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 marine contractor Cal Dive International (CDVIQ) jumped as much as 12% today after the company announced earnings.
So what: Revenue rose slightly in the second quarter to $121 million and net loss improved to $1.7 million from $5.7 million a year ago. On a per-share basis the loss was $0.02 versus an estimates loss of $0.06, so results were a little better than expected.
Now what: Management also announced another contract with Pemex, this time for $40 million. The company has already signed $250 worth of contracts in 2013 so the momentum with the company is very strong. Beating estimates in the quarter was great, but I'm more concerned with continuing losses and that will keep me away from shares today.
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