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 ARIAD Pharmaceuticals (Nasdaq: ARIA) fell 10% in a slow tailspin today after the company released earnings.

So what: Revenue dwindled to just $66,000, down from $175 million a year ago, but that wasn't the big surprise today. A loss of $47.8 million, or $0.36 per share, has investors scratching their heads today, since they were expecting only an $0.18-per-share loss.

Now what: The year-over-year comparison really doesn't mean much for ARIAD, and management was excited about Merck's (NYSE: MRK) submission of ridaforolimus for regulatory approval in the EU late last week. The loss is something to keep your eye on, but I don't think investors need to entirely change their thesis on ARIAD because of today's report.

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