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 medical equipment provider Volcano Corp. (Nasdaq: VOLC) are getting burned today, down by as much as 13%, after the company reported earnings last night.

So what: Third-quarter revenue added up to $85.8 million and earnings per share came in at $0.05. Both figures were slightly ahead of the consensus estimate, but the company trimmed its forward-looking guidance and rattled investors.

Now what: Full-year earnings per share is now anticipated in the range of $0.19 to $0.21, lower than the $0.22 that analysts were looking for. Full-year revenue was also lowered from a previously guided range of $342 million-$347 million to a new ballpark of $342 million-$345 million, while the market was looking for closer to $347 million. The gloomy outlook has triggered a slew of analyst downgrades and price target cuts, including those by Jefferies, Canaccord Genuity, and JMP Securities, who all rate the stock "hold" or "market perform."

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