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 chemical maker Ashland (NYSE:ASH) were decomposing today, falling as much as 11% after the company came up short in its preliminary earnings report.

So what: Weak demand in emerging markets and a dramatic drop in the price of guar hurt the company. The company took a $31 million loss on straight guar, and overall revenue fell 3% to $1.87 billion, below estimates of $1.9 billion. Earnings per share also missed expectations by $0.27, falling 6.7% to $1.12 per share. CEO James O'Brien expressed his disappointment with the quarter but added: "The biggest issues affecting our performance have been addressed. The inventory issue with the straight guar is now behind us."

Now what: Consumer markets was one bright spot in the report, with a 34% EBITDA increase, and with the guar problems in the past, the company looks poised for growth again. O'Brien also noted that weak volumes in parts of the Specialty Ingredients business have returned to normal levels in January. I'd expect a better report next time quarter as the problems look temporary, and Ashland has a consistent record of topping earnings estimates.

Stay up to date on Ashland. Add the company to your Watchlist by clicking right here

Jeremy Bowman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.