Shares of Roper Technologies (NYSE:ROP) declined as much as 14.4% by 3:30 p.m. EDT on Monday. The diversified technology company was among the myriad stocks tumbling today as the stock market sell-off intensifies amid the COVID-19 outbreak.
On Jan. 30 Roper Technologies reported its 2019 financial results and provided an outlook for this year. At the time, CEO Neil Hunn said the company was "well positioned for a strong 2020."
However, market conditions have deteriorated rapidly over the past several weeks due to the COVID-19 outbreak. It has disrupted travel, upended the oil market, and has the world's economy on the precipice of a recession. Because of that, it could begin to affect Roper Technologies customers, which might impact its ability to deliver on its forecast of 6% to 7% revenue growth.
The uncertainty surrounding how much the COVID-19 outbreak will hurt the economy is causing turmoil in the stock market. In turn, fear that an economic downturn will affect 2020 earnings is driving down stocks like Roper. At this point, however, it's anyone's whether there will be prolonged repercussions or this will blow over shortly.