Investors who expected the company to report the top of their guidance band ($5.50) have now seen a 2.7% decrease in guidance (to $5.35). http://wowkevinsimpson.pdxrwa.org/2017/04/19/a-simple-overview-of-swift-products-in-course-for-job-interview/However, the stock price has decreased by more than 10%, likely because of the negative guidance with regard to fiscal 2018. In the long term, fiscal 2018’s potential for a slight decrease in earnings per share is immaterial. “The single greatest edge an investor can have is a long-term orientation.” – Seth Klarman Cardinal Health was founded in 1971 and has increased its annual dividend for 39 consecutive years. It is highly likely that the company will be worth far more five, 10 or 20 years from now. For investors with shorter time horizons, the company’s earnings-per-share pressure is likely short lived. The company stated in its updated guidance “fiscal 2019 non-GAAP EPS is expected to grow at least high single digits versus fiscal 2018.” Thus, investors with at least a three-year time horizon should benefit from owning Cardinal Health. To conclude, Cardinal Health’s stock price dropped by ~11% on guidance lowered by ~2.7%. In a perfect world, the stock price would have dropped by ~2.7% as well – but this presents a buying opportunity for value-focused investors. The rest of this article will be devoted to Cardinal’s business model and expected total returns.
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The clearest thing to come out of these episodes is the opposition to the idea that they might change the policy. So far, eight states (Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon and Washington) and the District of Columbia have passed laws legalizing the recreational use of marijuana. Twenty-nine states plus the District of Columbia have medical marijuana laws. All this has led to a thriving, and steadily growing, domestic marijuana industry meaning a new anti-pot crackdown would cost states tax revenue and jobs. A new study by Arcview, a market research firm, estimates there were $6.7 billion in sales of legal cannabis products in 2016, up 34 percent from the year before. Industry sales are projected to more than triple to $21.5 billion by 2021. The Arcview study notes that there are only two obvious cases in recent decades in which industries have experienced that kind of supercharged growth: cable television in the 1980s and broadband Internet access in the 2000s. The marijuana surge has produced an increasingly potent pro-pot lobby in D.C.: Wests National Cannabis Industry Association, which represents 1,200 legal pot sellers, employs high-profile lobbyists (Hillary Clinton super-bundler Heather Podesta was until recently under contract), has its own political action committee and throws fundraisers at a tony Capitol Hill wine bar where a growing number of members of Congress show up to schmooze and collect campaign checks. When the group recently announced it would be holding its annual lobby day this year on May 16, more than 300 members signed up to fly in more than twice as many as last year to press the industrys case on Capitol Hill. View photos Part of this years pot industry lobby day agenda will be to play defense against any possible moves by Sessions. In the worst-case scenario, says West, the Justice Department could rescind the Cole memo and direct prosecutors to start cherry-picking businesses tied to the legalized pot trade by suing landlords that lease to them, for example or even raiding dealers themselves for violations of federal law.
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