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.

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