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 Nordson (Nasdaq: NDSN) dropped like a stone this morning, falling nearly 13% before beginning a long climb back to almost breaking even.

So what: The "precision dispensing" equipment maker reported earnings that missed the Wall Street consensus, then added inadequacy to injury by falling short on guidance as well.

Now what: Nordson earned $0.82 per share in the fiscal third quarter, and the current quarter's earnings should be in the neighborhood of $0.80 as well. While that's less than Wall Street was hoping to see, it should be more than Nordson earned in last year's fiscal fourth quarter. As a result, we're looking at about a 12 P/E stock here, still pegged for better than 13% long-term earnings growth on Wall Street, still basically net-debt-free, and still paying a tidy 1% dividend. Call me crazy, call me a Fool -- but that just doesn't look expensive to me.

Is Nordson as cheap as it looks? Add it to your Foolish watchlist, and see how things shake out.