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 industrial equipment maker Dresser-Rand (NYSE: DRC) fell 10% today after the company updated its outlook.

So what: The company expects fourth-quarter revenue to be approximately $350 million, $200 million lower than previous expectations. For the full year 2011, the company expects operating income to be between $253 million and $258 million.

Now what: The major shortfall in the fourth quarter was blamed on customer buyouts and deferrals. The shipments will still take place, but have been moved back to 2012. Bookings have also been delayed so the company is certainly feeling some near-term pressure. I'm not buying the dip today and would like to see if more orders are delayed or canceled before jumping in.

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