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.