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 textile and materials processor Albany International (NYSE: AIN) fell 14% today after releasing a terrible earnings report.

So what: First-quarter sales were down 8.8% to $188.6 million and net income per share from continuing operations were just $0.03. Analysts had expected earnings per share of $0.36, so the results fell well short of what investors were expecting.

Now what: The machine clothing business was responsible for the entire decline in earnings, and management said that weak conditions in Europe were the driver. Sales are expected to rebound in the second quarter because of strong orders at the end of the first quarter, but the market is taking a cautious approach. Shares are already trading at 19 times trailing earnings, and I would like to see a marked improvement before jumping into shares right now.

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