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 AK Steel (NYSE: AKS) fell 14% after reporting a decline in shipments and disappointing third-quarter financial results. U.S. Steel (NYSE: X) also fell on news of wider-than-expected losses in its European division, Bloomberg reported.

So what: Revenue rose just under 1% to $1.59 billion, resulting in a $0.03-per-share net loss. Analysts had been calling for a $0.01 loss on $1.66 billion in revenue, according to data compiled by Yahoo! Finance.

Now what: In a statement, CEO James Wainscott blamed the misses on "a sputtering economy and extraordinarily high raw-materials costs." The implication? Unless the economy does a U-turn, investors shouldn't expect shares of AK Steel to recover anytime soon. Do you agree? Disagree? Please weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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