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 Exterran Holdings (UNKNOWN:EXH.DL) fell as much as 12% today after reporting earnings.

So what: Second-quarter revenue rose 33% to $837.3 million and earnings were $0.31 per share for the quarter. That beat estimates of $813.9 million in revenue and $0.09 per share in earnings. The problem is that management pointed to a reduction in backlog as a reason fourth-quarter revenue will be below the second quarter, which investors are focusing on.  

Now what: This often happens during earnings season where the market focuses on guidance instead of killer quarterly numbers. I don't think this is reason to be terribly concerned, but at 34 times next year's estimates the stock still isn't a great value. I'd wait to see how the rest of the year plays out before jumping in because I don't see the stock getting away from investors any time soon.

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