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 contractor Pike Electric (UNKNOWN:PIKE.DL) dropped as much as 20% today after reporting fiscal first quarter earnings.

So what: Revenue dropped 21% in the quarter to $193.3 million and net income was down 89% to $1 million, or $0.03 per share. Analysts were expecting $214 million in revenue and earnings of $0.13 per share.  

Now what: Lower storm-related revenue was the driver of disappointing results. Storm revenue can be lumpy, and, when compared to Hurricane Isaac and Sandy during fiscal 2014, it will be difficult to live up to last year's results. Investors should keep a close eye on core revenue, which was only down 2% in the quarter; management expects this segment to increase over the rest of the fiscal year. I think this presents a buying opportunity, as the core business is still relatively strong and today's discount provides a nice discount for investors.