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 nuclear power expert Babcock & Wilcox (NYSE: BWC) slipped as much as 10% as fears continued to mount over problems at nuclear power sites in Japan.

So what: For those that were hoping for a "nuclear renaissance," the unfolding events in Japan are dimming those hopes considerably. For a company like Babcock & Wilcox -- which specializes in power generation plants, including nuclear sites -- newly stirred-up fears about nuclear power could be a business setback. Of course it wasn't the only stock taking it on the chin over similar concerns as GE (NYSE: GE), Curtiss-Wright (NYSE: CW), and USEC (NYSE: USU) all slid in today's trading.

Now what: As today's trading session wore on, investors appeared to reconsider the concerns over Babcock & Wilcox and, as of this writing, the stock was all the way back to even on the day. There could be some sense that worst-case-scenario fears are overblown or that B&W could capture other business opportunities -- such as nuclear-site assessments or construction of new fossil fuel stations -- as this shakes out.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool’s disclosure policy prefers dividends over a sharp stick in the eye.