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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 AVX (NYSE: AVX ) rose more than 11% in early trading and then closed up around 9%. Third-quarter results were mixed, but management also authorized a 36% increase in the component manufacturer's dividend payout.
So what: Revenue fell 6% to $404.8 million while per-share earnings slipped from $0.40 to $0.36 a share. Sales missed analyst expectations, yet Wall Street had been calling for just $0.34 a share in profit.
Now what: Coupled with the dividend -- which now yields more than 2% -- AVX's earnings beat appears to have been more than enough to please investors. With the stock trading for less than the long-term earnings growth analysts expect, I can't say I blame them. Do you agree? Disagree? Please weigh in using the comments box below.
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