Tenet Healthcare falls after Fuzzy Panda takes short position

Shares of hospital operator Tenet Healthcare THC.N fall 3.1% to $151.55 premarket

Short seller Fuzzy Panda says it is short on co after its analysis showed that Tenet could be fined $675-$845 million on high outlier payments from Medicare

"Analysis indicates Medicare paid THC excess outlier payments of >$167 million. Excess outlier payments drop directly to the bottom line; they are pure profit"- Fuzzy Panda says

Medicare, the U.S. program for people aged 65 and older or with disabilities, must also pay hospitals and other healthcare facilities to reimburse them for the medical care they provide

THC did not immediately respond to a Reuters request for comment

Shares of THC and other hospital operators also fell on a White House memo that called for eliminating waste in Medicaid

Up to last close, THC up 24% YTD