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 staffing company Corporate Resource Services Inc (NASDAQOTH:CRRS) dropped as much as 16% today after the company released earnings.
So what: Third-quarter revenue rose 16% from a year ago to $209.0 million and net income nearly tripled to $4.4 million, or $0.03 per share. Growth was helped by acquisitions but organic growth was still a strong 12% in the quarter.
Now what: The top and bottom lines are both improving but not at the pace investors were hoping. In the first three quarters of the year, the company has only made a profit of $0.04 per share, which still puts a lot of premium on a stock trading around $3.50 per share. That's just too expensive for me to jump in today.
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