Stock Story -
What Happened:Shares of outdoor equipment company Toro (NYSE:TTC) fell 12% in the afternoon session after the company reported second-quarter earnings results. Its revenue unfortunately missed, and its EPS fell short of Wall Street's estimates. The company expects macro uncertainty to weigh on demand in some segments of its business. As a result, the company provided a modest FY24 revenue growth forecast of 1%. Overall, this was a mediocre quarter.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy The Toro Company? Find out by reading the original article on StockStory, it’s free.
What is the market telling us:The Toro Company’s shares are not very volatile than the market average and over the last year have had only 7 moves greater than 5%. Moves this big are very rare for The Toro Company and that is indicating to us that this news had a significant impact on the market’s perception of the business.
The Toro Company is down 14% since the beginning of the year, and at $81.16 per share it is trading 18.8% below its 52-week high of $99.89 from September 2023. Investors who bought $1,000 worth of The Toro Company’s shares 5 years ago would now be looking at an investment worth $1,092.