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 AK Steel (NYSE: AKS) fell 14% today after the company was downgraded by multiple analysts.

So what: AK Steel was hit twice over the weekend, getting a downgrade from Dahlman Rose & Company and from Goldman Sachs. Goldman cited weak steel prices, debt, and the company's pension funding requirements as a reason for the downgrade.

Now what: AK Steel now sits with a sell rating from Goldman and a hold rating from Dahlman. We don't usually take analyst ratings too seriously, but this may be a time to take a step back from this stock. Earnings estimates for 2012 have fallen like a rock recently and the company has more than $3 billion of long-term debt and other liabilities. I don't think this is a good sign for the stock going forward and would wait for stronger fundamental performance before giving my thumbs-up.

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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.