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Why Poly Stock Dropped 20% Friday

·2 min read
Why Poly Stock Dropped 20% Friday

Call it Plantronics or call it Poly (NYSE: PLT) -- whatever you want to call it, this company just disappointed investors in a big way, and its stock is down 20.5% as of 10:20 a.m. EDT Friday. Last night, Poly, formerly Plantronics and Polycom, announced it will officially change its ticker symbol to "POLY" on the New York Stock Exchange, after 17 years trading under the ticker symbol "PLT." Investors are selling off Poly stock because the company also announced last night that despite beating estimates on sales and earnings in fiscal Q4 2021, it's probably going to miss estimates by a pretty big margin in Q1 2022.