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 shipping company Navios Maritime (NYSE: NM) jumped as much as 14% today after the company released earnings.
So what: Revenue fell 12% from a year ago to $133.8 million, but it easily topped the $97.1 million estimate. The company lost $0.10 per share, but that was well ahead of the expected $0.22 loss, and that got investors excited today.
Now what: The dry-bulk segment was hit hardest over the past year, and rates fell 45% to $11,820 per day. There's a long history of challenges in this segment, and it doesn't appear to be getting any better, with oversupply in the industry. Today's results may have beaten expectations, but I'm not a buyer, because the company's still seeing deteriorating results.
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