Why Shares of Textron Are Falling Today
Shares of Textron (NYSE: TXT) traded down more than 10% at midday Monday before recovering somewhat to close down 7%, on growing investor gloom about the economy. Textron has been an underperformer for years and was seen coming into 2020 as a company in desperate need of a spark. With the economy souring, that catalyst is going to be significantly harder to find.
Textron has been a hard stock to get behind in recent years, with the company mired in a slump due to a series of issues spread across the industrial conglomerate's portfolio that have led to earnings misses. There was reason to hope that strong consumer demand for snowmobiles or golf carts or a surge in business jet sales would help get the company moving in the right direction in 2020, but current events suggest a surge is unlikely.
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Source Fool.com
