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 specialty consulting firm Navigant Consulting (NYSE: NCI) dropped as much as 12% in intraday trading Wednesday after its preliminary quarterly results and full-year outlook disappointed investors. 

So what: Hurt by a 26% drop in international consulting revenue, Navigant said it expects its fourth-quarter earnings to come in at only $0.01 per share, versus the average analyst estimate of $0.16 per share. Unfortunately, management doesn't expect those headwinds to let up anytime soon, as Navigant's full-year profit guidance also came in well below Wall Street expectations.

Now what: Mr. Market might be providing Fools with a decent value opportunity. Shares of Navigant are now down more than 30% over the past year and, even with today's weak outlook, trade at a cheapish forward P/E of about 12. That represents a discount to rival consultants FTI (NYSE: FCN) and Huron (Nasdaq: HURN), so Navigant seems like a relatively good bet, as well.

Interested in more info on Navigant? 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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