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 alternative fuel component provider Fuel Systems Solutions (Nasdaq: FSYS) fell as much as 15% this morning after the company released earnings.

So what: The company reported a loss per share of $0.02 on a day when analysts were expecting a profit of $0.10, so the disappointment is justified. Revenue guidance didn't help the cause, coming in at $375 million to $400 million, when analysts expected $402.3 million.

Now what: As oil prices rise, Fuel Systems Solutions would seemingly be in a sweet spot as we look for alternative fuels, but the 2011 revenue outlook doesn't include much optimism. I am most concerned by a steady decline in profits over the last year ending in a loss in the fourth quarter. I just don't see a reason to jump on today's move since the stock trades with an 18.6 forward P/E multiple. Not great value with earnings on the decline.

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