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 International Speedway (Nasdaq: ISCA ) fell more than 13% before closing down just under 4%. The racetrack operator told analysts it wouldn't meet its full-year revenue target.
So what: There wasn't much to like about the third-quarter report, either. Revenue fell 6% to $150.3 million while adjusted profits fell by a penny to $0.24. Management blamed the shortfall on fewer events in the quarter when compared with the year prior.
Now what: Guidance appears to have disappointed investors most, and understandably so. The company said in a press release that because of the "sluggish economy" and other factors, it wouldn't meet earlier guidance of $635 million in fiscal 2011 revenue but then refused to set a new target. With due respect to my Foolish colleagues at Motley Fool Inside Value, I'd advise sitting on the sidelines till management has better visibility into the business. Do you agree? Would you buy shares of International Speedway at current prices? Please weigh in using the comments box below.
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