Gaylord Entertainment Shares Plunged: What You Need to Know
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: Investors were checking out of shares of hotel operator Gaylord Entertainment (NYS: GET) , pushing the stock down as much as 13% in intraday trading on heavy volume.
So what: The phrase "second-quarter earnings" was etched on the side of the torpedo that hit Gaylord's shares today. Though revenue increased 29% from last year, the $237 million was slightly short of the $238 million that analysts were expecting. Per-share profit, meanwhile, clocked in at $0.17, which was even with Wall Street's expectations.
Now what: While Gaylord did tweak the components of its outlook for the full year, total cash-flow expectations for the year were left unchanged. While there may have been a bit of a letdown in the results -- certainly the report was a little light on optimism -- they didn't seem nearly bad enough to justify a double-digit percentage loss. It would seem that investors have realized this; as of this writing, the stock has recovered substantially from its losses earlier in the day.
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