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 Israeli software company ClickSoftware Technologies (Nasdaq: CKSW) dove as much as 17% in intraday trading after the company cranked down its fourth-quarter expectations.

So what: Analysts were looking for $20 million in revenue from ClickSoftware's fourth quarter, but the updated guidance puts the company's top line at just $18 million. In addition, the company said that higher headcount and a write-off due to a customer bankruptcy will also leave the bottom line lower than planned, though it didn't offer a specific number.

Now what: In the company's statement, management remained upbeat about the company's growth and the upcoming year. Investors, however, were obviously disappointed with today's update, particularly after they bid shares up nearly 100% (prior to today's drop) from the stock's summer low. The onus will now be on management to show that the fourth-quarter miss was a fluke and that optimism is still warranted.

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