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 glassware maker Owens-Illinois (NYSE: OI) shattered today, falling as much as 15% on tremendously heavy trading volume.

So what: Management just lowered expectations for the second quarter, from flat year over year to a 3%-6% drop in operating profits. Higher costs are overwhelming a rise of as much as 10% in global shipments, and it doesn't help that manufacturing has become more expensive in certain regions as well.

Now what: Owens-Illinois provides bottles and jars for everybody from soft-drink giant PepsiCo (NYSE: PEP) to liquor lord Diageo (NYSE: DEO), and even consumer-goods guru H.J. Heinz (NYSE: HNZ). O-I's strong sales point to optimistic customers, while its profit hit indicates that the bottle maker is absorbing the costs of more expensive materials. While that's terrible news for Owens-Illinois shareholders, it's a positive indicator for Pepsi, Diageo, and other drink-dealers.

Interested in more info on Owens-Illinois? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Motley Fool owns shares of PepsiCo and Diageo. Motley Fool newsletter services have recommended buying shares of PepsiCo, H.J. Heinz, and Diageo, as well as creating a diagonal call position in PepsiCo. 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 is investors writing for investors.