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 airline company Copa Holdings (NYSE:CPA) dropped 12% today, after the company reported earnings.

So what: Revenue jumped 17.7% in the fourth quarter, to $599.8 million, and net income fell 17%, to $86.6 million, or $1.95 per share. On an adjusted basis, earnings were $2.01 per share, which was short of the $2.23 analysts expected.  

Now what: The company's yield is down significantly from a year ago, and that offset the nice rise in revenue. Still, shares are only trading at nine times next year's earnings estimates and, with revenue still growing, the company has a lot of potential. I think this drop is a bit overdone given the company's growth, and think the stock will pop back in coming quarters.

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