Carrier Global stock slides on lowered guidance

What happened: Carrier Global Corp (CARR) reported a Q1 net income of $239 million, or $0.28 per share, a significant drop from $412 million, or $0.47 per share, in the same period last year. Despite this, Jim Cramer of CNBC praised the company's performance, stating it "hit it out of the park."

Market impact: The earnings miss drove CARR's stock down, impacting investors who had bet on the company's recovery. The HVAC and refrigeration sector may face increased scrutiny due to Carrier's performance, potentially affecting other players like Ingersoll-Rand (IR) and Johnson Controls (JCI).

What to watch next: Carrier's full-year guidance, expected to be provided in the upcoming Q2 earnings call, will be crucial to understand the company's outlook. Additionally, the release of Q1 GDP data on April 28 will provide insights into broader economic trends that could impact Carrier's business.