Although we don't believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes -- just in case they're material to our investing thesis.

Stocks are flat on the day as the Dow Jones Industrial Average (^DJI 0.43%) has nosed downward. As of 2:45 p.m. EDT, the Dow has lost about three points, having traded within a narrow range since midmorning. Stocks are generally higher on the index, led by Boeing (BA 0.35%), which has had a strong showing despite a big loss by the company's military division. Let's catch up on what you need to know.

Boeing misses an easy home run
Boeing's stock is up more than 1.6% so far even as the company whiffed on a big contract in South Korea. The country's military fighter update, a contract worth up to $7.7 billion for 60 new aircraft, looked like Boeing's to lose going into today's decision day. Boeing's F-15 Stealth Eagle aircraft was alone among the three competitors, with Lockheed-Martin's (LMT -0.58%) F-35 and Eurofighter's Typhoon as the others, to come in under the budget requirement set by Seoul.

But the process took an unexpected turn today when South Korea voted down Boeing's aircraft as unsuitable for a modern stealth jet fighter and pushed to restart the competition. It's a tough blow for Boeing's military aircraft division, which saw sales fall roughly 4% year over year through 2013's first six months and could have used the huge injection of cash provided by South Korea's offer.

For Lockheed, Boeing's top competitor in the space, throw the earlier budget-related rejection out the window in the competition. With South Korea's military now appearing more interested in the top combat-capable aircraft it can find rather than sticking to budget requirements, Lockheed's new F-35 looks like a strong contender to win a renewed competition.

The decision's no big blow to Boeing overall, as the company's civilian aircraft segment still dominates the its total sales -- and the civil aerospace market is expected to bloom in coming years. Still, while Boeing has a sizable backlog in its military division, it will be interesting to see how the company adjusts to make up for the lost opportunity and revenue in future quarters.

Johnson & Johnson (JNJ -0.44%) is not having anywhere near a good day, with its stock down 0.7%. In a reversal of Boeing's day on the market, J&J is down after posting long-term good news for investors. The FDA approved the company's plaque psoriasis drug Stelara for the new indication of treating psoriatic arthritis, a disease that impacts the lives of 2 million Americans, according to J&J. It's also been approved in Europe for the same indication, adding another sizable market to the drug's range.

That's great news for investors worried about the pharmaceutical industry patent cliff that has struck revenues across many big names. J&J isn't facing nearly the sales shortfall due to patent expirations as many rivals are, but Stelara's new indication should help. The drug's become a booming star for the company, posting sales of more than $700 million through the year's first six months -- a 52.9% year-over-year gain. Today's news should only help Stelara, and J&J's cash flow, continue to provide.