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 ValueClick (Nasdaq: VCLK) took a 13% nosedive after the company reported earnings, but then recovered slightly.

So what: Revenue jumped 26% to $125.1 million, topping estimates of $121.2 million from Wall Street. Earnings per share were $0.21, which also topped estimates of $0.19. But an acquisition is what investors are fixated on today.

Now what: A solid earnings beat and then the stock sinks -- that doesn’t make any sense until you see that ValueClick also announced it would buy Dotomi for cash and stock. The deal will be paid 55% in cash and 45% in stock, and investors aren’t terribly excited about it. ValueClick’s forward P/E ratio of 16 is a pretty good value considering the growth and earnings this quarter, so I think this move is well overdue.

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