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ABB - Excessive Bullishness Takes Its Toll On Yaskawa As Reality Comes Home To Roost
ABB Ltd
When I last wrote aboutYaskawa (OTCPK:YASKY) in April, I thought the market and sell-side analysts were far too willing to buy into management’s story that the worst was over in the factory automation market. I thought that because Yaskawa had seen a severe drop in its Chinese business, but weakness had yet to really manifest in the U.S. and Europe. A quarter later, the shares are down about 15%, Yaskawa has another quarterly miss in the books, and the outlook is still pretty shaky.