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: Cytec Industries (NYSE: CYT) shares fell 12% in trading Friday after the company announced third-quarter earnings.

So what: The company reported earnings that jumped 202% but lagged behind Wall Street's estimates. Adjusted earnings per share of $0.80 were below expectations of $0.85, and full-year estimates came in below expectations.

Now What: Sales of coating resin only grew 8% lagging behind an average growth of 31.5% in the first half of the year. On the positive side, Cytec's engineered materials are expected to be strong as demand in the aerospace market picks up. This may be a disappointing quarter for Wall Street, but Cytec has crushed estimates four straight quarters, so I view this as a buying opportunity for the long-term investor.

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Disclosure: Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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