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: Energy equipment manufacturer Dresser-Rand (NYSE: DRC) saw its shares plummet as much as 17% in early trading today after posting disappointing quarterly results at yesterday's close.

So what: Thanks in large part to continued economic weakness, Dresser-Rand's third-quarter profit sank an ugly 50%. The company has held up relatively well throughout the downturn, but its 21% revenue drop marks the second straight quarter of double-digit top-line declines.

Now what: I think Fools would do well to consider pouncing on this pullback. Dresser-Rand's leading position in the rotating equipment market, strong balance sheet, and cheapish forward P/E make it a solid bet on the long-term demand for oil and gas equipment. For peace of mind, of course, I'd still encourage Fools to make that bet in a basket with bigger foes like National Oilwell (NYSE: NOV), Cameron (NYSE: CAM), and Transocean (NYSE: RIG).

Interested in more info on Dresser-Rand? Add it to your watchlist here by clicking here.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. National Oilwell is a Motley Fool Stock Advisor pick. 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.