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HON - Cognex Hammered On Ongoing Weakness In Core Markets
Honeywell International Inc.
Wall Street is weird sometimes. Institutional investors spend remarkable amounts of time collecting data, and yet can still be flat-footed at surprising times. Given the slowdown in factory automation reported by companies like ABB (ABB), Rockwell (ROK), and Schneider (SBGSY), not to mention commentary on the auto and electronics markets from other automation providers like Yaskawa (YASKY) and Fanuc (FANUY), it should have been pretty clear that Cognex (CGNX) would see some real weakness here.
Granted, Cognex’s guide for a year-over-year decline in