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 outdoors-gear retailer Cabela's (NYSE: CAB) were pounded like a tent stake today, falling as much as 13% in intraday trading as investors reacted to first-quarter earnings.

So what: Cabela's first-quarter results seem to be a case of "good, but not good enough." After adjusting for divestitures, sales were up 5.7%, with retail stores leading the way with 11.3% sales growth. Comparable store sales were also up a strong 8.9%. Total revenue of $587 million topped analysts' expectations of $578 million. On the bottom line, Cabela's earnings per share fell from an adjusted $0.29 last year to $0.25 but matched analysts' estimates.

Now what: The initial reaction to Cabela's report moderated a bit as the day went on, and the decline was less than 9% as of this writing. While the sell-off brought the stock's forward price-to-earnings ratio down to 13.6, I can't say that I'm ready to leap at the shares. Members of the Motley Fool's CAPS community seem to be on the fence as well, as they've given the stock a middle-of-the-road three-star rating. However, for current shareholders, I don't see anything in the earnings release that justifies the market's cut-and-run reaction.

Want to keep up to date on Cabela's? Add it to your watchlist.