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 equipment service provider DXP Enterprises (NASDAQ:DXPE) dropped 14% today after the company released earnings.

So what: First quarter sales increased 15% to $290.1 million, and net income was up 14%, to $13.2 million, or $0.87 per share. But both numbers were down sequentially, and analysts were expecting $314.3 million in revenue, and $0.95 per share in earnings. 

Now what: Management pointed to an uncertain economic environment as the biggest factor affecting the lower-than-expected results. Like many companies, management is cautiously optimistic about the second half of the year. I don't think the results were terrible, but the stock's trailing P/E ratio of 17 is a little expensive given the uncertainty. I'm sitting out this move today, but if the stock continues to drop in coming weeks, it would be a nice value for long-term investors.

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Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.