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 Globe Specialty Metals (Nasdaq: GSM) sank 12% today after the company released earnings.

So what: Sales in the fourth quarter grew a measly 2% to $175.9 million but easily topped analyst estimates of $166.7 million in revenue. But adjusted earnings per share of $0.28 fell short of the $0.31 analysts were expecting, and shares have taken a beating as a result.

Now what: The tornadoes in April and planned outages had a negative impact on shipments and therefore earnings in the quarter. After beating estimates each of the last four quarters, an earnings miss is a letdown and adds questions about what we could expect next year. I think the market is overreacting a bit to a pretty decent earnings report, especially given the company's forward P/E ratio of under 11.

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