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 orthopedic equipment maker Wright Medical Group (Nasdaq: WMGI) were more wrong than right today, falling as much as 15.3% on tremendously heavy volume.

So what: The company just reported a loss in the third quarter on weak sales and lowered both top- and bottom-line guidance for the coming quarter. The loss was expected; the slow revenue and timid outlook weren't.

Now what: Wright is running under brand-new CEO Bob Palmisano, whose predecessor resigned under scandalous circumstances after playing fast and loose with a government settlement. Wright is now somewhat leaner and meaner with smaller expenses and a reduced product portfolio. Is that good enough to pull off a turnaround while fighting off much larger, better-known, and largely scandal-free ortho experts Stryker (NYSE: SYK), Zimmer (NYSE: ZMH), and Smith & Nephew (NYSE: SNN)? Only time will tell, but the deck seems stacked against Mr. Palmisano.

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