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 Owens Corning (NYSE:OC) dropped 10% today after the company released earnings.
So what: Fourth-quarter revenue fell 3.1% from a year ago to $1.16 billion but was in line with expectations. But the bottom line wasn't so strong and earnings per share of $0.11 fell $0.05 short of estimates, leading to the drop today.
Now what: Management was fairly positive about the direction of the business, particularly housing going forward. For now, the recovery isn't fast enough for investors who were met disappointing housing news today, exacerbating the stock's drop. Long-term, I think this is a buying opportunity, and financial performance will continue to improve going forward.
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