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 engineered product maker ESCO Technologies (NYSE:ESE) dropped 10% today after a disappointing earnings report.

So what: Net sales dropped 4.4% in the fiscal second quarter to $166.2 million, short of the $170.5 million estimate. Earnings per share after adjusting for non-operating charges were $0.28, still below the $0.34 estimate.  

Now what: The AMI market was blamed for the miss as customer delays have put pressure on revenue. Still, investors weren't giving the company a break, especially after earnings per share guidance came in at $1.60-$1.80, well below the $2.08 Wall Street expected. I'm not buying the discount today and need to see strong revenue and earnings growth before considering this stock.

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Motley 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.