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 specialty chemicals maker Cabot (NYSE:CBT) fell 10% in early trading, after the company reported earnings.

So what: Revenue rose 7.6%, to $820 million, but net income dropped from $46 million a year ago, to $20 million. On an adjusted basis, the company earned $0.66 per share, but that fell well below the $0.76 analysts expected.  

Now what: Cabot missed both top and bottom line expectations, something investors never like. Management was also especially cautious given weakness in many of the company's end markets. I don't see any great catalyst right now, and would wait to see how the next couple of quarters play out before jumping into a stock that's starting to look like a value trap.

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Fool contributor Travis Hoium has no position in any stocks mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw

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