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 payment processor Global Payments (NYSE: GPN) slipped more than 10% in intraday trading as investors digested worse-than-expected earnings.

So what: Global Payments reported revenue of $440 million, up 7% from last year and in line with analyst estimates. The bottom line, however, showed earnings per share of $0.67 on an adjusted basis, not only down from last year, but short of the $0.69 that Wall Street was hoping for. There are few ways to better inspire investor ire than by missing earnings estimates.

Now what: Global Payments connects merchants with the card networks for Visa (NYSE: V), MasterCard (NYSE: MA), Discover (NYSE: DFS), and other card companies. All of these companies -- Global Payments included -- rely on increasing levels of commerce to drive their businesses. For that reason, it seems hard to imagine that investors will see a rapid recovery for Global Payments. For investors who have their eye on Global Payments, though, big downside reactions like this could create a buying opportunities.

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