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 Layne Christensen Company (NASDAQ: LAYN) fell 14% today after reporting disappointing earnings.

So what: Fiscal first-quarter revenue fell 15.5% to $191.2 million, and the company reported a net loss of $27.7 million, or $1.41 per share. Analysts were expecting revenue of $206.6 million and a loss of $0.34 per share.  

Now what: Management said that fiscal 2015 would be a challenging year, and mineral services and heavy civil businesses have been down big this year. They are trying to cut costs in an effort to save $12 million to $20 million annually, but the top-line miss was concerning for investors. I'd stay away from shares until conditions improve materially, because even the $0.17 loss analysts projected for this year seems low right now.