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iRobot Needs A Reboot

iRobot Corporation designs, builds, and sells robots for the consumer market worldwide. It offers Roomba floor vacuuming robots; Braava family of automatic floor mopping robots; and Mirra Pool Cleaning Robot to clean residential pools and removes debris as small as two microns from pool floors, walls, and stairs.

iRobot Corp. announced their second quarter earnings after the market close yesterday. In after hour trading, the stock fell double-digits after the company missed Wall Street’s estimates for sales for the second quarter and lowered its financial expectations for the full year, citing the impact of tariffs in President Donald Trump’s ongoing U.S.-China trade war.

“The direct and indirect impacts of the ongoing U.S.-China trade war and the recently implemented 25% tariffs are likely to constrain U.S. market segment growth in the second half of the year below our expectations at the start of 2019,” Angle said.

“Even as we operate in a higher tariff environment in the U.S., 2019 is shaping up to be another successful year of double-digit revenue growth and impressive global segment leadership,” Angle said.

Source

After basing near the weekly demand at $86, price not only breached the weekly demand at $86, but also breached a critical major support/resistance line at $75. Thus, the chart suggests price is heading down to the weekly demand at $54.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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