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: Atlas Air Worldwide (Nasdaq: AAWW) pulled a flat spin trick today; shares crashed to the tune of 15.2% in heavy morning trading but climbed back to where they started as the day wore on.

So what: The company's just-reported third-quarter earnings and sales came in well below Street targets, and management slashed full-year forecasts as well. That explains the drop; the rebound appears to have come from investors mulling over some very forgiving analyst comments noting that the company's fundamentals remain strong.

Now what: Held hostage by rising fuel costs and generally low demand for quick long-distance shipping, the air cargo sector is currently filled with affordable stocks. Between Atlas Air, Willis Lease Finance (Nasdaq: WLFC), and AerCap (NYSE: AER), you won't find a single trailing P/E ratio north of 10. Mind you, AerCap and Willis are perfect five-star CAPS stocks, while Atlas has to settle for two stars, making it perhaps the worst of breed in an attractive market.

Interested in more info about Atlas Air Worldwide? Click here to add it to My Watchlist.

Fool contributor Anders Bylund holds no position in any of the companies mentioned. We Fools may not all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Check out Anders' holdings and bio, or follow him on Twitter and Google+. Our disclosure policy wants to pet an adorable kitten whenever it sees this ticker.