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 electrical equipment maker AZZ Incorporated (NYSE:AZZ) fell 13% today after the company released earnings and 2014 guidance.

So what: Fiscal third-quarter revenue was $197.8 million, and earnings were $0.72 per share, below the expected $218.6 million in revenue, and the $0.74 per share in earnings that Wall Street expected. The worst news is that management lowered its full-year earnings guidance to $2.30-$2.40 from a previous range of $2.45-$2.65 per share, and also lowered revenue guidance. 

Now what: Management expects the next quarter to be weak as major projects delay deliveries and, therefore, revenue recognition. It won't be until fiscal 2015 that they expect projects to pick up, and that's too much uncertainty for investors today. Paying 18 times the low end of a weak guidance figure is simply too expensive for me right now, and I'll wait to see demand pickup before jumping into this stock.