.4% at $23.37 versus a 52-week range of $20.42 to $25.28.

Here is what is interesting about this move… This was “pre-budget deal.”  If you think that Medicare and Medicaid payments are the only ones at risk in the weeks, months, and years ahead, you might want to think again.  Cuts will be coming for a myriad of reasons and from many angles.  Companies which rely heavily or solely on government contracts for goods and services are all under more scrutiny.

JON C. OGG

One of the largest facilities owners is Ventas Inc. (NYSE: VTR), a REIT with a market cap of about $9 billion. The company in October announced that it would acquire Atria Senior Living Group’s real estate for about $3.1 billion. Today, Ventas announced that it would acquire Nationwide Health Properties Inc. (NYSE: NHP), another REIT, in an all-stock deal worth $5.8 billion.

Ventas will issue 0.7866 shares for each Nationwide share, valuing Nationwide at $44.99/share, a 15% premium to Nationwide’s closing price last Friday. Ventas will also assume $1.6 billion in Nationwide debt. Ventas’s deal for Atria included $1.35 billion stock and $150 million in cash, plus the assumption of another $1.6 billion in debt. The two transactions will more than double Ventas’s current long-term debt of about $2.9 billion.

In its most recent quarterly earnings report, Ventas noted that cross-appeals awarding the company more than $101 million in a judgment against Nationwide would be heard by the circuit court in March. It is probably safe to assume that won’t happen now.

The primary financial consideration related to senior living centers is, of course, Medicaid and Medicare reimbursements. There are cuts coming to these programs, but Ventas/Nationwide will be insulated from the effects because 70% of its combined net operating income comes from private payers. What could affect the REITs are reporting and transparency requirements, although those seem to be aimed more at operators than facilities owners.

One thing for sure, though, is that scale will make a difference. The combination of Ventas and Nationwide will create the largest health-care REIT in the US, with an enterprise value of about $23 billion. And senior living and care facilities are a growth market as more of the Baby Boom generation approach retirement age.

According to Ventas’s announcement, the combined company will own more than 1,300 assets in the US and Canada.

Ventas, which also owns Sunrise Senior Living, Inc. (NYSE: SRZ), stated in its quarterly report that its net operating income improve 17.7% at its Sunrise properties due to a 1.4% increase in occupancy, a decrease of -3.5% in management fees, certain cash payments received by Ventas, and a 3.5% rise in the average daily rate. There’s no reason to believe that the company can’t use something like that same formula for the properties it is acquiring from Nationwide and Atria.

Ventas stock is trading down about -4% at $55.01, at about noon today. Nationwide’s shares are up nearly 9%, to $42.41, still within the 52-week range of $30.91-$44.05. As expected, a handful of law firms have already said they will begin investigations of the deal.

Paul Ausick

Unisys (UIS) No news but falls over 30% to $.79 from 52-week high of $7.90.

Sunrise Assisted Living (SRZ) Large quarterly loss. Falls to $1.82 from 52-week high of $34.87.

General Growth (GGP) Analayst downgrade still hurting. Falls to $1.91 from 52-week high of $51.24.

THERMOGENESIS (KOOL) Product recall and quarterly loss. Falls to $.44 from 52-week high of $2.25.

Delta Petroleum (DPTR) Offer to buy company falls through. Stock off to $3.89 from 52-week high of $28.37.

Douglas A. McIntyre

Net proceeds from the offering will be used to invest in additionalsenior housing and health care properties, and the proceeds will beused to repay borrowings under Health Care’s unsecured line of credit.Just yesterday the company announced it would acquire its 90% interestin a venture of 29 properties from Sunrise Senior Living Inc. (NYSE:SRZ) in a deal that would be financed with approximately $365.4 millionin cash, plus a 90% interest in the $309 million of existing debt heldby the venture.

Shares of Health Care REIT closed down over 3% at $50.10 and shares areindicated down over 1% more in after-hours trading.  Its 52-weektrading range is $39.26 to $53.98. 

Jon C. Ogg
September 3, 2008

While "old folks homes" might sound derogatory in name, it shouldn’t be thought of that way.  Not at all.  247WallSt.com looks for sectors that we believe can enjoy secular growth.  The oldest of the Baby Boomer generation is just now entering the very first stages of retirement age, and many of their parents are still alive and many are in need of assisted living care.  Combine this with more future demand than current supply can meet, and all of a sudden you have the formula for a secular growth and income story.   

Below is an orderly report calendar for the top stocks in this sector that are reporting earnings this week:

Capital Senior Living Corp. (NYSE: CSU) reports earnings after marketclose today. Estimates from First Call for this quarter are $0.07 EPSon $48.68 million in revenues. Estimates for next quarter are $0.07 EPSon $49.46 million in revenues. Estimates for fiscal Dec-2008 are $0.28EPS on $199.10 million in revenues. Analysts have an average pricetarget of $11.00 and the 52-week range is $6.32 to $11.78. CapitalSenior Living is trading at $8.33 in Tuesday mid-day trading.  As areminder, this one may actually be up for sale and hopefully we’ll hearmore about that today.  Has not yet paid dividend.

