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: Sometimes life just isn't fair. More than two months ago, investors in Dole Food (Nasdaq: DOLE) were treated to a quick 10% pop in profits as their shares spiked on no news whatsoever. This morning, investors in archrival Fresh Del Monte (NYSE: FDP) are "enjoying" a 10% drop in stock price -- thanks to earnings that underwhelmed the Street.

So what: Fresh Del Monte blamed the quarter's poor results (sales down 6%, causing a $0.16 per-share loss, versus $0.44 profit a year ago) on two items: lower selling prices for its bananas in Middle Eastern and Asian markets, and bad weather in Central America, which hurt the pineapple crop.

Now what: The banana news is especially troubling, as it's Fresh Del Monte's biggest revenue segment. News of lower selling prices also bodes ill for upcoming earnings reports from Chiquita (NYSE: CQB) (due out tomorrow) and Dole (three weeks from now). It's less worrisome for canned fruit vendor Del Monte Foods (NYSE: DLM), which reports Thursday. Unsurprisingly, Chiquita and Dole shares are slumping on Fresh Del Monte's news, while Del Monte Foods' stock looks shelf-stable.

As for Fresh Del Monte, while the 10 times free cash flow valuation today looks tempting, analysts are forecasting only 7% long-term growth for the company. I'd suggest you wait a few days and see how bad the damage gets before deciding whether this piece of bruised fruit is a bargain.

Want to keep closer track of Fresh Del Monte ups and downs? Stock it in your pantry right now.

Fool contributor Rich Smith does not have any position in any company named above. The Motley Fool has a disclosure policy.

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