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 commercial aircraft leasing company Air Lease (NYSE: AL) fell as much as 13.5% in early trading this morning before recovering some of the loss and trading down 4% as this was written.

So what: First-quarter revenue rose 140% from a year ago to $132.6 million and was in line with analyst estimates. But the bottom line wasn't as impressive, reaching $0.26, or $0.03 short of estimates.

Now what: Higher costs drove the disappointing earnings results, but the big sell-off this morning appears to be well overdone. The company's big jump in revenue and earnings is impressive, but I would like to see more value in shares before jumping in. A trailing P/E ratio of 38 just isn't good enough for me.

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