Brookdale Senior Living Inc. (NYSE: BKD) reports earnings Wednesdayafter market close. Estimates from First Call estimates don’t lookquite as strong for this retirement home operator. For this quarterestimates are -$0.34 EPS on $481.89 million in revenues. Estimates fornext quarter are -$0.31 EPS on $488.59 million in revenues. Estimatesfor fiscal Dec-2008 are -$1.16 EPS on $1.97 billion in revenues.Analysts have an average price target north of $29.00 and the 52-weekrange is $20.46 to $48.41. Brookdale Senior Living is trading at $26.49in Tuesday mid-day trading.  The company is now just under one CEOrather than a dual CEO structure.  Well off of highs, has a 3.7%dividend yield.

Senior Housing Properties Trust (NYSE: SNH) reports earnings Wednesdaymorning. Estimates from First Call estimates for this quarter estimatesare $0.43 EPS on $50.67 million in revenues. Estimates for next quarterare $0.43 EPS on $55.03 million in revenues. Estimates for fiscalDec-2008 are $1.74 EPS on $224.25 million in revenues. Analysts have anaverage price target north of $23.00 and the 52-week range is $16.22 to$25.21. Today, they announced plans to buy 48 buildings for $565million from HRPT Properties Trust. Senior Housing Properties istrading at $23.40 in  Tuesday mid-day trading.  Stock has a high 5.8%dividend yield right after a 2.5% drop since the company announced itwas acquiring 48 buildings from HRPT Properties for some $565 million.Senior Housings market cap is only $2.2 Billion (may not reflect recentsales).

Sunrise Senior Living Inc. (NYSE: SRZ) reports earnings Thursday aftermarket close. Estimates from First Call estimates for this quarterestimates are $0.29 EPS on $526.56 million in revenues. Estimates fornext quarter are $0.32 EPS on $535.88 million in revenues. Estimatesfor fiscal Dec-2008 are $1.31 EPS on $2.16 billion in revenues.Analysts have an average price target of $20.00 and the 52-week rangeis $16.27 to $42.97. Sunrise Senior Living is trading at $22.29 inTuesday mid-day trading.

No report on nursing homes and elderly care facilities would seemcomplete without the end game company which we will all ultimately beclients of.  Service Corp. International (NYSE: SCI), the funeral andcemetery giant, also reports earnings Wednesday after market close.Estimates from First Call estimates for this quarter estimates are$0.18 EPS on $592.71 million in revenues. Estimates for next quarterare $0.13 EPS on $554.45 million in revenues. Estimates for fiscalDec-2008 are $0.61 EPS on $2.25 billion in revenues. Analysts have anaverage price target north of $14.00 and the 52-week range is $9.30 to$14.50. Service Corp. International is trading at $11.12 in Tuesdaymid-day trading.

Jon C. Ogg
May 6, 2008

Issuers that are noncompliant with its quantitative and corporate governance listing standards:

Fremont General Corporation (FMT)

Fremont General Financing I (FMTPR)

Impac Mortgage Holdings, Inc. (IMH)

Impac Mortgage Holdings, Inc. (IMHPRB)

Impac Mortgage Holdings, Inc. (IMHPRC)

Journal Register Co. (JRC)

Luminent Mortgage Capital, Inc. (LUM)

Medifast, Inc. (MED)

Milacron Inc. (MZ)

NIS GROUP CO., LTD. (NIS)

Scottish Re Group Limited (SCT)

Scottish Re Group Limited (SCTPRB)

Sun-Times Media Group, Inc. (SVN)

Zarlink Semiconductor, Inc. (ZL)

Companies as delayed in filing both Annual and Interim Reports:

Beazer Homes USA, Inc. (BZH)
Diebold, Incorporated (DBD)
International Rectifier Corporation (IRF)
Penn Treat American Corporation. (PTA)

Sunrise Senior Living, Inc. (SRZ)
Symmetry Medical Inc. (SMA)
VeriFone Holdings, Inc. (PAY)
W Holding Company, Inc. (WHI)
WellCare Health Plans, Inc. (WCG)

Companies as delayed in filing an Annual Report:

China Yuchai International Limited (CYD)
Fremont General Corporation. (FMT)
Fremont General Financing I (FMTPR)
Impac Mortgage Holdings, Inc. (IMH)
    Impac Mortgage Holdings, Inc. (IMHPRB)
    Impac Mortgage Holdings, Inc. (IMHPRC)
Mesa Royalty Trust (MTR)
Schawk, Inc. (SGK)

Some firms make it on to more than one list, and some, like JRC and FMT, have already left for the "pink sheets"

Douglas A. McIntyre

American Railcar Industries (NASDAQ: ARII) is one of the worst ones today with shares down over 10% at $19.45, now down more than 50% from 52-week highs.  UBS is the culprit this morning after it downgraded the stock from an already cautious Neutral rating down to a new SELL rating.

