Nothing fishy at all. MWA has drawn a lot of attention from short term traders. I don't believe many had high expectations for the quarter just reported, but did speculate the infrastructure investment would buoy the company considerably. If that's happening it's a well kept secret. Poor sales, poorer eps, and the lack of guidance have created the daily swing of 20%.
I should have left my sell order at market open. I don't expect we'll see 5.22 today, so I got out on the bounce to 4.75
I think interest in MWA will wain considerably within a few days, so I'm out and investigating new opportunities.
It could, also, be the way people look at the information. The write-offs and revenue decline are enough to scare the living daylights out of someone. That same person might not take heart in the statement from management that there are indications that the decline "MAY" be easing ( my emphasis on the word may). There are sellers in the same camp that have seen the stock price rise an awful lot, percentage-wise, these past few days and want out.
On the other hand, another person might think the company will be a survivor and come out of this with lower costs, positive cash flow through these bad times and cash in the bank, ready to roll when infrastructure money starts to flow. The write-offs may be over and if one hasn't sold these past few months, and especially after today, an optimistic person might assume that the current holders are in this until things turn for the better.
I am in the latter camp and am glad the company is hanging in there, but I don't get much enthusiasm from that statement about the decline "may" be easing.
The bottom line is, I don't know why stock prices do what they do. I plan on listening to the conference call in the next few days and will post if there is anything worthwhile. Good luck, all.