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: Sims Metal Management (NYSE: SMS) opened the day down 8%, and pretty much stayed there, at one point dipping to a 10% loss. The "world's largest listed metal recycler" offered guidance on its upcoming first-quarter earnings release, scheduled for next Wednesday.

So what: Management expects sales will be up by 4% over the same period last year, with EPS down 78% and EBITDA down 44%. Scrap intake and shipments are expected to dip 6% and 14%, respectively.

Now what: The bare-bones press release offered no explanation for the discrepancy between sales and earnings other than "Scrap flows and margins remain constrained, particularly in North America." Given the lack of information, it's no wonder the stock is down today. There's not much for the long-term investor to do than wait for the earnings call next week.

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Fool analyst Rex Moore owns no companies mentioned here. Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool has a disclosure policy.