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 factory equipment maker Rockwell Automation (NYSE: ROK) fell 10% today after the company released earnings.

So what: Revenue was $1.46 billion and earnings per share reached $1.14, both beating analyst estimates of $1.42 billion and $1.12, respectively. And the 2011 earnings per share outlook of $4.40 to $4.60 was in line with the $4.54 analysts had expected.

Now what: If earnings weren't terrible, what is going on here? Well investors have been spoiled by Rockwell's consistent increase in earnings expectations, and the company warned that there would be supply disruptions from the earthquake in Japan. But I think investors are overreacting a little bit considering the company did beat expectations. When everyone calms down I think Rockwell will move higher, and this is a buying opportunity for investors.

Interested in more info on Rockwell Automation? 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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