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 real estate development specialist Howard Hughes (NYSE: HHC) are coming in for an emergency landing today, falling as much as 11.8% amid heavy trading before pulling out of the nosedive.

So what: This swoon actually began on Friday, kickstarted by an underwhelming earnings report Thursday night. The company is fresh out of a November IPO as it spun out from mall developer General Growth Properties (NYSE: GGP) and is still very lightly followed, which could explain the long tail of negative trading after the report.

Now what: Besides being a fresh and unknown face on the market, Hughes specializes in troubled properties that are difficult to value. Yet the shares had soared as high as 89% above the first day's closing price when the young company's very first quarterly report came online. This is a high-risk investment with the potential for high rewards, but it's way too early to tell which one of Janus' two faces investors will see in the long run. Give Hughes another quarter or two to prove its worth before jumping in.

Interested in more info on Howard Hughes? Add it to your watchlist.

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