Why This Air Conditioner Maker’s Stock Is Slumping in the Heat of Summer

Investors turned icy cold toward Lennox International stock, sending shares angling toward their worst day in 25 years after the HVAC company cut its full-year outlook. Shares of Lennox International tumbled 21% to $432.37 on Wednesday, putting them on pace for their largest daily percentage decline since March 19, 2001. The sharp decline in share price came after Lennox International—which manufactures heat pumps, air conditioning, and air quality systems—on Wednesday reduced its full-year earnings outlook to $23 to $24 a share, down from its previous $23.50 to $25 a share view.