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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Jeremy Bowman 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.