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 industrial mineral company GrafTech International (GTI.DL) jumped 14% today after reporting earnings.
So what: In the third quarter, revenue fell 7% to $321 million but was still $20 million ahead of estimate. Net income fell 26% to $29.6 million, or $0.22 per share, but was still ahead of the $0.18 per share analysts expected.
Now what: This is really a case of results being "less bad" than any sort of improvement for the company. Management still sees a tough macro economy and cut the top end of its 2012 EBITDA guidance to $245 million from $255 million as a result. I'm not buying into these poor numbers even if they were better than analysts expected.
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