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 aerospace equipment company Triumph Group (NYSE:TGI) plunged 10% today after its quarterly results and outlook missed Wall Street expectations.

So what: The stock has rebounded in recent months on signs of strengthening demand, but today's fiscal-2014, third-quarter results -- adjusted earnings per share of $0.99 missed the consensus by $0.23 on a revenue increase of just 3% -- coupled with downbeat guidance is forcing Mr. Market to quickly sober up. In fact, adjusted EBITDA margin decreased 550 basis points from the year-ago period to 12.7%, suggesting the company's competitive position is getting more expensive to maintain.

Now what: Management now sees 2014 EPS of $4.75 on revenue of $3.8 billion, down from its prior view of $5.25 and roughly $3.9 billion. "We continue to make excellent progress with the Jefferson Street to Red Oak transition which remains on schedule and on budget," President and CEO Jeffry Frisby reassured investors. "Strategically, we expanded our relationship with Airbus by securing the recently announced award to provide machined and assembled structural components for the fuselage structure which support the cabin storage bins and aircraft systems for the Airbus A350 XWB." With the stock hitting a new 52-week low today and trading at a cheapish forward P/E of 10, now might even be an opportune time to buy into that bull talk.