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: Schawk (NYSE: SGK) makes its money hawking Coca-Cola (NYSE: KO) and Procter & Gamble (NYSE: PG) products to supermarket shoppers -- but it's having a hard time winning over stock shoppers this morning, with its stock down 13%.

So What: Net profit, which had been boosted by an insurance settlement last year, slumped 44% in yesterday's Q3 earnings report. (No surprise there. Motley Fool CAPS members have been panning this stock for months.) Yet Schawk insists that an apples-to-apples comparison of the results, which ignores everything from the settlement's effects to currency fluctuations, would show it actually growing its earnings 10% year over year.

Now What: Investors aren't buying it, and I don't blame them. Sales and gross margin both declined in Q3. Accounts receivable grew 5.5%, even as sales slipped. Yet free cash flow at the company is still outrunning reported net income, and looks likely to surpass $45 million this year. Schawk is selling for less than 10 times free cash flow today, and expected to grow 15% per year over the next five years. Bad news is bad news, but this really looks like a buying opportunity to me.

Want more information on Schawk? Add it to your watchlist here by clicking here.

Fool contributor Rich Smith does not own shares of any company named above. The Motley Fool has a disclosure policy.

Coca-Cola is a Motley Fool Inside Value recommendation. Coca-Cola and Procter & Gamble are Motley Fool Income Investor picks. The Fool owns shares of and has written covered calls on Procter & Gamble. The Fool owns shares of Coca-Cola.

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