What happened

Brazilian cellphone provider NII Holdings (NASDAQ:NIHD) -- the company that is what's left of what used to be Nextel -- saw its stock sink nearly 13% in early Thursday trading. The stock's still down 10.9% as of 3:35 p.m. EDT, and it's pretty clear why.

One month ago, NII told investors it would be reporting end-of-2018 earnings today, and holding its earnings conference call shortly thereafter. But last night, NII changed its mind and announced it will in fact be rescheduling both events, pushing earnings back to Monday, March 18.

Woman hanging up a red phone

Image source: Getty Images.

So what

What could this change of plans mean for investors? Well, it could mean anything, really, ranging from NII not having its books ready just yet, and needing some time to get its accounting in order, to management putting the final touches together on some kind of deal (perhaps even a sale of the company)?

Now what

Judging from today's stock price reaction, it seems investors are leaning more toward the "fearful" end of the fearful-greedy scale of reaction to NII's earnings postponement. We don't know yet if good news or bad inspired today's delay, but we won't have too long to wait to find out -- . Monday's rescheduled earnings announcement should provide the answer.