Cardinal Health Stock Pops on Beat-and-Raise

Options traders are chiming in on the results

Laura McCandless

Deputy Editor

Aug 14, 2024 at 10:40 AM

Cardinal Health Inc (NYSE:CAH) stock is gapping higher on the charts today, after the company announced strong fiscal fourth-quarter results and raised its full-year guidance. Plus, the Ohio-based healthcare name raised its share repurchase expectations for fiscal 2025 to a total of $750 million.

At last glance, CAH was up 3.6% at $106.31, earlier as high as $109. This positive price action has the stock flipping above the $105 level, which has provided pressure since April, as well as its 200-day moving average. Year to date, the equity is up 6%.

Over in the options pits, Cardinal Health stock's already experienced 2.3 times its average daily options volume. The weekly 9/27 107-strike call is the most popular, where new positions are being opened.

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