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 thesis.

What: Shares of Energizer Holdings (NYSE:ENR) were running out of steam today, falling as much as 10% after the company turned in an underwhelming earnings report.

So what: The maker of batteries and other household products turned in adjusted earnings of $2.10 per share, $0.04 below estimates, and down from $2.20 a year ago. Revenue fell 6.6%, to $1.11 billion, missing the consensus at $1.16 billion. CEO Ward Klein blamed "heightened promotional activity" for the poor performance, and said that the Personal Care division was particularly weak. As a result of the slowdown, the company lowered its 2014 adjusted EPS guidance to $7.00-$7.25, below analyst estimates at $7.39.

Now what: Energizer is a company best known for selling batteries; perhaps investors' biggest concern should be the secular decline in that industry amid the rise of smartphones and other chargeable gadgets that have replaced battery-operated tools. The company has wisely diversified away from that area with moves into feminine care and other stable products, but flat growth is still likely to be the norm here, as analysts expect. Given those factors, it seems hard to find a compelling reason to invest in Energizer.