Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of glassware maker Owens-Illinois (NYSE: OI) shattered today, falling as much as 15% on tremendously heavy trading volume.

So what: Management just lowered expectations for the second quarter, from flat year over year to a 3%-6% drop in operating profits. Higher costs are overwhelming a rise of as much as 10% in global shipments, and it doesn't help that manufacturing has become more expensive in certain regions as well.

Now what: Owens-Illinois provides bottles and jars for everybody from soft-drink giant PepsiCo (NYSE: PEP) to liquor lord Diageo (NYSE: DEO), and even consumer-goods guru H.J. Heinz (NYSE: HNZ). O-I's strong sales point to optimistic customers, while its profit hit indicates that the bottle maker is absorbing the costs of more expensive materials. While that's terrible news for Owens-Illinois shareholders, it's a positive indicator for Pepsi, Diageo, and other drink-dealers.

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