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 vodka giant Central European Distribution (Nasdaq: CEDC) stumbled down as much as 12% in intraday trading on heavier-than-average volume.

So what: CED shareholders probably feel like they need a drink after the week they've had, and I can't blame them. Earlier in the week, Mr. Market took a hatchet to the stock after the company badly missed fourth-quarter earnings estimates and gave a weak outlook for 2011. Today, Moody's (NYSE: MCO) placed the company under review for a possible downgrade. In addition, both Credit Suisse and Nomura downgraded the stock, Credit Suisse from "outperform" to "underperform" and Nomura from "buy" to "neutral."

Now what: The stock's massive drop this week -- it's down 45% from where it closed last Friday -- is an eye-catcher for value investors (like me) that often like to zero in on beaten-down stocks. But while the stock could be worth a closer look, the debt issues are very concerning as the company's deteriorating results leave it a very slim cushion against real trouble.

Want to keep up to date on Central European Distribution? Add it to your watchlist.                     

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