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 Peabody Energy (NYSE: BTU) fell as much as 11% in early trading but have recovered most of those losses throughout the day.

So what: Peabody released earnings this morning, and there really wasn’t a lot to complain about. Revenue rose 9% to $2.04 billion, and adjusted earnings per share were $0.87, both beating estimates.

In other news, early in the day ArcelorMittal (NYSE: MT) said it was pulling out of a joint bid with Peabody to purchase Macarthur Coal in Australia.

Now what: It appears the acquisition of Macarthur is moving forward as planned, but this was definitely an unexpected announcement. A $5 billion acquisition is a lot for Peabody to swallow, so we’ll have to see if any changes ensue.

But earnings were very good, so I don’t see a big reason to jump ship today.

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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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