The 21st century tech world strikes again.
CNBC headlines: https://www.cnbc.com/2023/10/
Clorox shares slide after company says cyberattack hit sales hard
The story reports this on the latest version of high-tech hijinks:
“Shares of Clorox fell more than 8% Thursday, the morning after the company said an August cyberattack significantly weighed on sales and profits during the prior quarter.
The stock hit a 52-week low and is down more than 13% so far this year.
While the Pine-Sol and bleach maker said it had contained the hack, which severely hampered its production, it said it continues to deal with the fallout even as its operations gradually get back to normal.
Raymond James also downgraded the stock to market perform Thursday morning, citing the larger-than-expected material effect the attack had on the company.
Raymond James said it struggles ‘to see a recovery in the stock near-term, as it would be based on a view of a quick sales and profit bounce back from the attack during a period in which consumers appear to be making more price conscious choices and as commodity costs start to move upward again.’
Clorox said after the bell Wednesday that it expects to report a 23% to 28% decline in sales during the quarter that ended Sept. 30.”
The hard fact here is that this story is far from unusual. The great contribution of high-tech and the age of computers inevitably will bring out bad actors.
Invent the automobile and sure enough there comes along car theft. Invent the World Trade Center and it becomes a magnet for terrorists.
On and on turns the world.
And even full strength Clorox can’t bleach this stuff out.
