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 Horsehead Holding (Nasdaq: ZINC) fell 10% today, after the company released earnings.

So what: Revenue beat expectations slightly at $109.2 million, and earnings per share of $0.19 beat estimates by three cents. But sellers flooded the market this morning, sending shares down for the day.

Now what: The move is a bit puzzling, considering the earnings beat and still relatively low utilization rates. Even before these results, shares were trading at a paltry 8.7 forward P/E ratio, so there's plenty of value in the shares. I think this discount is short-lived and today presents a buying opportunity for long-term investors.

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