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 facilities management company ABM Industries (NYSE: ABM) fell 10% today after reporting disappointing earnings.

So what: The company reported a tiny increase in revenue to $1.08 billion and a 54.9% decline in revenue to $12.6 million, or an adjusted $0.37 per share. Analysts had expected $0.42 per share in earnings and, to top off the disappointment, management lowered 2012 adjusted EPS outlook to $1.36-$1.42 per share.

Now what: The company did announce a $50 million share buyback but, considering the direction earnings are headed, I think there might be better uses of the cash. I just can't buy the discount today given the direction of earnings and the anemic revenue growth. The stock is just too high of a price at 13.4 times 2012's earnings.

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