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 industrial REIT First Industrial Realty Trust (NYSE: FR) are taking a 10% steel bath today on more than double its average trading volume.

So what: The trust's fourth-quarter report was tremendously disappointing in terms of both sales and profitability, and the company is in no position to resume its suspended dividend program any time soon.

Now what: First Industrial seems intent to reshape its capital structure while the lending market is hot. If projections for an industrial market recovery over the next couple of years turn out to be correct, the company could be in fine shape to become a profitable growth story once again, but this is dead money at the moment. Shares have doubled over the past year but destroyed 64% of shareholder value over the last five. This is a potential turnaround story in the making, with all the risks and opportunity that moniker implies.

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