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 construction equipment specialist CNH Global (NYSE: CNH) dropped as much as 11.5% today after posting quarterly results that disappointed Wall Street.  

So what: While CNH's fourth-quarter earnings soared sixfold to $209 million, or $0.90 per share, the majority came from a substantial tax benefit of $136 million. According to Wall Street firm Jefferies Group, the report suggests underlying earnings of about $0.23 per share, which was much lower than the analyst consensus of $0.44 per share.

Now what: I wouldn't rush into CNH just yet. Main rivals Caterpillar (NYSE: CAT) and Deere (NYSE: DE), which both trade at a clear P/E discount to CNH, look like better values at this time. Caterpillar, in particular, knocked the cover off the ball with a market-topping quarter today, so it seems like the better proxy for emerging market growth, as well.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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