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 manufacturer Kennametal (NYSE:KMT) dropped as much as 10% today after reporting earnings.

So what: Revenue was up 9% in the fiscal second quarter, to $690 million, with 7% of the increase coming from the Tungsten Materials Business acquisition. The problem is that net income fell 43%, to $24.2 million, or $0.52 per share after adjusting for acquisition costs. The expectation was for $0.60 per share in earnings. 

Now what: A restructuring is also under way that will cost $40 million to $50 million, and is expected to lead to $35 million to $45 million in annual savings. If these costs can be cut, the company may be a decent value, but with slow organic growth, I just can't get excited enough to buy shares today.