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 women's apparel specialist bebe stores (Nasdaq: BEBE) dropped 11% in intraday trading after the company announced that sales for the first fiscal quarter were $112 million, below the $118 million that analysts were expecting.

So what: Consumer spending has been front and center in many investors' minds and has them concerned as much about fellow fashion retailers Pacific Sunwear (Nasdaq: PSUN) and Hot Topic (Nasdaq: HOTT) as bebe. While the first-quarter same-store-sales drop of 4.7% was much better than last year's 25.7% plunge, the lower-than-expected results show that the company isn't out of the woods yet.

Now what: The economy is going to have to get further along in its recovery and consumers are going to need to repair their balance sheets before we can really expect a comeback for companies like bebe. However, bebe isn't in any immediate danger since the company has a hefty cash balance and no debt. It'll likely continue to be a bumpy road for bebe, but for investors willing to wait, the shares look like they could be on the cheap side right now.