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.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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