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 Central European Distribution (Nasdaq: CEDC) dropped as much as 30% in intraday trading Tuesday after the vodka maker's quarterly results and full-year forecast fell well below Wall Street expectations.

So what: Hurt by heavy impairment charges, CEDC's fourth-quarter loss from continuing operations widened to $103.2 million, or $1.46 per share, compared to a year-ago loss of $95 million, or $1.51 per share. As President and CEO William Carey explained, "We faced a number of key challenges and strategic decisions in our core markets during the fourth quarter."

Now what: I'd be cautious about pouncing on today's plunge. Unfortunately, management now sees a full-year profit of $1.08-$1.25 per share -- versus analyst estimates of $1.88 per share -- as higher spirit prices are also expected to keep pressuring margins. When you couple that gloomy earnings outlook with its ever-growing debt concerns, CEDC isn't exactly the most prudent place for your investment dollars.

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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