iRobot Corp. slumps after competitor snags DOD contract
Shares of iRobot Corp. (Nasdaq: IRBT) are down sharply this morning after it was reported Friday night that the company’s competitor, Robotic FX, was awarded a $280 million deal from the Pentagon to provide robots for U.S. soldiers in Iraq and Afghanistan.
iRobot previously provided the Department of Defense with battlefield robots.
Shares of iRobot (Nasdaq: IRBT) tumbled 23.3%, or $5.50, to $18.12 in Monday morning trading.
