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: I’m having a hard time finding enough adjectives to describe what happened to Kraton Performance Polymers (NYSE: KRA) shares today. They were obliterated and are trading 33% lower as I am writing.

So what: Results weren’t actually as bad as the stock price drop might indicate. Revenue grew 16% to $386 million, above estimates, and earnings per share were $1.44, just $0.04 short of estimates.

Now what: Kraton is seeing raw material pressures and expects the pressure to continue throughout the year. Still, I’m having a hard time seeing justification for such a dramatic drop in stock price. Right now, shares trade at less than six times 2011 earnings estimates, which looks like a bargain to me.

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