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 business process outsourcing specialist TeleTech (Nasdaq: TTEC) have tanked today by 16% at the low after the company reported fourth-quarter and full-year earnings last night.

So what: Revenue was $300.5 million with earnings per share of $0.28, both figures well below the market's expectations of $317.2 million in sales and a $0.39 per-share profit. Guidance looked gloomy too, with fiscal 2012 sales expected to be between $1.15 billion and $1.2 billion.

Now what: The company recently acquired marketing analytics company iKnowtion, which TeleTech sees being accretive to earnings immediately. Restructuring plans are also holding back the company's guidance, which fell short of the $1.28 billion consensus estimate. The one small bright spot in the announcement was that TeleTech increased its share buyback program by $25 million.

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