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 Lennox International (NYSE: LII) dropped more than 10% today -- and that's the good news.

So what: Expected to earn $1.11 per share last quarter, Lennox instead reported $0.84 per share in "adjusted" profit -- that's a 24% scale miss, folks. Revenues were up year over year, but like earnings, fell far short of expectations.

Now what: In the "aside from that, Mrs. Lincoln, how was the play?" department, Lennox topped off the above with a warning that things are only going to get worse. By year-end, Lennox fears it may earn as little as $2 per share -- perhaps $0.85 below consensus -- that's another $0.58 worth of potential "earnings misses" still waiting in the wings over the next two quarters.

Look out below ...

Is Lennox being overly pessimistic in its forecast? Could it be setting investors up for a surprise of a happier sort later this year? Add it to your Watchlist and find out.

Fool contributor Rich Smith does not own (or short) Lennox. The Motley Fool has a disclosure policy. Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.