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 Quicksilver Resources
So what: Yes, you read that right, Quicksilver beat both top and bottom line estimates, yet the stock is still getting crushed. Second-quarter revenue was $229.3 million, topping the $218.8 million analysts expected, and adjusted earnings per share were $0.02 better than estimates, at $0.07.
Now what: Management also said it would spend 39% more than expected on exploration, which the market wasn't excited about as oil prices fell. In general, oil stocks are down today, so this is just the worst of a broader sell-off. I would like to say it's a buying opportunity, but there doesn't seem to be any bottom in sight right now.
Interested in more info on Quicksilver Resources? Add it to your watchlist.