Clorox Co (CLX)

Shares of Clorox Company (CLX) dropped by 5.23% from $131.83 to $124.93 in the trading on Thursday October 5, 2023. The reason why stock CLX is down today is due to the company's cut on its outlook following disruption caused by a cyber attack first reported in August. The company now expects a loss for the quarter ending September 30, mainly due to the attack's disruptions, which led to order delays and product shortages. Net sales are also projected to decline significantly compared to the previous year. The company had previously anticipated growth. Additionally, gross margins are now expected to decrease, contrary to earlier expectations of an increase, as the impact of the cyberattack outweighs other factors. Clorox foresees ongoing but diminishing operational impacts in the second quarter as it returns to normal operations. It also expects benefits from retailers restocking inventory as fulfillment improves in the second quarter.