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.

Interested in more information about Warner Chilcott? Add it to your watchlist.

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 in this article 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.

Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.