Quest Diagnostics stock rose 5.4% after its preliminary Q2 results

Quest Diagnostics (DGX.US) reported preliminary second-quarter revenue above analyst expectations, due largely to growing demand for Covid-19 tests. The medical lab operator expects second-quarter revenue of about $1.83 billion, a decline of about 6% from the year-earlier period but well ahead of the $1.53 billion FactSet consensus. Company expects per-share earnings of $1.33 to $1.36, compared with $1.51 a year ago. Adjusted EPS is expected to range from $1.39 to $1.42, compared with $1.73 in 2019 and a the FactSet estimates of 16 cents. Quest Diagnostics will report second-quarter earnings on July 23.

Quest Diagnostics (DGX.US)  has been trading in an sideways move since end of April. The price bounced off the lower limit of consolidation range at the end of June. Today, one can see that the upward move is being continued after US open. Currently stock is approaching the key resistance area at $123.57 per share. If sellers manage to halt declines here, the downward move into $102.92 per share is possible. Source: xStation5

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