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 energy service provider Matrix Service (NASDAQ: MTRX ) jumped 10% today after an analyst upgraded the stock.
So what: Analysts at Sidoti upgraded the stock from "neutral" to "buy" today. This was the only news out about the stock and drove traders to push volume to nearly twice its three-month average.
Now what: At The Motley Fool, we don't take analyst upgrades too seriously, and over time the market forgets about them as well. This will probably be a short-term bump for the stock, and I wouldn't view it as a reason to buy. Without a new catalyst to push the stock higher, the upgrade will be forgotten and the buyers who hit the market today will leave, pushing the stock lower.
Interested in more info on Matrix Service Company? Add it to your watchlist by clicking here.