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 poultry processor Pilgrim's Pride (NYSE: PPC) are acting like headless chickens today, running down as much as 10.6% on fairly heavy market action that could still land lower.

So what: Hampered by rising costs on chicken feed, Pilgrim's Pride missed analyst targets in the first quarter. If that weren't bad enough, about 100 of its 16,400 chicken houses need repairs after the heavy storms across the South this week.

Now what: To get back on track, the company hopes to raise prices and also cut costs. This pratfall is a harbinger of bad news from rivals Tyson Foods (NYSE: TSN) and Sanderson Farms (Nasdaq: SAFM), both of which report their results next month -- they're all in the same boat. However, you wouldn't know it from today's trading as both Tyson and Sanderson posted mild but market-beating gains -- do I smell an opportunity to buy puts on chicken farmers?

Interested in more info on Pilgrim's Pride? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insightsmakes us better investors. The Motley Fool is investors writing for investors.