Why Cardinal Health Stock Was Tumbling on Tuesday
Sprawling healthcare company Cardinal Health (NYSE: CAH) reported its latest quarterly results and announced a sizable new acquisition Tuesday morning. The market didn't take these news items well, however, and in late-session trading, it was pushing the company's share price down by nearly 7%. The S 500 index, meanwhile, was bouncing higher with a more than 1% gain.
Of the two pieces of news, that of the acquisition was clearly the more impactful. Cardinal Health announced that its The Specialty Alliance multiservices organization (MSO) platform has signed an agreement to acquire Solaris Health. The latter company was described by its acquirer as "the country's leading urology MSO."
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