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 consumer brand owner Iconix Brand Group (Nasdaq: ICON) were looking out of style to investors today, falling as much as 16% in intraday trading after the company reported first-quarter results.

So what: There are two things that investors don't want to hear during earnings season from a company they own: That it missed earnings and that it's cutting full-year guidance. Iconix investors heard both today. For the first quarter, the parent of Rocawear and Mossimo managed $0.43 in adjusted earnings per share, down from $0.45 in the same quarter last year and short of the $0.46 analysts were expecting. Revenue also fell from 2011 and the $88.5 million tally missed the average Wall Street estimate of $94.7 million.

Now what: More troubling for investors may be the fact that the company reduced its full-year forecast from a range of $1.77 to $1.84 to a range of $1.65 to $1.74. Management blamed softness in its men's business -- specifically Rocawear, Ecko, and Ed Hardy. In its press release, Iconix CEO Neil Cole offered a relatively generic (paraphrasing here) "We're really in great shape, there are some short-term challenges, but don't worry about that." Whether or not that turns out to be the case will be a great test of how much faith shareholders can put in management's assessments.

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