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 cable-product maker General Cable Corporation (NYSE:BGC) fell 10% today after reporting first-quarter results.

So what: Net sales fell 3% from a year ago, to $1.43 billion, and total operating loss was an incredible $237 million, or $6.42 per share. On an adjusted basis, the company lost $0.05 per share, which was better than the estimated $0.09 loss, but the actual loss was shocking. 

Now what: The loss was driven by the writedown of the company's Phelps Dodge International business, as well as a loss related to assets in Venezuela. A rapid adjustment in Venezuela's exchange rate has hit companies with operations there hard, and this is another example of the fallout. Those two items are likely only one-time items, but the adjusted loss is still concerning. I'd like to see General Cable prove it can return to a normal operating level before jumping in.

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.