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 construction company Tutor Perini (NYSE: TPC) tasted a little bit of the wrecking ball today, falling as much as 10% in intraday trading after the company reported first-quarter results.

So what: It's really very simple: Tutor Perini's first-quarter numbers just didn't measure up. Revenue for the quarter fell 29% from last year to $615 million, badly missing the $808 million that Wall Street had expected. The bottom line was even worse, as earnings per share plunged 67% to $0.14. Analysts were looking for $0.40 in per-share profit.

Now what: The construction industry is not one that lends itself well to steady, predicable results, and the company's press release noted that the poor showing was driven in part by the completion of certain ongoing projects while newer projects had yet to start up. Backlog fell slightly from the fourth quarter, but the company maintained its guidance for the full year.

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