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 Warner Chilcott (Nasdaq: WCRX) fell close to 12% in early trading after reporting third-quarter earnings that came in a penny below expectations. Revenue from a core osteoporosis treatment, Actonel, also declined sharply.

So what: Generic versions of the drug have made their way to Warner Chilcott's home turf of Western Europe. Actonel sales fell 38% to $166 million as a result.

Now what: With the stock trading for less than five times earnings estimates, the stock seems cheap enough for value speculators. Yet an unanswered question remains: How much would further generic erosion hurt growth, and are those losses priced into today's quote? Please weigh in using the comments box below.

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