With Materials (XLB) down 1.9%, this looks like a sector-led move rather than a company-specific surprise.
The materials sector, as measured by the XLB ETF, fell 1.86% amid broader market concerns that a resilient labor market will lead to further interest rate hikes by the Federal Reserve. This morning's initial jobless claims data came in lower than expected, signaling continued economic strength. While a strong economy can be positive, investors are currently focused on the Federal Reserve's response to inflation, and the prospect of higher rates is weighing on cyclical sectors like materials, which are sensitive to economic growth expectations.