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 distributor MRC Global (NYSE:MRC) fell as much as 15% today after the company reported earnings.

So what: Revenue fell 11% from a year ago to $1.27 billion and adjusted earnings per share rose four cents to $0.43. Earnings beat estimates by four cents but revenue fell short of the $1.30 billion estimate and that's been the focus for investors today.  

Now what: The quarter was mixed but management did lower its outlook for the full year, which was the biggest concern for investors. It now expects revenue of $5.10 billion-$5.30 billion and earnings of $1.65-$1.85 per share, all sharp reductions from previous guidance. I don't think the stock is worth buying right now given the deterioration in earnings and the weak outlook for the future.

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