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 Molina Healthcare (NYSE: MOH) fell more than 11%, just one day after they rallied as much as 8% on news that the company had won a portion of Texas' Medicaid contract.

So what: Maybe the Texas Medicaid program won't benefit Molina as much as investors had originally thought? Peer Amerigroup (NYSE: AGP) is also down today, but that seems to owe more to a Bank of America downgrade than anything else.

Now what: Either way, Molina trades for a slight discount to the long-term earnings growth rate analysts expect, resulting in a 0.90 PEG ratio according to Yahoo! Finance data. Is that fair? You tell me. Weigh in using the comments box below.

Interested in more info on Molina Healthcare? Add it to your watchlist.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader. Motley Fool newsletter services have recommended buying shares of AMERIGROUP. 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 has a disclosure policy.