Haynes International Shares Dropped Temporarily: What You Need to Know (HAYN)

Haynes International Shares Dropped Temporarily: What You Need to Know

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 Haynes International (Nasdaq: HAYN ) fell as much as 18% briefly at the open of trading on extremely high volume. Shares have since recovered and are trading slightly higher as I'm writing.

So what: After the market closed yesterday, the company released fiscal first-quarter results. Revenue increased 21% to $128.9 million and earnings jumped 58% to $8.4 million, or $0.68 per share. Analysts had expected earnings of $0.79 per share.

Now what: A big seller certainly moved the market more than expected at the opening, but cooler heads prevailed later in the day. The quarter may have missed expectations, but 21% growth was solid, and the company is growing earnings at a nice clip. Shares trade at just 16 times 2012 earnings estimates, so I would see any big dips as a nice buying opportunity.

Interested in more info on Haynes International? Add it to your watchlist by clicking here.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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