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: Seems like everything is down today, but CIRCOR International (NYSE: CIR) is down more than most -- 21% and counting.

So what: CIRCOR reported $0.44 per share in second-quarter adjusted profit -- more than 10% below Street expectations. Oops.

Now what: Adding insult to injury, the valve maker warned that the third quarter is looking pretty weak as well. Management is guiding toward about $0.52 per share, versus the $0.63 per-share profit that Wall Street has it pegged for. When you take all that and factor in the stock's high price (40 times earnings) and total lack of free cash flow (CIRCOR actually burned about $60 million over the past 12 months), I can't say I'm optimistic about CIRCOR rebounding anytime soon.

Are you feeling optimistic about CIRCOR? Add it to your Fool watchlist. See if maybe they can turn this thing around.