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: It was a strange trading day for Moog
So what: The driver of the big move was an earnings report that came out before the start of trading today. In the fiscal second quarter, the company saw sales increase 9% to $625 million and earnings rise 17% to $35 million, or $0.77 per share. Both results topped estimates.
Now what: The move later in the day makes sense because earnings were better than expected, so the mystery was early in the day. Volume was relatively light in early trading but picked up when someone made a 125,000-share order below yesterday's closing price. I would chalk up the move downward to a market that woke up a little groggy this morning.
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