John123
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John123 in Gainers & Losers,

PWR down 28,5% on revised 3Q earnings guidance

Quanta Services, Inc. (PWR) announced today that after an initial review of its third quarter operating results, the company now expects revenues slightly below the midpoint of its previously announced range of $1.9 billion to $2.0 billion and expects diluted earnings per share from continuing operations of $0.22 to $0.24. This compares to the company's previous expectation that diluted earnings per share from continuing operations would range between $0.34 and $0.40. In addition, Quanta expects several of the factors which adversely impacted the company's third quarter results to continue and adversely impact the company's fourth quarter results versus prior expectations. Quanta's actual third quarter 2015 results and an update to its full year financial guidance will be provided on November 5, 2015, and the company will hold its third quarter 2015 earnings conference call on the same day.

As a result shares dropped 28.5% on Friday. Meanwhile, analysts from major houses cut their target prices but they are still well above the current price. The lowest target prices are around $22-23. From technical point of view around $18 we have a good support on the monthly chart.

So if we open today with down gap I will buy the stock, with take-profit @ $21.5