Sometimes the stock market makes you just shake your head. Shares of Cray (CRAY) plunged 17 percent in early May after first quarter earnings apparently disappointed investors. To be fair, revenue did dip sharply year-over-year, and a 13 cent per share profit in Q12012 turned into a 20 cent per share loss in Q12013. And Cray had put together a very strong bull run -- rising all the way from $5 per share in October 2011 -- which perhaps led to some profit-taking:
All that said, the post-earnings drop made little sense. First off, Cray's main business is designing supercomputers; much of its revenues come from major projects, making quarter-to-quarter comparisons not...
Only subscribers can access this article, which is part of the PRO research library covering 3,573 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: