Why Shares of Textron Are Down Today
Shares of Textron (NYSE: TXT) traded down nearly 10% on Wednesday and are now down more than 38% over the past month. Markets are beginning to price in a U.S. recession, and there isn't a lot of interest in holding a company with exposure to a lot of cyclical industries that's already in need of a turnaround.
Textron, a maker of everything from business jets to golf carts, has underperformed the market for years, due to a series of earnings misses blamed on issues spread across the company's sprawling portfolio. Last year, the company had troubles in the distribution side of its Arctic Cat snowmobile business and has also been plagued by troubles at its Cessna aviation unit.
Textron's Bell 525 helicopter is not enough to get the company's shares airborne. Image source: Textron.
Source Fool.com
