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 Albany Molecular Research, Inc. (NASDAQ:AMRI), a drug discovery, development, and manufacturing company contracted out by pharmaceutical companies, fell as much as 22% following the announcement that Bristol-Myers Squibb (NYSE:BMY) was discontinuing two studies involving Albany Molecular's technology.

So what: If you recall, this is the second time in a matter of days that Albany Molecular shares have been rocked. Last week, it was earnings skepticism that did shares in after their incredible run higher. Today, word from Bristol-Myers that it was discontinuing two mid-stage clinical trials for BMS-820836 for treatment-resistant depression, which utilizes technology developed by Albany Molecular, is the straw that broke the bulls' back. Albany Molecular signed its original deal with Bristol-Myers with the scope of the pact ranging four compounds -- BMS-820836 was the furthest along of the bunch. Albany Molecular plans to discuss further with Bristol-Myers what will become of the remaining compounds. The company doesn't anticipate any material impact on revenue or EPS in the third quarter or this year.

Now what: Unlike last week when investors largely misinterpreted Albany Molecular's solid results, this does have the makings of a potential problem. My thought last week was that as long as big manufacturing contracts were on the rise, then investors shouldn't worry. Bristol-Myers certainly represents a big dog among a handful of pharmaceutical drug developers, and the loss of BMS-820836 and the potential loss of its remaining compounds could complicate future earnings a bit. I'd really like to see what Bristol-Myers plans to do with its remaining mutual drugs-in-development before suggesting a move here either way, but I do believe this stock should remain on your Watchlist.