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 pipeline rehabilitator Insituform Technologies (Nasdaq: INSU) fell another 14% today after being hit hard yesterday.

So what: Yesterday the stock fell on lowered guidance, and today analysts piled on with their own downgrades. Wedbush Securities cut the stock from outperform to neutral after yesterday's disappointment.

Now what: The lower guidance was bad news, but I would brush off this downgrade today. If the company hits the high end of the updated guidance for 2011, shares are trading at 11.5 times earnings, a reasonable value given the company's improved flexibility. I wasn't panicking yesterday and (deep breath) I'm still not panicking today over the move. Short term, the stock may come under pressure, but long term, the business is still solidly profitable.

Interested in more info on Insituform Technologies? Add it to your watchlist by clicking here.