NEW YORK (CNN/Money) -
Embattled hospital chain Tenet Healthcare Corp. said it will pay $30.75 million to settle charges it improperly paid physicians for referrals and billed Medicare in discharging patients, boosting its shares in after-hours trade.
The Justice Department accused Tenet and its North Ridge Medical Center in Fort Lauderdale, Fla., of illegally paying doctors for referrals and bilking Medicare, the nation's health insurance program for the elderly and disabled, of millions of dollars.
That case, which Tenet settled for $22.5 million, was originally filed by a company whistle-blower, Sal Barbera, and later joined by the government.
In a separate settlement, Tenet said it agreed to pay $8.25 million to settle charges that it submitted bills to get inflated payments for Medicare patients.
Tenet's (THC: Research, Estimates) shares jumped more than 5 percent to $10.81 in late-day trading on INET electronic brokerage after having closed at $10.28 on the New York Stock Exchange.
An arbitration panel ruled that Cablevision Systems Corp. must offer the YES Network in its expanded basic package of cable channels rather than require subscribers to pay for the channel separately.
According to the deal, Cablevision will carry YES as part of its most-popular expanded basic package and pay $1.83 per subscriber, per month, retroactive from opening day 2003 to this week.
The rate is less than the $2 per subscriber YES Network had originally sought, but in the future Cablevision will have to pay the fee for all its nearly 3 million expanded basic subscribers, rather than the 1.5 million that paid for it separately.
Cablevision's (CVC: Research, Estimates) shares closed at $21.53 on the NYSE.
Fitch upgraded Gap Inc.'s debt ratings to a step below investment grade status, citing the company's improved sales at stores open more than a year.
The San Francisco-based retailer's senior unsecured debt rating now stands at "BB-plus," the highest junk rating, up from "BB-minus." The outlook is stable.
Gap (GPS: Research, Estimates) shares closed at $20.56 on the NYSE.
Lattice Semiconductor (LSCC: Research, Estimates) reported a smaller fourth-quarter net loss of $25.2 million, or 22 cents a share, compared to a $28.6 million, or 26 cents a share, net loss in the year-earlier period.
Revenue grew 22 percent to $52.7 million from $43 million a year earlier.
The Hillsboro, Ore.-based chipmaker also said it finished restating results from its three most recent quarters. The restatements were a result of its deferred income account being "overdepleted" in 2003, the company said in a statement.
Its shares glided 3.2 percent higher to $9.00 on INET following its $8.72 Nasdaq closing price.
A few more earnings reports will trickle in as the week wraps up. Speciality retailer Sharper Image (SHRP: Research, Estimates) and ConAgra Foods (CAG: Research, Estimates) are on the calendar for Thursday and satellite TV provider EchoStar Communications Corp. (DISH: Research, Estimates) will report its results Friday.
--Reuters contributed to this story
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