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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: How quickly can Mr. Market change his mind? This fast: Shares of Hollysys Automation Technologies (Nasdaq: HOLI ) soared more than 11% early but are now down more than 3% as we near the closing bell.
So what: The Chinese maker of technology for automating utilities reported $74.4 million in second quarter revenue, a 61% increase and well above Wall Street's average target of $63 million. Profit came in $0.27 a share, also better than the Street consensus of $0.19.
Now what: What gives? Honestly, it's tough to say. The company's revised fiscal outlook calls for $39 to $41 million in profit, which at the very high end would amount to about $0.75 a share, $0.03 above the current Street consensus if you assume no further dilution. Maybe investors were hoping for a bigger beat? It wouldn't be surprising. We've seen some of tech's finest suffer this very fate in recent months.