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 Shaw Group (NYSE: SHAW) fell as much as 11% this morning, but the bigger news is shares rocketing higher to nearly flat as I am writing.

So what: The nuclear disaster in Japan has weighed over any stock with any nuclear ties, but Shaw was hit especially hard yesterday. After plummeting at the market open, shares have shown tremendous resilience throughout the day and with a little luck could end higher today.

Now what: What we should take from this is that the panic over nuclear-related stocks may have hit a high point. The nuclear industry isn't going to come to an end today, and even if it did, Shaw is a bigger business than just nuclear. There will likely be some uncertainty going forward, and I am not a buyer into the industry, but I wouldn't be doing any panic selling today.

Interested in more info on Shaw Group? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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