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.
So what: Revenue rose 2% to $5.51 billion, but the company swung to a quarterly loss of $54 million, or $0.30 per share. Fluor also announced that it would double the size of its share buyback program, and that COO David Seaton will take over as CEO early next year.
Now what: This was a lot of news for one day, but Fluor's bigger-than-expected loss was overshadowed by the CEO announcement and a bigger share buyback. Seaton will give Fluor continuity, and the share buyback shows the company's confidence heading into 2011. Both should be catalysts for shares going forward; that's why I'm buying today's move up.
Interested in more info on Fluor Corp.? Add it to your watchlist.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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