Amgen (NASDAQ: AMGN) just can’t catch a break.  Its shares are at a new 52-week low under that $43.02 level down at $42.45 today.  When your core anemia products are under fire from Congress and from the FDA, this is what happens.

International paper (NYSE: IP) is feeling the wrath of a downgrade after JP Morgan cut its rating to Neutral from Overweight, and shares are down almost 2% at $28.94 today.

McDonalds (NYSE: MCD) is so far the only DJIA component trading lower this morning after gapping up.  Maybe this defensive name is going to have a hard time duplicating its massive same-store performance that has been seen over the last two years or more.  Shares are down marginally at $54.21, and its 52-week trading range is $43.65 to $63.69.

Sunrise Senior Living (NYSE: SRZ) shares are down almost 10% at $20.85 this morning, which is another 52-week low.  Two weeks ago it gave preliminary results and noted it would have a 4140 million adjustment.  This morning it noted that it missed the deadline for filing its annual report, a real no-no for investors.

United Rentals Inc. (NYSE: URI) ar also down over 1% today at $17.50 after JPMorgan cuts its rating from an already cautious Neutral down to an "underweight" rating.

Jon C. Ogg
March 18, 2008

Jon C. Ogg
June 14, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

There is more than enough bantering back and forth out there about the week’s sell-off in reaction to long-term interest rates and the Bill Gross predictions for potentially higher rates longer-term.  So, if you are a super-bull then you’d want to use the leadership stocks to pile surplus cash into thinking the world didn’t really change.  If you are a chicken-bull (want to buy but not overly aggressive and still cautious) then you want to buy defensive stocks.  If you’re a bear, well at least you get the 5% interest.  We wanted to provide at least a partial list of the bull and bear go-to picks ahead of the weekend when many will be doing extra amounts of reading.

Aggressive Bullish Picks

IF this was just an unwarranted sell-off that came because of a rate spook and if Mr. Gross is wrong, then you go hard and fast into what has been working before.  Aerospace, Infrastructure, Metals & Mining, very selective Tech.  So out of selective tech the two most obvious names are Apple (AAPL) and either Google (GOOG) or Research-in-Motion (RIMM).  In Aerospace the go-to names are Boeing (BA) and United Tech (UTX).  In metals its Allegheny Tech (ATI), Rio Tinto (RTP), and Companhia Vale do Rio Doce ‘CVRD’ (RIO).  In infrastructure the go-to names are Fluor (FLR), Shaw Group (SGR).  This week Jim Cramer gave his New Four Horsemen of Technology and booted the old ones.

Defensive Stock Plays For Chicken-Bull

Because this sell-off is for a different reason, we have eliminated the power companies because of the tie being so geared toward higher rates.  We’ve also pulled out the debt collection companies because they ran so much after the last sub-prime scare.  Here was the first line of 20 defensive stocks back in February from the mini-Asian meltdown and here was the list of second-line defensive names.   This still leaves plenty of options, and we added in a few more.

First Line Defensive Stocks: Coca-Cola (KO), PepsiCo (PEP), Anheuser-Busch (BUD), ConAgra (CAG), Heinz (HNZ), Campbell Soup (CPB), Hormel (HRL), Kellogg (K), General Mills (GIS), Kraft (KFT), McDonalds (MCD), Merck (MRK), Pfizer (PFE), P & G (PG), Colgate-Polmolive (CL), Altria (MO), Reynolds American (RAI), and Clorox (CLX).

Second-Line Defensive Stocks:  Berkshire Hathaway (BRK/a), Flowers Foods (FLO), Del Monte Foods (DLM), Novo Nordisk (NVO), Alpharma (ALO), Playtex (PYX), Home Properties (HME), Aqua America (WTR), and Senior Housing (SNH), Sunrise Senior Living (SRZ).

The Bearish Trades

If you are still bearish or are completely bearish, then you’ve got Treasuries and all of the inverse ETF funds.  Some of the negative market ETF trades that move invesrely are the SHORT QQQ PROSHARES (PSQ), SHORT DOW30 PROSHARES (DOG), ULTRA S&P500 PROSHARES (SSO), SHORT S&P500 PROSHARES (SH), and more.  For short-term rate ETF’s you have the fairly new STREETTRACKS SERIES TRUST Lehman 1-3 MO T-BILL (BIL).  The more liquid interest rate ETF’s that actually trade are the iShares Lehman 20+ Year Treas Bond (TLT), iShares Lehman 10-20 Year Treas Bond (TLH), iShares Lehman 3-7 Year T-Note (IEI), and more.

As a reminder, defensive stocks still tend to get hit when the market gets so bad that they throw out the baby with the bath water, but they usually start to fall less and less and are usually the first stocks that traders commit money to at the turns.  Defensive doesn’t mean immune.  Also, all of these are merely part of a partial list and the list could have easily been 3-times the size.   

Jon C. Ogg
June 8, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.