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 farm equipment maker CNH Global NV (NYSE: CNH) fell 10% today after reporting a better-than-expected earnings report.

So what: Yes, you read that right. The stock fell after a solid earnings report. Equipment sales rose 27% to $4.77 billion, topping the $4.39 billion in sales analysts expected. Earnings per share of $0.80 came in $0.08 higher than analysts expected.

But investors were focused on farm equipment margins falling to 6.5% from 7.1% a year ago and construction equipment posting a -0.3% profit margin.

Now what: The focus on margins is important for long-term health of the company, but sales and profitability were so much better than expected that I'm surprised by the reaction. Management also said it expected farm equipment demand to be flat to up 5% and construction equipment demand to rise 15% to 20%, good signs for 2012. I'm buying the dip today considering that shares are trading at 11 times earnings and growth appears to be strong and stable.

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