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 construction company Tutor Perini (NYSE: TPC) fell 12% today after the company reported earnings.

So what: The company said that second-quarter revenue was $985.3 million, and adjusted earnings per share were $0.16. Analysts had expected revenue to be $1.08 billion and earnings per share of $0.37 in the quarter.

To make matters worse, management lowered full-year earnings outlook half a billion dollars to $4 billion to $4.5 billion and cut expected earnings-per-share range by $0.60 to between $1.50 and $1.70.

Now what: The results in the second quarter were actually worse than they appeared here when you account for a $355.9 million impairment charge the company took in the second quarter. That resulted in a $348.4 million net loss, or $7.35 per share, nearly the company's entire market cap. I just don't see anything that makes me think shares will move higher after hearing 2012 results will be so much worse than previously expected.

Interested in more info on Tutor Perini? Add it to your watchlist by clicking here.