Electrolux stock plunges after surprise quarterly loss, $1 billion rights issue and Midea partnership announced
Electrolux shares sank about 24% after the appliance maker revealed an unexpected operating loss for the first quarter, alongside a 9 billion Swedish crown (approximately $1 billion) rights issue and a manufacturing cooperation agreement with Midea. The company attributed the swing to a slump in U.S. demand and said North American sales fell sharpl…