Why Clorox Is Moving More Like a Tech Stock Today
Shares of boring old consumer products company (NYSE: CLX) exploded today after the company reported its fiscal 2024 first-quarter earnings last night. The stock jumped as much as almost 11% this morning, and shares were still higher by 8% at 2:30 p.m ET.
Clorox stock normally has low volatility relative to the overall market. It has a beta coefficient of less than 0.5, meaning the stock is typically less than half as volatile as the overall market. But a recent cyberattack has been on the forefront of shareholders' minds, and the latest earnings report is resulting in somewhat of a sigh of relief. Today's move is being made on trading volume that is more than 150% above average.
A cyberattack in August resulted in production delays and disrupted supplies and operations. That led to a 20% decrease in sales for the quarterly period ended Sept. 30. Diluted net earnings per share plummeted by 75% year over year.
Source Fool.com
Clorox Co. Stock
Currently there is a rather negative sentiment for Clorox Co. with 3 Buy predictions and 13 Sell predictions..
With a target price of 122 € there is a slightly negative potential of -7.01% for Clorox Co. compared to the current price of 131.2 €.
