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.
Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool has a disclosure policy.
More from The Motley Fool
3 Top Dividend Stocks in Infrastructure Spending
If President Trump's proposed $1 trillion infrastructure plan happens, these four stocks could be big winners.
Here's Why Fluor Corporation's Stock Is Falling Today
The engineering company missed the mark and issued a dour outlook.
Why Fluor Corporation Stock Got Floored Today
Investors were looking for more than $1 a share in earnings. What they got was $0.03.