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 hospital software specialist MedAssets (Nasdaq: MDAS) plummeted 30% in early Friday trading after its quarterly results and full-year outlook came in well below Wall Street expectations.

So what: Excluding charges, MedAssets posted an adjusted fourth-quarter profit of $0.18 per share on $106.9 million in revenue, while analysts were expecting $0.22 in per-share earnings and a top line of $121.2 million. Investors are sending the stock down to new 52-week lows on the particularly weak results, with nearly 9 million shares having been traded at the time of this writing (versus the average volume of just 481,000 shares).

Now what: Today's 30% plunge might be providing an attractive entry point. While it also managed to disappoint Wall Street, management's full-year earnings forecast of $0.94-$1.04 has the stock trading at a forward P/E of about 15. That's much cheaper than rivals like Accretive Health (NYSE: AH) and Cerner (Nasdaq: CERN), making MedAssets a relatively attractive bet.

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