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 service company AECOM Technology (NYSE:ACM) fell 14% today after reporting mixed earnings.

So what: Fiscal-third-quarter revenue fell 1% to $2.1 billion and net income of $70.8 million, or $0.70 per share. Revenue was slightly short of estimates and earnings beat estimates by $0.06 per share but guidance is what got investors worried today. The company lowered 2013 earnings guidance to $2.30-$2.40, $0.10 lower than previous estimates and below the $2.45 consensus estimate.  

Now what: Management is seeing deterioration in the mining business in Australia and the U.S. isn't moving as quickly as anticipated. The new estimated range has the stock trading at about 12.5 times this year's estimates and that's pretty fairly priced given flat growth on both the top and bottom lines. The macro recovery will have to take hold for the company to see big improvements and that's not likely to happen in the next quarter or two, so it may be a while until we see real growth.

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