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: GrafTech International Ltd. (NYSE: GTI) dropped 13% in intraday trading today after disappointing guidance outweighed strong fourth-quarter earnings.

So what: Fourth-quarter non-GAAP EPS of $0.32 beat the consensus estimate of $0.26 due to a lower-than-expected tax rate.  Discouraging management comments about the demand environment contrasted with comments about efforts to improve the company's position in the market.

Now what: Management indicated it expects pricing pressure related to weak demand in its primary markets to be a drag on 2011 results.  Guidance did not include EPS, but suggested 2011 EPS could come in closer to $1.04 than the 2011 consensus estimate of $1.51. At the current price, EPS of $1.04 results in a forward P/E ratio of 19.9 -- which seems rich for a company with deteriorating earnings.

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Fool contributor Cindy Johnson does not own shares of any company named above. 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.