EDT Cardinal Health stock drops 19% after $6.1 bln Medtronic deal; updated 2017 guidance Want to see how this story relates to your watchlist? Just add items to create a watchlist now: S&P 500 Index (SPX) Add CAH MDT SPX Cardinal Health Inc. /quotes/zigman/135665/composite CAH -11.54% shares dropped 19.3% in premarket trade Tuesday after the company said it had agreed to a $6.1 billion deal for certain Medtronic /quotes/zigman/45845333/composite MDT -0.04% businesses and updated its 2017 guidance. The company now expects fiscal 2017 earnings per share to come in at the bottom of earlier guidance of $5.35 to $5.50, compared with the FactSet consensus of $5.42. Cardinal Health attributed the guidance to generic deflation in its pharmaceutical business. Cardinal Health expects the Medtronic deal, which is for the company’s patient care, deep vein thrombosis and nutritional businesses and should close in the first quarter of fiscal 2018, to add at least 21 cents to EPS that year. Still, Cardinal Health expects EPS to be flat to down mid-single digits for fiscal year 2018, due to “several company-specific discrete items” that it did not specify and generic deflation. The Medtronic businesses encompass 23 product categories and include brands used in nearly every U.S. hospital, Cardinal Health said, with the businesses bringing in $23 billion in revenue for 12 months through October 2016. Company shares have surged 8.0% over the last three months, compared with a 3.4% rise in the S&P 500 /quotes/zigman/3870025/realtime SPX -0.29% . /quotes/zigman/135665/composite
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The best thing about a strong dollar is that it sounds good, Trump said in the Journal interview. It also makes international travel and shopping cheaper for Americans. But it also makes US exports less competitive, because countries can opt for goods that are denominated in cheaper currencies. read the full info hereAnd that’s Trump’s main issue with the strong dollar. The US dollar index, which measures it against a basket of other currencies, slid after Trump’s remarks. Ruskin said any dollar weakness because of Trump’s comments was likely to be temporary. And if good economic data continues to push the Federal Reserve to raise interest rates, that only helps the dollar, he added. Trump’s own economic agenda could work against his call for the dollar’s strength to moderate. If the economy gets a dose of fiscal stimulus and improves as he promised, that won’t drive investors away from the dollar. Ruskin added that if the US implements its proposed border adjustment tax which Trump said Wednesday he would rather call a reciprocal or matching or mirror tax a stronger dollar would be needed to offset the resulting inflationary pressures. There’s also a political limitation to how much Trump can talk up the dollar.
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