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 aircraft services provider Atlas Air Worldwide (NASDAQ:AAWW) were experiencing some turbulence today, falling 18%, after cutting its forecast in its earnings report.

So what: Earnings per share at Atlas Air grew 10%, to $1.26, below estimates of $1.35, and the cargo-services provider cut its full-year EPS forecast to $4.65 from $5.10. Management blamed the guidance cut on "the relative underperformance of the airfreight market to date this year and the softer-than-expected peak season." Industry peers have also struggled, and the International Air Transport Association also revised its 2012 outlook, saying the sector would contract by 0.4% instead of growing 0.3%, as originally predicted.

Now what: Even with the revised outlook, shares are now trading at a P/E of under 10, based on expected 2012 earnings. This is a cyclical business, so the company is bound to bounce back at some point, and analysts are expecting steady double-digit top-line growth. Today's miss could be a good buying opportunity. 

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