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 Pitney Bowes (NYSE:PBI) dropped 15% today after the company released earnings.

So what: First-quarter revenues dropped 4.4% to $1.17 billion, below the $1.21 billion estimate. Earnings per share came in a $0.42, which was also below the bar Wall Street had set at $0.46 per share.  

Now what: To make matters worse, the company reduced its dividend to 18.75 cents per share. This is probably the right move with financials deteriorating but it's also a sign management doesn't see conditions picking up in the future. Pitney Bowes' stock looks cheap at seven times this year's estimates, but I'm afraid of a value trap and just don't see a lot of upside in the company's business.

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