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 Boise (NYSE: BZ) fell 18% today after the company released earnings.

So what: Sales increased to $603.1 million in the second quarter, up from $521.6 million last year and $568.8 million in the first quarter, and earnings per share were $0.11. But analysts were expecting $611 million in revenue and $0.15 per share in earnings, hence the big drop today.

Now what: The drop today is pretty extreme considering shares are trading at just 6 times forward earnings estimates. Boise does have $763.1 million in long-term debt, but $236 million in cash offsets some of that and the company is still solidly profitable. I think that this is a great buying opportunity and that investors have beaten up Boise's shares far too much.

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