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: Construction equipment maker Terex (NYSE: TEX) saw its shares sink as low as 11% in early trading, after posting a bigger-than-expected quarterly loss.

So what: The slump in nonresidential construction, particularly in Europe, continues to weigh heavily on the company's crane sales. Terex's $89.2 million loss for the quarter, or $0.82 a share, came in well below the average analyst estimate of a $0.15 loss.

Now what: Terex's short-term picture certainly doesn't look pretty. Management also expects to post a disappointing loss for the fourth quarter, despite a forecasted double-digit growth in sales. But with today's plunge guaranteed to create an even larger discount to rivals such as Caterpillar (NYSE: CAT), Deere (NYSE: DE), and CNH Global (NYSE: CNH), Terex might be a long-term turnaround worth considering.

Interested in more info on Terex? Add it to your watchlist by clicking here.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. 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 Fool's disclosure policy always gets a perfect score.