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 contractor Pike Electric (NYSE: PIKE) fell 13% today after the company released earnings.

So what: Fiscal-third-quarter revenue rose 23% to $200 million but fell short of the $204 million estimates analysts had set. Earnings per share were up 33% to $0.08, but that also fell short of estimates, which were for $0.10 EPS.  

Now what: The biggest takeaway is that construction revenue was up 16%, continuing strong trends in the transmission business. A surge in storm-related business also had a positive impact on revenue, but that's very volatile in nature so investors can't count on that quarter to quarter. I don't think results were as bad as expected and think shares will recover from today's loss as fundamentals continue to improve.

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