Here’s Why Conglomerate Stocks are Tanking Now
After this morning’s abysmal jobs report from the Bureau of Labor Statistics, conglomerate stocks are taking a big hit. Tyco International (NYSE:TYC) shares are down 1.14% today, despite showing significant growth over the last year, up 19.43% YTD and 34.23% YoY. General Electric (NYSE:GE) shares are down 2.23% today, and Emerson Electric (NYSE:EMR) shares are down 1.99% so far today.
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United Technologies Corp. (NYSE:UTX) shares have also taken a hit today, dropping 1.41% even though this morning’s jobs report showed that the tech industry continues to outperform many other sectors for job growth. Textron Inc. (NYSE:TXT) shares are also down today, falling 1.32% so far, less surprising considering the manufacturing industry was largely flat in June, according to the BLS report.