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 Helen of Troy (Nasdaq: HELE) had a bad hair day today. Investors reacted negatively to a Q2 earnings report that missed estimates badly. And while some of the damage was erased between the opening and closing bells, at one point Helen's shares had lost 14% of their value.

So what: Perhaps investors wouldn't have been as disappointed in Helen's performance if it hadn't had quite so much potential. Sales at the personal-care and housewares maker were actually up a strong 59% year over year -- yet all the company managed to get from that was a $100,000 improvement in net profit -- and a $0.01 decline in per-share earnings (thanks to stock dilution).

Now what: This is a disappointing performance, to be sure. But I'm not sure it justifies the punishment Helen endured today. At a share price just 8 times its reported net income, Helen still looks reasonably priced to me based on long-term estimates of 10% annual growth.

Will investors ultimately reach the same conclusion? Add Helen of Troy to your Fool Watchlist and find out.