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 timberland management company Rayonier (NYSE:RYN) plunged 14% today, after its quarterly results and outlook missed Wall Street expectations.

So what: Rayonier has been sluggish in recent months on worries over weak specialty-pulp prices, and today's Q2 miss -- EPS of $0.44 vs. the consensus of $0.46 -- only reinforces those concerns. Unfortunately for Rayonier, generic pulp producers continue to increase sales into specialty markets and drive down prices, giving analysts plenty of concerns over its profitability going forward.

Now what: Management expects its 2013 operating income to come in slightly above 2012, and its 2013 EPS to be moderately above 2012. "We are on track for another strong year as our businesses continue to execute well, generating operating cash flows that are well above our dividends," Rayonier Chairman and CEO Paul Boynton reassured investors. With the stock plunging to new 52-week lows today and boasting a dividend yield of 3.5%, now might even be an opportune time to buy into that bullishness. 

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