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 industrial supplier Raven Industries (NASDAQ:RAVN) fell as much as 11% today after reporting first-quarter results.

So what: Revenue fell 12% to $103.7 million, missing the $112.6 million estimate. As a result, net income fell 26% to $14.0 million, or $0.38 per share, which was $0.06 below estimates.

Now what: Management expected headwinds, but they were a little stronger than anyone thought, which led to the big miss. The good news is that costs were controlled well, leading to a smaller miss on the bottom line than you might expect, with a 12% drop in revenue. Still, I don't see a reason to buy the discount until we see conditions improving on both the top and bottom line.

Interested in more info on Raven Industries? Add it to your watchlist by clicking here.