News Summary

Shares of Tenet Healthcare Corp (NYSE: THC) fell about 4.4% after Community Health Systems Inc (NYSE: CYH) raised its all-cash offer to acquire all outstanding shares of common stock of THC to $7.25 per share from $6 per share.

Shares of Loews Corp (NYSE: L) dropped about 3.2% after the company reported a weaker-than-expected quarterly profit. The company reported its Q1 net income attributable to the company at $382 million, or $0.92 per share, down from $420 million, or $0.99 per share, in the year-earlier period. The company's earnings, excluding investment gains and losses, came in at $0.89 per share, missing analysts' estimates of $0.91 per share. The company's revenue from Diamond Offshore dropped 6% to $809 million. The company's contract drilling revenue declined to $789 million from $844 million. The company's total revenue dropped to $3.67 billion.

Shares of Cephalon Inc (NASDAQ: CEPH) gained more than 5% after Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA) agreed to purchase Cephalon for $6.8 billion. Teva's cash offer of $81.50 per share represents a 6% premium over Cephalon closing price on Friday. The deal is likely to be completed in the third quarter of 2011.

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