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 information provider IHS (NYSE: IHS) fell as much as 19% today after the company announced a disappointing earnings report.

So what: Revenue rose 14% to $385.6 million in the fiscal third quarter, but it was well below estimates of $406.4 million from analysts. Adjusted earnings per share were $0.99, $0.02 short of estimates, and the company cut full-year guidance to $3.77, from $3.89 per share.

Now what: A 5% decline in non-subscription organic revenue is of concern to the company, as customers cut back on costs where they can. With that decline and slow organic growth overall, it's hard to see a reason to pay at least 24.5 times this year's earnings unless organic revenue picks up in both subscription and non-subscription businesses. I'm sitting out this move, and would wait for more improvement in operations before jumping on this stock.

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