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Why Cognex Stock Plunged Today

TheMotleyFool

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Shares of Cognex (NASDAQ: CGNX) have plunged today, down by 10% as of 1 p.m. EDT, after the company announced it was laying off workers in an effort to cut costs. The machine-vision specialist will also reduce leased office space.

Cognex said it will be laying off approximately 190 employees, or 8% of its total head count. CEO Rob Willett, Chairman Dr. Robert Shillman, and the board of directors have all agreed to waive their cash salaries and fees for the rest of the year. Cognex had already been working to reduce spending and limit hiring activity.

Image source: Getty Images.

Source Fool.com

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