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: Blame Mr. Market. Investors moved out of rental software provider RealPage (Nasdaq: RP) today, causing a 13% drop in intraday trading after the company issued modestly better-than-expected earnings and guidance.

So what: Non-GAAP EPS of $0.09 grew 125% year over year and beat the $0.08 consensus estimate. GAAP EPS broke even at $0.00, an improvement from -$0.03 in the year-earlier quarter. Revenue grew 38% year over year.

Now what: Guidance calls for non-GAAP EPS of $0.09 to $0.10 in the current quarter and $0.35 to $0.37 in 2011, excluding litigation costs related to Yardi Systems. The consensus estimates called for $0.09 and $0.35, respectively. With investors worried about the economic outlook and looking to reduce risk, the stock's nosebleed 80 times P/E ratio may be behind the selling.

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