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 Pall (NYSE: PLL) were crushed today after the filtration company issued preliminary fourth-quarter results.

So what: Earnings increased 77% from a year ago to $97.4 million, or $0.82 per share, but fell short of what analysts were expecting. Excluding special items, earnings were $0.76, well below the $0.88 analysts expected. That has led analysts to cut expectations for 2012, sending shares lower.

Now what: Jefferies analyst Jon Wood cut his 2012 earnings expectations to $3.05 per share from $3.30 per share and Baird analyst Richard Eastman cut his forecast to $3.22 per share. The two analysts have price targets of $54 and $58, respectively, so there is still some nice upside for investors willing to hang on. Shares may settle lower in coming days, but a continued fall in the stock's price should leave investors with a nice value to enter the stock.

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