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: 3-D design and engineering software maker Autodesk (Nasdaq: ADSK) beat earnings Friday, reporting Q2 earnings numbers that ran right past expectations of just $0.41 on Wall Street. So, naturally, the stock dropped 12%.

So what: Adjusted profit for the quarter came to $0.44, or 7% ahead of consensus. So why the sell-off? Excellent question. Apparently, it's because Autodesk promised to earn adjusted profit of just $0.40 in this current quarter -- one whole penny less than Wall Street was expecting!

Now what: If that sounds to you like a frivolous reason to sell off the stock -- join the club. I think so, too. Especially when you consider that Autodesk promised to beat Wall Street projections for revenue. Fact is, at only $4 billion in enterprise value today, and $480 million in trailing free cash flow, Autodesk looks downright cheap to me today. I might just buy some myself. (After, of course, waiting as required by the Fool's disclosure policy.)

Is Autodesk as cheap as it looks? Add it to your Fool Watchlist, and see how things shake out.