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: Orbital Sciences (NYSE: ORB) dropped 10% in intraday trading today after a rocket that the company launched failed to place a NASA satellite into orbit and instead dumped it into the ocean.

So what: This is two strikes for Orbital, which suffered a similar failure in 2009 and considered the problem fixed. Two of the company's last five launches have been failures.

Now what: With the retirement of the space shuttles, Orbital was expected to win contracts to deliver cargo to the International Space Station. A batting average of .600 is a big disappointment in this business. Failing twice for the same reason raises a red flag that jeopardizes Orbital's revenue and earnings potential.

Interested in more info on Orbital Sciences? Add it to your watchlist by clicking here.