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What happened

Shares of Adeptus Health (ADPT), the country's largest operator of freestanding emergency rooms, are down 13.7% at 12 p.m. EDT after the company delayed its earnings release to this afternoon.

So what

This morning, Adeptus Health rescheduled its planned third-quarter earnings release from this morning to after the closing bell this afternoon. As a result, it has also rescheduled its conference call from 10 a.m. to 5 p.m. EDT today. Since no reason was provided for the delay, investors are left to do their own guesswork, and that kind of uncertainty never bodes well for a company's stock price. Adding to the uncertainty is a recent track record of delivering less-than-welcome news.

Now what

Shares sold off sharply following second-quarter results, which missed estimates. Recently, the stock dropped following news that longtime CEO Thomas S. Hall is leaving early next year. 

Current guidance is for sales of between $640 million to $670 million and adjusted earnings per share of at least $2.55 in 2016. However, that guidance could change depending on the company's third-quarter performance.

While Adeptus Health's shares can be bought cheaper now than yesterday, investors are probably best served by waiting until the report is out and an explanation for the delay is given before considering whether to buy in.