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 flavor maker International Flavors & Fragrances (NYSE: IFF) fell 10% today after missing earnings estimates.

So what: Revenue was up 6% from a year ago to $713.8 million, but analysts were expecting something closer to $721.8 million. Net income was $82.2 million, or $1 per share, $0.04 below estimates.

Now what: Management said weak performance in the fragrance division was the driver of weak earnings. The miss doesn't look wide enough to warrant a 10% drop today, so I think this is a great buying opportunity for investors looking to jump in. The company pays a 2.1% dividend and shares are trading at just 15 times trailing earnings, reasonable if growth continues.

Interested in more info on International Flavors & Fragrances? Add it to your watchlist by clicking here.

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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