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 building materials company Boise Cascade Co. (NYSE:BCC) fell as much as 17% today after reporting disappointing earnings.

So what: Fourth quarter sales rose 8% to $862.0 million and net income jumped 60% to $15.7 million, or $0.40 per share, but that wasn't enough to impress investors today. Wall Street analysts had expected $871.8 million in revenue and earnings of $0.53 per share and the market often reacts negatively after missing these targets.

Now what: Boise Cascade's drop today seems to be more of an indication of expectations getting ahead of themselves than it is weakness in the company. A 60% increase in net income is great for any company and for the full year adjusted earnings were up 69%. With shares trading at 18 times trailing earnings and Boise Cascade posting solid sales and earnings growth I think the sell-off is very overdone today.