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.

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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.