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 chemical and materials maker OM Group (NYSE: OMG) fell as much as 10% today after a disappointing earnings report.

So what: OMG missed on both top and bottom lines with a $0.59 EPS on expectations of $0.60, and $436.5 million in revenue when the Street was looking for $446.5 million. The company also took a $53.9 million noncash charge related to accounting adjustments from its acquisition of VAC and declining rare-earth element price. Since that charge amounts to more than 10% of the company's market cap, it likely explains the drop in share price.

Now what: OMG operates in a highly cyclical industry and is subject to fluctuations in demand and changes in commodity prices. The company expects European weakness and lower rare-earth prices to continue to hamper profits, though larger sales volumes and higher cobalt prices should help offset that deficit. Considering that the company's operating cash flow reached its highest levels in nearly four years this past quarter and the stock's low valuation, there doesn't seem to be any long-term concern in today's drop.

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Fool contributor Jeremy Bowman holds no positions in the companies in this article. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.