CooperCompanies shares tumbled 14% as weak Q4 guidance and the decision to retain the CooperSurgical unit dashed investor hopes for a strategic sale.
CooperCompanies shares fell ~14% after weak Q4 earnings guidance and decision not to sell CooperSurgical disappointed investors.
CooperCompanies shares dropped 13.9% after the medical-device firm issued Q4 earnings guidance of $1.05 to $1.09 per share, missing the $1.19 Wall Street estimate. The sell-off intensified as the company announced it would not sell its CooperSurgical unit, disappointing investors who had bid up the stock in anticipation of a divestiture.
The stock declined due to a combination of weak Q4 earnings guidance and the company's decision to retain its CooperSurgical division rather than pursuing a sale.