Trading in ABB shares was halted after the stock fell 6.6% at market open. When it reopened, shares were about 6% down.
ABB shares dropped after reporting a decline in orders across regions as weaker demand for its automation products offset gains in its power-grid business. Overall, ABB’s orders fell 3% in the three months through June, including an 11% drop in China and 6% slide in the Americas, the Swiss company said Thursday.
and other industrial producers have been grappling with weaker demand in China, where inflation and rising interest rates have weighed on spending. ABB, however, said in April that it had begun to see signs of recovery there, boosting its shares, which have risen more than 30% this year. The company has been weighing a sale of some of its electric mobility assets, which includes electric-vehicle charging stations worldwide as well as research and development facilities in China.
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