Terex Corp. (TEX)

Terex Corporation Stock (TEX) dropped by 9.48% from $54.23 to $49.09 in the trading on Wednesday October 18, 2023. The reasons why TEX stock down today include:

• Retirement of the CEO: The CEO, John Garrison, will retire from the company on Jan. 1, 2024. Simon Meester, currently Terex's president of aerial work platforms, is in as the new CEO effective New Year's Day 2024. Terex has certainly prospered under Garrison's leadership (the stock is up 63% over the last 52 weeks), and he will be missed for that.
• New guidance: Adding to investor worries, Terex issued new guidance that, while better than the previous guidance, was still not as great as what Wall Street was predicting. Terex mentioned that its own guidance is for only about $7.05 per share, slightly short of expectations, which is $7.16 this year.