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 A. Schulman (Nasdaq: SHLM) dropped 15% today after the company released earnings.

So what: Sales fell 2.4% in the fiscal second quarter to $495.9 million and volumes fell 7.8%. Earnings were $9.1 million, or $0.31 per share, $0.08 higher than a year ago, but analysts had expected $0.44 per share.

Now what: Management blamed weakness in Europe for most of the earnings miss. Still, conditions did improve over last year on both the top and bottom lines in a traditionally weak quarter. Shares trade at just 9.4 times forward earnings estimates, so this could be a company worth watching if conditions stabilize in Europe.

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