Turnaround Letter HOLD-rated Weatherford International (WFT) announced that they are delaying their earnings release until this coming Friday and are cancelling their conference call. No other information was provided.
Delays of this type are rarely good – often meaning a major corporate event such as news of accounting issues or a bankruptcy filing. While exceptionally unlikely, it could mean positive news such as the sale of the company. WFT shares are down close to 20% in early trading today. We remain HOLD-rated on Weatherford and wary of potentially bad news in the next few days.
Shares of Weatherford International (WFT) remain Hold-rated.
Disclosure Note: An employee of the Publisher owns WFT shares.