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 pharmaceutical contractor Parexel (Nasdaq: PRXL) fell 10% today after the company gave a disappointing outlook.

So what: Fiscal second-quarter results were decent with revenue rising to $364 million and net income increasing to $16.8 million, but investors were focused on the outlook for fiscal 2011. The company now expects earnings per share of $1.18 to $1.24, down from prior estimates of $1.23 to $1.31 per share.

Now what: Partnerships with Merck (NYSE: MRK) and Bristol-Myers Squibb (NYSE: BMY) are not turning into contracts for clinical research as quickly as anticipated, accounting for the decreased guidance. This isn't the end of the world for Parexel, and even analysts at William Blair & Co. and Raymond James are remaining bullish on the stock. I have to agree and see today's drop as a temporary dip in a good long-term investment.

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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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