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 rare-earth miner Molycorp (NYSE: MCP) fell 14% today after the company released earnings.

So what: Revenue surged 39% from the second quarter to $138.1 million but fell short of the $161.6 million analysts had expected. The disappointment continued on the bottom line, where adjusted earnings per share of $0.67 fell $0.03 short of estimates.

Now what: This is really a case of expectations getting ahead of Molycorp rather than the company not executing well. Rare-earth mineral prices have been falling since Lynas opened a mine in Australia and a processing facility Asia, and I'm worried the same will happen when Molycorp's facility opens. I'm staying away from shares right now and have even identified Molycorp as a possible short candidate, although after this drop it might not be as attractive.

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