With today being the ex-dividend date, you have those who buy for the dividend and then immediately sell bailing out. Also, now that the ex date is past, the short sellers can come back in without having to pay the dividend, so I suspect that a lot of today's sales were of the short variety. Eventually this all washes out.
Earnings were about as expected, given the depressed state of the oil exploration business. I was pleased to see the dividend continued. They gave a positive outlook in the earnings announcement and the dividend is an expression of confidence in their ability to handle the situation.
Dividend reduced from .17 to .15. This actually looks pretty good to me. If the current environment can support any dividend at all, then when oil prices firm up a little (which they eventually will) things should be very good.
They "missed" by about $.19 for the quarter. But, I don't recall them guiding to any specific number. In fact, it seems to me that they don't provide enough information to make a decent estimate, or even to explain where they came up short (of estimates that aren't much more than SWAGs). Looking at the release, they appear to have significant unexplained costs that kept earnings from reaching what I would have expected, given the solid increase in revenue. Somebody on this board said that there was a one-time expense of $20 million for flu prevention measures. But, I can't see where they identified that, although it sounds reasonable.
Looking forward, there should be a couple of quarters of even higher earnings, and then I expect a slow return to normal....slow because it will take quite a while to rebuild flocks and because prices for almost anything seem to come down a lot slower than they go up. Then, when we get back to "normal" egg prices, CALM should have put their new cash to work to generate more profits. Considering all this, it seems like the drop (12% as of now) is way overdone.