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 Itron (Nasdaq: ITRI) fell as much as 13% today after releasing earnings that fell short of expectations.

So what: Revenue was pretty strong, climbing 1% to $571.6 million, beating the $549.8 million that analysts had expected. But higher-than-expected costs pushed profit down, and adjusted earnings per share were $0.91, which was $0.02 below estimates.

Now what: The quarter wasn't all bad, and as the day continues, we've seen a decent recovery from the early bashing the stock took. Higher costs from product development and an expansion of sales teams in Latin America and the Asia-Pacific region were pointed to as drivers of the rising costs. Since these costs are really an investment in the future, they don't set off alarms for me. And with shares trading at just over 10 times forward earnings estimates, I think this dip is a nice buying opportunity for the stock.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.