Eddy Elfenbein submits: Here's a quick lesson on investing: Today's move in Donaldson makes no sense whatsoever. The company did exactly what was expected. In fact, sales came in a little better than expected. I don't care how anyone runs the numbers, this move just doesn't make sense.
Don't get me wrong. I never get mad at the market. Your stocks don't know you own them. Even if they did know, they still wouldn't care. But sometimes, the daily moves in the market are simply beyond any analysis.
It's perfectly understandably that people need reasons. If the stock is down, there must be a why. But sometimes, there isn't. It just happens.
I'll give you a good example. In July 2002, Wrigley's (WWY) plunged. There was no news at all. I remember watching the stock. Every day, it just fell and fell. Sometimes the market does things that don't add up.
The odd thing about Donaldson is that the stock was trading higher after hours yesterday, and it even gapped higher at today's open. I'm not worried at all. This is still an excellent stock.
Disclosure: Author is long DCI
DCI 3-month chart: