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 aircraft industry supplier Air Transport Services (NASDAQ:ATSG) fell 11% today after the company reported earnings.

So what: Revenue fell 9.5% in the second quarter to $138.9 million. Worse yet, net income from continuing operations fell 38% to $6.9 million, or $0.11 per share. That fell short of the $0.15 per share analysts expected and caused the big sell-off today.  

Now what: Revenue and expense trends both worked against the company this quarter, although management said the trajectory slowed in July. I still don't think this is a buy sign despite the fact that shares are trading at nine times trailing earnings. Until revenue turns around and profits improve I'll be staying away from this stock.

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