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 construction company Tutor Perini (NYSE:TPC) rose as much as 26% in trading today, after the company announced earnings.
So what: Revenue fell 6%, to $1.1 billion, but net income rose, to $42.6 million, or $0.88 per share -- and that's what investors are focusing on today. On an adjusted basis, earnings per share were $0.54, when analysts had expected just $0.47
Now what: The earnings beat wasn't all that impressive, but it breaks a string of three huge misses in a row. Investors are feeling relieved more than anything. I'm still not crazy about shares after the miss, though, because Perini still has those earnings misses in the recent past, and backlog has been declining recently. I'd sell the pop and cash out today's big gain.
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