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 pumps and fluid-handling products manufacturer Colfax (NYSE: CFX) have had a wild day, to say the least, with shares dropping 11% shortly after the market opened only to gain nearly all of those losses back.

So what: The culprit here appears to be its fourth-quarter earnings, which missed Wall Street expectations. Higher acquisition-related expensing resulted in Colfax reporting a $0.40 profit on $177.8 million in sales. The consensus expectation was for a profit of $0.45 on $189.7 million in revenue. Management feels confident that its acquisition strategy and the synergies it will realize from those combinations will result in savings of $100 million each year.

Now what: Colfax still has a lot of work to do, from what I can tell. Management spoke of $100 million in synergies, but also warned that implementing those cost-cutting measures won't be a walk in the park. Said CEO Clay Kiefaber: "this organization is operating way below its collective capability." That's all you need to know about Colfax right now. Wait for the company to get its act together and perhaps then we can give it another look.

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