Company Loses Almost 6% of Total Market Value in Just a Few Hours
Nortek, Inc. released the results for its fiscal second quarter after the market’s close on Monday and took the unusual step of issuing optimistic performance guidance for the remainder of the year. The company does not typically release future performance guidance as a matter of policy, but did so in an apparent attempt to calm investor reaction to their troubling report. It didn’t work – investors reacted strongly on Tuesday by driving Nortek’s stock to a close of $75.23 per share, down sharply from the previous close of $79.88. In just a matter of hours, the total market value of Nortek collapsed almost 6%.
