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Why is Rockwell Automation Inc (ROK) Stock down?
Rockwell Automation Inc (ROK) stock declined by 17.56% due to supply chain challenges and weakened demand. Disappointing results with earnings falling short of estimates, largely attributed to ongoing supply chain disruptions. CEO Blake Moret cited high inventory levels and supply chain constraints affecting product shipments but remained positive about the company's prospects. However, ROK revised its diluted earnings per share outlook to $11.24 to $12.74 from $11.49 to $12.99 while maintaining its full-year revenue guidance.
Shares of Rockwell Automation (ROK) dropped by 5.16% from $290.55 to $275.57 in the trading on Wednesday, October 18, 2023. The reason why ROK is down today is due to broader market movements. Wall Street saw a downturn as major U.S. companies reported a mix of profit results, while rising Treasury yields added pressure to the stock market. Additionally, concerns regarding the situation in the Middle East, including a deadly hospital explosion in the Gaza Strip, weighed on market sentiment. The S&P 500 decreased by 1.3%, the Dow Jones Industrial Average lost 332 points, and the Nasdaq composite dropped 1.6%. Crude oil prices surged, and gold continued to rise as investors sought safer assets. The 10-year Treasury yield reached its highest level since 2007. All of these factors might contribute to the decline lin ROK's stock price.
Shares of Rockwell Automation (ROK) dropped by 7.55% from $336.29 to $310.91 in the trading on Tuesday, August 01, 2023. The reason why ROK is down today is due to the company's disappointing Q3 earnings.
- Earnings per share: Rockwell Automation reported earnings of $3.01 per share, missing the expected $3.19 per share. This marked a decrease compared to earnings of $2.66 per share in the same quarter the previous year, after adjusting for non-recurring items.
- Revenue: Rockwell fell short of revenue, reporting $2.24 billion, which was 2.46% below the consensus estimate. However, this was an increase from the $1.97 billion in revenue generated in the same period the prior year.
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