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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: Shares of engineering company Fluor (NYSE: FLR ) dropped 10% in a wild day of trading after the company released earnings.
So what: Earnings per share of $0.65 is not only down dramatically from $0.82 last year, but it also missed expectations of $0.75 per share. Revenue of $5.48 billion was also below the $5.69 billion analysts had expected, although the company did reiterate previous 2011 guidance.
Now what: Shares have been on a wild ride today, starting the day down about 3% and falling 10% before recovering most of the losses near the end of trading. Investors are trying to decipher what to think of the $180 million charge Fluor took for the Greater Gabbard Offshore Wind Farm in the quarter and how it will affect the company going forward. With a lot of uncertainty swirling around the company, I am going to leave today’s discount alone and wait for some clarity on the wind project before jumping in.
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