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 wood product maker Universal Forest Products (NASDAQ:UFPI) fell as much as 12% today after the company announced earnings.

So what: Third-quarter revenue rose 13.7% to $533.4 million but net income fell to $4.2 million, or $0.21 per share. The company applied a $2 million charge for retroactive anti-dumping and countervailing duties that China imposed on some extruded aluminum products from the country, which hurt results. The one analyst that covers the company expected earnings of $0.38 per share.

Now what: There isn't heavy analyst coverage of the stock so it's hard to know just what investors were expecting this quarter. Clearly revenue is headed in the right direction and four of five markets grew by double digits, which is positive. I don't think there's a great value in the stock right now with a 29 trailing P/E ratio, and I definitely don't see a reason to buy on today's earnings news.

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