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 home furnishings retailer Bed Bath & Beyond (Nasdaq: BBBY) plummeted 15% on Thursday after its current-quarter outlook missed Wall Street expectations.

So what: Bed Bath & Beyond posted particularly solid first-quarter results -- EPS of $0.89 versus $0.72 a year ago -- but a disappointing outlook for the second quarter is triggering concerns over profitability going forward. Management is being forced to spend on its online business much sooner than expected in the face of increasing pressure from giant Amazon.com (Nasdaq: AMZN), reinforcing worries about the competitive headwinds working against Bed Bath & Beyond.

Now what: The company now expects second-quarter EPS of $0.97 to $1.03 on revenue of $2.22 billion, versus Wall Street's view of $1.08 and $2.24 billion, respectively. "As always, we will continue to invest in all aspects of our company and work to enhance our customer's overall experience in store, online and through mobile devices and social media," said CEO Steven Temares in a conference call.

With the stock now off about 20% from its 52-week high and trading at a forward P/E of 11, betting on those initiatives might not be a bad idea.

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