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 truck trailer-maker Wabash National (NYSE: WNC) fell as much as 11% before bouncing back today after the company reported second-quarter earnings.

So what: The sudden drop and recovery seemed to come from a misunderstanding in earnings, as sources said the company made just $0.06 per share versus projections of $0.22 after it released its results yesterday. In reality, the company earned an adjusted profit of $0.23 per share, and on the call management also highlighted the acquisition of Walker Group Holdings, which helped drive a 35% increase of revenue to $362 million and a gain of almost 70% in operating income.

Now what: Shares finished the day down less than 2%, meaning the initial reaction was essentially irrelevant. Considering the company is operating in a sector where many of its peers have reported revenue losses this quarter, investors should be heartened by the report. Wabash looks like an excellent value play right now, with solid growth prospects thanks in part to the acquisition of Walker, and a backlog of $713 million to ensure cash flow comes in. Unlike many of its peers, Wabash has no exposure to Europe, which makes it look like a good bet going forward.

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