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: MasTec, Inc.(NYSE: MTZ) stock was down as much as 18% at one point this afternoon, before rebounding slightly. Currently (just after 3 p.m. EDT) the stock is still down about 11%.
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So what:MasTec filed a news release late yesterday afternoon, announcing that it would not release its 10-K annual report on that date. This is the second delay in the filing of the company's annual report. On the quarterly earnings call on Feb. 27, VP of Investor Relations Marc Lewis said:
Here we are, three weeks later, and the company is further delaying the annual report. Mr. Market is clearly spooked by this. Since the earnings call, the stock has fallen more than 20% including today's big drop.
Now what:The market hates uncertainty, and frankly MasTec has created some of that with another delay in releasing the annual report. However, it's worth noting that the investigation that's delaying the release -- at least what we were told -- isn't expected to impact the company's results. It's supposedly about which quarter during the year the company was supposed to recognize certain costs.
I'd guess that the lack of new information is what's spooking the market, and not any material "bad news." If you're a believer in MasTec's long-term prospects, this could be a good opportunity to pick up some shares.
The article Why MasTec, Inc. (MTZ) Stock Fell 12% Today originally appeared on Fool.com.
Jason Hall has no position in any stocks mentioned. The Motley Fool recommends and owns shares of MasTec. 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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