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: Shares of Eastman Kodak (NYSE: EK) fell 18% today after the company reported earnings.

So what: Bad news keeps piling on Eastman Kodak shareholders; the stock has headed straight down this week. We saw a similar fall yesterday, after Kodak received an unfavorable ruling on a patent suit, but this time earnings disappointed the market. Revenue was down 25% in the fourth quarter, to $1.93 billion, and earnings per share from continuing operations of $0.12 was 88% lower than last year.

Now what: Kodak's transition into an intellectual-property-licensing company has been anything but smooth, as this two-day plunge indicates. For the speculative investor, buying on the dip may seem like a tempting proposition, but catching a falling knife is never easy. I may be tempted to buy a few shares when the market settles down, but for today, I am going to stay away, for fear we may see the stock plunge further tomorrow.

Interested in more info on Eastman Kodak? Add it to your watchlist.

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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