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 service provider Team (NYSE:TISI) dropped 17% today after reporting fourth-quarter earnings guidance.

So what: Management lowered its fiscal fourth-quarter earnings guidance to a range of $0.52 to $0.60 from an earlier $0.69 to $0.84. For fiscal 2014, it sees earnings of $2 per share on revenue of $790 million, versus Wall Street's expectation of $2.21 per share on $789 million in revenue.  

Now what: Lowering guidance is never good, but this is a huge miss, and it's not surprising to see a big drop today. Management says slower growth rates and higher field support resources have resulted in lower margins, but it thinks margins will balance out long-term. I'd be cautious today, because even $2 in earnings leaves the stock at a 16 P/E ratio, not an incredible value with growth slowing.

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