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: In a strange trading day, shares of Accretive Health (NYSE: AH) fell 11% when the market opened, jumped to slightly higher on the day, and are now down about 5%.

So what: Second-quarter earnings results were released this morning, and adjusted earnings per share of $0.12 soundly beat the $0.10 analysts expected. But there was concern when revenue was only $183.6 million, below the $203.9 that was expected.

Now what: In the company's full-year guidance, management said it expected revenue to be between $835 million and $850 million, with earnings per share between $0.42 and $0.45. Revenue was at the bottom end of expectations, and earnings are at the top end, so the news is a little mixed. Even at the high end of expectations, shares are trading at 60 times 2011 earnings estimates -- a price that's a little too expensive to get this Fool excited today.

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