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 regional telecom Cincinnati Bell (NYSE: CBB) are swooning to the tune of 11.9% today, and the downward trajectory seems set to continue.

So what: In last night's fourth-quarter report, Cincinnati Bell disclosed strong sales but disappointing earnings. For 2011, the company expects flat sales and EBITDA income, while free cash flow will almost entirely dry up.

Now what: Cincinnati Bell is moving out of wireline services and into data center operations as fast as it can. That explains where the normally strong cash flows are going: The company needs to invest in more data center infrastructure, which is an expensive proposition. It's a good plan but a risky one given the company's highly leveraged balance sheet.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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 is investors writing for investors.