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Why Coty Stock Is Plummeting Today

TheMotleyFool

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Why Coty Stock Is Plummeting Today: https://g.foolcdn.com/editorial/images/830535/gettyimages-1167797024.jpg

(NYSE: COTY) stock is getting crushed in Thursday's trading. The beauty products and fragrance company's share price was down 22.3% as of 2 p.m. ET. amid the backdrop of a 0.4% loss for the S 500 (SNPINDEX: ^GSPC).

After the market closed yesterday, Coty published results for the fourth quarter of its last fiscal year, which ended June 30. While the company posted sales that topped Wall Street's expectations, earnings fell short of the market's target. Making matters worse, management issued guidance that suggested more pain could be on the horizon.

Image source: Getty Images.

Source Fool.com