Why Cooper Companies (COO) Stock Is the Worst Performer in the S&P 500 Today

TLDR

• Cooper Companies stock fell more than 15% after announcing it will keep its CooperSurgical women’s health and fertility business, ending hopes of a sale.
• Q3 revenue came in at $1.07 billion, missing analyst estimates of $1.10 billion.
• Full-year adjusted EPS guidance was cut to $4.51-$4.55, down from $4.58-$4.66.
• Full-year revenue forecast was trimmed to $4.23-$4.25 billion, from $4.29-$4.32 billion.
• CooperVision Q3 revenue fell to $717 million from $723.5 million the prior quarter, hurt by a U.S. inventory reduction.

Cooper Companies (COO) stock dropped more than 15% in premarket trading Thursday after the company delivered a double hit: a missed revenue quarter and the surprise decision to hold onto its CooperSurgical business.

The Cooper Companies, Inc., COO

The market had been expecting a potential sale of CooperSurgical, the company’s women’s health and fertility unit. Instead, Cooper’s board unanimously voted to retain it following a strategic review completed late Wednesday.

That decision alone was enough to send the stock sharply lower. COO was by far the biggest faller in the S&P 500 in premarket trading Thursday.

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