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 equipment retailer Titan Machinery, (TITN -0.04%) fell as much as 11% today after the company reported earnings.
So what: Revenue was up 1% in the third quarter, to $588 million, but fell well short of the $615.2 million Wall Street expected. The bottom line was even worse, with net income falling 60%, to $5.7 million, or $0.27 per share, below estimates of $0.66.
Now what: Same-store sales were down, which resulted in higher operating expenses in the quarter. What really hurt today was a full-year earnings guidance reduction from $1.20 to $1.50 per share, to a range of $0.55 to $0.75 per share. Given the expected weakness going forward, I just don't see a great reason to buy today.
