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 Chart Industries (NYSE:GTLS) fell 10% in trading today, after the company released earnings.

So what: In the third quarter, revenue rose 20% to $254.2 million, but fell short of the $260.8 million that analysts expected. Adjusted earnings per share came in at $0.66, which was $0.08 worse than estimates. To make matters even worse, the company lowered full-year guidance to earnings of $2.45 to $2.55 per share from a previous range of $2.60 to $2.80.

Now what: The triple earnings miss is never a good sign for a stock, and I'm surprised that shares haven't fallen further today. Even at the high end of the new range for 2012, shares are trading at 25 times earnings, a steep price when you consider that backlog isn't growing as quickly as this quarter's revenue numbers make it seem. I'm avoiding the stock today and would wait for more confidence from management before buying in.

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