Here’s what they said:
Revenues were negatively affected by slower than expected end-markets in several businesses. Consumer-related businesses, such as residential heating, ventilation and air conditioning (HVAC), golf and residential security, were the most significantly affected, accounting for the majority of the lower volume since the previous guidance. Commercial security activity was also slower than expected. Transport, industrial and commercial HVAC revenues have remained strong. Operating income for the third quarter was negatively impacted by lower volumes and by unfavorable product mix in the residential and security segments.
Mr. Market has little patience for those missing the mark. Micron, one of our trading favorites a few weeks ago, is another stock getting slammed today on an earnings miss.
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