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: An earnings beat isn't often the kind of catalyst that starts an 11% sell-off in a stock -- but that's precisely what shareholders of ABM Industries (NYSE: ABM) got today, one day after the facility-services provider reported earning $0.51 per share for its fiscal third quarter of 2011, $0.04 ahead of estimates.)

So what: Earnings were up 21% in comparison with last year's Q3 -- not quite up to par with 24% revenue guidance. Revenues also fell a whisker short of the Wall Street consensus.

Now what: ABM predicts that it will close out this fiscal year with about $1.28 per share in GAAP earnings. At today's closing price, this works out to a current-year P/E of 14.8. That seems a bit high for a stock that most analysts expect to grow slower than 10% per year over the next five years and that just finished undershooting estimates on the top line. And although the company's 2.8% dividend yield is nice, it's not quite enough to justify the price. 

I wouldn't short the stock, but yesterday's earning beat wasn't enough to make me go long, either.

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Fool contributor Rich Smith does not own (or short) shares of any company named above. We Fools don't 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.