Why Resideo Technologies Stock Is Soaring Today
Resideo Technologies (NYSE: REZI) has been a tough stock to love since its split from Honeywell International in 2018, losing to the market by about 110 percentage points during that time. But fourth-quarter results provided hints that the company has finally turned a corner.
Investors are cheering the results, sending shares of Resideo up 16% as of 10:30 Eastern on Wednesday.
Resideo is a home automation company that was created out of Honeywell's thermostat and security camera business. The company has been plagued by supply chain and inventory management issues and macro volatility in construction and renovation markets, making it a chronic underperformer.
Source Fool.com
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