Why Carrier Global (CARR) Stock Is Nosediving
Kayode Omotosho /
October 24, 2024
What Happened?
Shares of heating, ventilation, air conditioning, and refrigeration company Carrier Global (NYSE:CARR) fell 12.1% in the morning session after the company reported weak third-quarter results, with revenue and EPS falling below analysts' expectations. Moving on, it lowered its full-year revenue and EPS guidance. The revised guidance also reflects the decision to discontinue operations in the Fire & Security segment. Overall, this was a softer quarter.
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What The Market Is Telling Us
Carrier Global’s shares are not very volatile and have only had 2 moves greater than 5% over the last year. Moves this big are rare for Carrier Global and indicate this news significantly impacted the market’s perception of the business.
Carrier Global is up 30.9% since the beginning of the year, but at $73.85 per share, it is still trading 10.7% below its 52-week high of $82.67 from October 2024. Investors who bought $1,000 worth of Carrier Global’s shares at the IPO in March 2020 would now be looking at an investment worth $6,157.
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