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 clinical researcher ICON (Nasdaq: ICLR) fell 10% today, after the company released earnings and was downgraded by an analyst.

So what: Earnings per share of $0.36 met estimates, and revenue of $232.1 million surpassed the $228.7 million consensus, but the company’s outlook weighed on investors' minds. ICON expects earnings per share of $1.10 to $1.25, much lower than the $1.49 that analysts hoped for.

Now what: Standpoint Research promptly jumped off the bandwagon after the seeing the outlook, downgrading shares from buy to hold. I’m not terribly concerned by the downgrade, but ICON's weak outlook is a point of concern. At the high end of estimates, ICON trades at 16 times forward earnings, not a price I am going to jump on today.

Interested in more info on ICON? 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.