Why Clorox Stock Dropped on Wednesday
Clorox (NYSE: CLX) investors were seeing red on Wednesday morning. The consumer staples stock fell 6% in early morning trading while the S 500 declined just 0.3%. That drop added to a tough period for shareholders, with Clorox down 16% in the past full year compared to a 20% surge in the wider market.
Wednesday's early decline came after management updated its 2024 outlook following another tough quarter on sales.
Clorox said in a premarket earnings report that sales fell in the fiscal third-quarter period that ran through late March, mainly due to a cyberattack that disrupted its distribution network. Revenue declined 5% and organic sales rose 2%. These metrics were up 16% and 20% in the previous quarter, respectively.
Source Fool.com
Clorox Co. Stock
€124.00
-0.640%
Our community is currently low on Clorox Co. with 3 Buy predictions and 10 Sell predictions.
However, we have a potential of 0.81% for Clorox Co. as the target price of 125 € is above the current price of 124.0 €.
