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 casino game supplier WMS Industries (NYSE: WMS) fell 28% today after the company released earnings.

So what: Revenue declined 5% to $203.2 million and fell below estimates of $210.8 million. But the bottom line was worse where earnings per share fell to $0.18 from $0.56 a year ago.

Now what: Some of the decline in profit was because of a charge related to cutting staff approximately 10%. KeyBanc Capital saw enough bad news to downgrade shares from a buy to hold, which didn't help shares any today. I would like to say that shares are moving into value territory, but catching a falling knife is a tough proposition in today's market.

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