Why Eaton Stock Short-Circuited Today
Shares of Eaton (NYSE: ETN) took a painful shock on Tuesday morning. The global provider of power management hardware and related services reported strong Q1 results, but investors quickly focused on management's modest guidance targets instead. As a result, Eaton's stock fell as much as 8.1% before recovering to a 3.4% drawdown as of 11:40 a.m. ET.
Two electric cables with connectors in the form of the Earth.
Eaton's Q1 sales rose 17% year over year, landing at $7.45 billion. The average Wall Street analyst was looking for $7.13 billion. Further down the income statement, adjusted earnings rose 3.3% to $2.81 per share. Here, the Street had expected $2.73 per share.
Source Fool.com
