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 wood and paper product maker Resolute Forest Products Inc (NYSE:RFP) fell as much as 10% after releasing preliminary earnings.

So what: First quarter revenue was down 5.4% to $1.02 billion, short of the $1.11 billion expectation. Loss per share of $0.27 was $0.13 below estimates as high costs hit the bottom line.  

Now what: Weather was the big driver of the down results and management didn't think the challenges would be long lasting. Shares are only trading at 10 time forward estimates so this isn't an expensive stock if performance returns to normal. I think this is a good buying opportunity but remember that the long-term earnings picture needs to improve or this will be more than the aberration management wants us to think it is.

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.