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 cable maker General Cable (NYSE: BGC) fell 11% in early trading, moved into positive territory shortly after, and eventually settled about 5% lower on the day.

So what: Net revenue fell 4% to $1.5 billion and net income was $22 million, or $0.43 per share. Adjusted for one-time items, earnings per share were $0.74, which was $0.02 ahead of estimates although revenue fell short. What investors are really focusing on, however, is the company's adjusted operating income estimate of $260 million-$280 million for 2012, down from a $270 million-$300 million previous guidance.

Investors didn't know whether to focus on the earnings beat or the disappointing guidance during the day, but as usual guidance won out and shares fell later in trading.

Now what: Management is concerned about economic conditions in Europe as well as volatile raw material costs affecting earnings. This isn't new to manufacturers, so I wouldn't panic about the guidance too much today. Shares trade at a 7.7 forward earnings multiple, which might not stay that high, but shows reasonable value for shares right now.
Interested in more info on General Cable? Add it to your watchlist by clicking here.