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 engineering firm KBR (NYSE:KBR) fell as much as 12% today after reporting earnings.

So what: First-quarter revenue dropped 11% to $1.6 billion, falling well bellow the $1.77 billion Wall Street expected. On the bottom line, the company swung from an $88 million profit a year ago to a $43 million loss, or $0.29 per share. 

Now what: The government's cutback in spending is hurting results but the problems are bigger than that for KBR, which is in the midst of a decline in revenues during 19 straight quarters. Management said it is conducting a full review of its business strategy in an effort to steer the company in the right direction. But that's easier said than done, and with results trending lower for so long, I see no reason to jump into shares right now.