Clorox shares plunge after the company announced that a cyberattack is seriously affecting the company's sales.
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Clorox shares fell more than 5% on Thursday, a day after the company said a cyberattack in August had a significant negative impact on sales and profits in the previous quarter.
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The stock index hit a 52-week low and has fallen more than 11% so far this year.
Although Clorox said it had the situation under control after system , which severely impacted its production, the company is still dealing with the consequences, while its operations are gradually starting to return to normal.
Raymond James said it found it difficult “to see a rebound in the stock in the short term, as it would be based on a view of a quick rebound in sales and profits from the attack during a period when consumers appear to be making more price-conscious choices and as the cost of goods begins to rise again.”
Clorox said it expects to report a 23% to 28% drop in sales for the quarter ended Sept. 30.
Information source: cnbc.com
