Why Clorox Is Acting Like a Volatile Tech Stock After Earnings

That’s right. Clorox stock was jumping along with shares of several tech stocks in early trading Thursday after the company reported its quarterly financial results.

Despite results coming in above expectations, earnings dropped from last year’s 93 cents a share. Revenue fell 20% as a result of a cyberattack on the company that occurred over the summer. Shares of the maker of at-home cleaning products surged 8% in premarket trading Thursday to $127.50. Based on available data going back to 1998, the largest previous post-earnings percentage move for the stock was on May 1, 2008, when it rose 9.9%, according to Dow Jones Market Data.News that Citi has a more upbeat view of the company likely boosted the stock as well.

Clorox lowered its forecast of sales for fiscal 2024, saying it now expects a percentage decline in the mid single digits. Its previous call was for sales to be flat to 2% higher.

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