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What: Leggett & Platt (NYSE: LEG) shares dropped more than 10% in intraday trading following a disappointing earnings release. 

So what: The company, which manufactures components used in furniture and commercial fixtures, reported a drop in sales from Q2. Leggett & Platt typically experiences a seasonal increase in sales in Q3 compared with Q2.  Earnings of $0.31 per share were down nearly 9% compared with last year. Leggett & Platt executives cited weakening in the residential furniture market during the quarter.

Now what: Because the company's products are inputs into residential furniture, Leggett & Platt's weak sales may also be a bad sign for furniture companies such as La-Z-Boy (NYSE: LZB) and Sealy (NYSE: ZZ). Consumers may be avoiding larger ticket purchases that can be postponed.  

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Fool contributor April Taylor does not own shares of the companies 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 Fool has a disclosure policy.