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 equipment maker Lincoln Electric Holdings (Nasdaq: LECO) fell 10% today after the company announced second-quarter earnings.

So what: Revenue grew 6% to $744 million and earnings per share rose $0.11 to $0.79, but both results were below expectations. Analysts expected revenue of $795.7 million and earnings per share of $0.81.

Now what: Management said that international markets are beginning to soften and that has led to the weaker-than-expected results. I wouldn't panic about the results too much. Shares are trading at a trailing P/E multiple of 15, and with revenue growing and earnings improving the company is still in good shape. Macro pressures may keep shares from popping in the short term, but when the economy turns around Lincoln Electric is in good shape to benefit.

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