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 sporting-goods retailer Hibbett Sports (Nasdaq: HIBB) fell as much as 11% earlier in the trading session before recovering most of their losses following the release of the company's second-quarter results.

So what: For the quarter, Hibbett reported a 33% increase in net income to $0.30 on an 8% rise in revenue to $165.4 million. Profits slid easily past Wall Street's expectation of $0.27, but sales were decidedly short of the $169.2 million the Street had been looking for. Same-store sales increased a healthy 4.8%. However, those figures missed some analysts' targets as well. Hibbett also raised its full-year EPS forecast to a range of $2.57 to $2.67 from its previous forecast of $2.35 to $2.55 and affirmed mid-single-digit same-store sales growth.

Now what: I have to admit that I'm not a big fan of sporting-goods stores, but overall, this was a pretty good report, and it appears that Hibbett is unfairly getting the short end of the stick. It's understandable that investors expect perfection, as shares have doubled over the past year and Hibbett is valued at an aggressive 20 times forward earnings, but margins are improving, and the company is sticking to its plans of rapid expansion. It's a company worth keeping an eye on.

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