Oops! SolarCity (SCTY) is delaying their earnings report until March 3rd. Sell it? Nope! It’s..

I want to look at Solar City ( NASDAQ:SCTY ). The company was supposed to announce earnings after the bell today, but they issued a press release saying that they’re going to have to delay their earnings until March 3rd. It has to do with complying with the accounting rules, due to acquisitions, and then overhead allocation charges due to increase in megawatts delivered. In other words, they’ve had a big increase in the amount of stuff that they’re delivering i.e., megawatts of power and they want to make sure they get their financials right in order to comply with the prevalent accounting rules. That’s not a bad thing, they’re still having their conference call today, and because I’m doing this I’m not listening to that.

So why am I featuring this now? I’m thinking that this is a buying opportunity, this is not a stock, as you can see here, this is not a stock that’s being held by budget chuckleheads that were gunning the stock, just running it up with reckless abandon while the major players are staying out of this stock. This is not some goofy micro-cap stock that some guy with a penny stock newsletter comes out with and pushes the stock way up to where a delay in earnings is really going to crush the stock; this is not that. If you look at the 5-minute chart you can see, the stock comes up, everybody’s got to buy, for whatever reason, I have no idea, and then this stock absolutely gets crushed. So imagine you’re one of the guys I keep telling you, don’t trade after hours, it’s for fools, and if you trade after hours, and you’re losing money, you’re in the aforementioned group. This is support down here at 73.00, so the thing went basically $9.00 roundtrip and now it’s trading lower, but still above this level.

My bet is that tomorrow this stock is going to find support right around here and we’re going to start all over again. I think this is a stock that you want to buy, but make sure make sure that you don’t get all frisky on me here and buy too much. The fact that they delayed their earnings and the stocks only down a little bit is actually a good thing in my view, because it’s going to wash out the few weak hands that are in this stock. So I think you can buy this stock and hold it into earnings, I think you’re going to make money.