RE:RE:RE:What is going on??? Shares dropped like a stone this morning
Wow, what a rollercoaster of a day! I was surprised Q3 results came in below the Street. I've been following AFN closely for many years and usually the mgmt team (especially the CFO) is very conservative. The outlook for 2H/17 was so positive back in August... An oops on their part. Anyhow, it does seem like the weaker Q3 was driven by some short-term headwinds and that Q4/17 and 2018 will be good. I think it's a sign to the high quality of AFN how hard the stock rebounded today. Similar to CCL, bargain hunters were all over it.
In other Ag news, the USDA upgraded the size of the US corn crop yesterday (record yields) and the U.S. midwest corn harvest is finally making good progress, but is long and drawn out (only 70% complete as of Nov 5th vs 83% 5-yr avg). A long, drawn out corn harvest is usually good for AFN's equipment sales in Q4, particularly augers, aeration, and drying equipment.