Diamonds and Dogs
Cardinal Health (CAH) performing well. The drug distributor is up 6% to a two-month high following earnings. Cardinal beat by 17 cents as sales rose 11% to $39.16 billion. They did caution a significant net negative impact to the current quarter driven by a decrease in volume related to cancellations and deferral of elective medical procedures. However, the company did reiterate guidance.
Marriott (MAR) lower following earnings, but optimistic the worst from coronavirus may be in the rearview mirror. The global hotel conglomerate is down 4% in a trading range following lackluster earnings as sales fell 6.6% to $4.68 billion. A quarter of Marriott's hotels around the world are temporarily closed as the hotel giant's worldwide revenue per room fell 90% in April. But the recovery already underway in China is expected to continue in other parts of the world, most likely arriving in Europe last.
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