Clorox Shares Slide After Company Says Cyberattack Hit Sales Hard
October 5, 2023
Clorox shares plummeted over 8% after the company disclosed that a cyberattack in August had a significant impact on sales and profits for the previous quarter. This resulted in the stock hitting a 52-week low and experiencing a year-to-date drop of more than 13%. Despite Clorox’s efforts to contain the hack and restore operations, Raymond James downgraded the stock, expressing doubt about a swift rebound in sales and profits amid a climate of cost-conscious consumer choices and rising commodity prices.
Recent News
Premium and Healthier Food Options Gain Traction
As consumers become more mindful of their spending, the global sales of cooking ingredients and meals saw a notable increase of 4.4% in 2023, driven by inflation and higher commodity prices, according to Euromonitor International.
Dairy Manufacturers Inc. Issues Voluntary Recall of Baby Formula
In a significant move, Dairy Manufacturers Inc., a Texas-based company, has initiated a voluntary recall of several baby formula products after they were found to be noncompliant with U.S. Food and Drug Administration (FDA) regulations.
Fitness Equipment to Become $18.4 Billion Market
The global fitness equipment market is projected to reach $18.4 billion by 2033, growing at a CAGR of 3.02% from 2024 to 2033, according to Allied Market Research.
Walmart Ends Partnership With Capital One
Walmart has officially ended its consumer credit card agreement with Capital One, marking a significant shift in the retail giant’s financial partnerships.