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 ACCO Brands Corporation (NYSE:ACCO) jumped as much as 11% in early trading after the company reported earnings.
So what: Fourth-quarter net sales were down 5%, to $503.7 million, and income from continuing operations was $50.3 million, or $0.43 per share. That was $0.01 ahead of expectations, and showed a continued slow deterioration of the company's operations.
Now what: Guidance was mixed, but gave a few investors reason to buy today. Management said sales would be down mid-single digits next year, and earnings would be between $0.70 and $0.76, both adjusted down for currency effects. Those numbers aren't enough for me to get excited today, and the exuberance wore off shares as the day went on, as well.