Why Is Outdoor Equipment Products Provider Toro Stock Plunging Today?
Portfolio Pulse from Lekha Gupta
Toro Company's stock is plunging after reporting Q3 results that missed sales and EPS expectations. Despite a 6.9% sales increase, the company fell short of consensus estimates. Toro revised its FY24 outlook downward, citing macroeconomic caution affecting shipments. The stock is down 12.6% premarket.
September 05, 2024 | 1:29 pm
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NEGATIVE IMPACT
Neuberger Berman Small-Mid Cap ETF, which includes exposure to Toro, may experience a minor impact due to Toro's stock decline after its Q3 earnings miss.
NBSM includes exposure to Toro, whose stock fell 12.6% after missing Q3 expectations. This may slightly affect the ETF's performance.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 30
NEGATIVE IMPACT
Invesco Water Resources ETF, which includes exposure to Toro, may see a slight impact due to Toro's stock drop following its Q3 earnings miss.
PHO includes exposure to Toro, whose stock dropped 12.6% after missing Q3 expectations. This may slightly impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 30
NEGATIVE IMPACT
Toro Company's Q3 results missed sales and EPS expectations, leading to a 12.6% drop in stock price. The company revised its FY24 outlook downward, citing macroeconomic caution affecting shipments.
Toro's Q3 sales and EPS missed consensus estimates, and the company revised its FY24 outlook downward. These factors, combined with macroeconomic caution affecting shipments, have led to a significant drop in stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100