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 Hospira (NYSE: HSP) sank 10% today after the company released disappointing earnings.

So what: Hospira reported a terrible trio of numbers, with sales, earnings, and outlook falling behind estimates. Revenue of $992.1 million was below expectations of $1.04 billion, earnings per share of $0.77 lagged Street estimates of $0.93, and 2011 earnings guidance of $3.90 to $4.00 was also lower than the $4.30 expected.

Now what: Supply shortages and higher costs were blamed for the earnings miss as the specialty pharmaceutical and medication delivery company wasn't able to sell through its product backlog. At $51.50 per share, Hospira isn't terribly expensive given the guidance, but falling sales are a concern. I would like to see a little more of a pullback before jumping in, but long-term, today's sell-off seems a bit overdone.

Interested in more info on Hospira? 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.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.