Why Cal Dive's Shares Popped Today
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 marine contractor Cal Dive International jumped as much as 12% today after the company announced earnings.
So what: Revenue rose slightly in the second quarter to $121 million and net loss improved to $1.7 million from $5.7 million a year ago. On a per-share basis the loss was $0.02 versus an estimates loss of $0.06, so results were a little better than expected.
Now what: Management also announced another contract with Pemex, this time for $40 million. The company has already signed $250 worth of contracts in 2013 so the momentum with the company is very strong. Beating estimates in the quarter was great, but I'm more concerned with continuing losses and that will keep me away from shares today.
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The article Why Cal Dive's Shares Popped Today originally appeared on Fool.com.
Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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