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 food-additive maker Innophos Holdings (NYSE: IPHS) were down 10% today after its earnings report failed to impress investors.

So what: Adjusted earnings per share of $0.81 fell short of analyst estimates of $0.90, and revenue came in slightly below Wall Street's view as well. While results in its core specialty phosphates segment were promising, its GTSP (fertilizer) and other segment recorded just breakeven adjusted operating income due to lower market prices. Management cited "an economic environment that became more challenging as the quarter progressed," but the company was able to increase sales despite lower demand and higher raw material costs for its specialty phosphates.

Now what: While near-term conditions don't look great, the company seems to be positioning itself well for future growth. Its recent acquisition of Kelatron, which also makes mineral products, has provided more than 20% growth so far this year, and the company sees further opportunities to maintain similar levels of growth. Management said they expect third-quarter performance to be similar to the second quarter, meaning analysts could lower their projections, but long term this looks like a good bet as an affordable stock with credible growth opportunities and a solid position in a niche industry.

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