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 telephone company Windstream (Nasdaq: WIN) sank as much as 16% today after its quarterly results disappointed Wall Street.

So what: While Windstream's first-quarter miss wasn't all that bad (adjusted EPS of $0.13 on revenue of $1.55 billion versus the consensus of $0.14 and $1.56 billion, respectively), investors seem worried that it's a sign of even bigger disappointments down the road. In fact, the stock is hitting a new two-year low on the news.   

Now what: I'd look into this pullback as a possible buy-in opportunity. "I am extremely confident in the business that we have built," CEO Jeff Gardner reassured investors. "Through targeted acquisitions and our strategic growth initiatives, we have assembled an attractive set of assets capable of generating consistent cash flows to support our dividend over a long period of time and to provide other opportunities in the future to increase shareholder value." With that dividend now yielding a juicy 10%, long-term income investors might want to take a closer look.

Interested in more info on Windstream? Add it to your watchlist.

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.