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: Atlas Air Worldwide (Nasdaq: AAWW) pulled a flat spin trick today; shares crashed to the tune of 15.2% in heavy morning trading but climbed back to where they started as the day wore on.

So what: The company's just-reported third-quarter earnings and sales came in well below Street targets, and management slashed full-year forecasts as well. That explains the drop; the rebound appears to have come from investors mulling over some very forgiving analyst comments noting that the company's fundamentals remain strong.

Now what: Held hostage by rising fuel costs and generally low demand for quick long-distance shipping, the air cargo sector is currently filled with affordable stocks. Between Atlas Air, Willis Lease Finance (Nasdaq: WLFC), and AerCap (NYSE: AER), you won't find a single trailing P/E ratio north of 10. Mind you, AerCap and Willis are perfect five-star CAPS stocks, while Atlas has to settle for two stars, making it perhaps the worst of breed in an attractive market.

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