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 Universal Forest Products (Nasdaq: UFPI) fell 10% today after the company released disappointing earnings.

So what: Net sales fell 1.5% to $387.2 million, far below analysts' estimates of $422 million. The company also reported a net loss of $3.7 million, or $0.19 per share, below estimates of a profit of $0.01.

Now what: The company still isn't supplying guidance, which tells me it really has no clue how the housing market will perform in the next year. With results so much worse than expected, analysts should be scrambling to lower projections, which will make the seemingly attractive current forward P/E ratio of 16 irrelevant. I don't see any buy signals today, so I'm going to sit this one out and wait for some more solid signs that business is turning around.

Interested in more info on Universal Forest Products? 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.

Try any of our Foolish newsletter services free for 30 days. 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.