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 aviation outsourcing company Atlas Air Worldwide (Nasdaq: AAWW) fell 11% today after the company released earnings.

So what: This quarter it's all about missing high earnings expectations for Atlas Air Worldwide. Revenue increased 7.9% to $388.2 million, but it fell short of the $407.8 million bar analysts had set. Earnings didn't impress either, coming in at $1.50 per share, short of a $1.89 per share expectation.

Now what: Expectations were not only set out of reach for the fourth quarter, they appear to be too high for 2012. The company said earnings per share would be in excess of $5.10 per share, short of analysts' estimate of $5.69 in earnings per share. Even if the low end of expectations are reached, shares are trading at just nine times earnings for 2012, a decent value considering the company's growth.

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