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: Compuware (NASDAQ:CPWR) isn't feeling the love from the markets today, as shares are down by over 13%. The reaction is natural in light of Compuware's declining top and bottom lines, which both missed analysts' expectations.

So what: Compuware suffered a 15% decline on the top line from the year-ago period, posting $220.6 million in quarterly revenue. Its profit suffered far worse, dropping by half to $0.05 in EPS against the $0.10 Compuware earned in the year-ago quarter. Analysts had already reduced their expectations to $236.3 million on the top line and $0.06 in EPS, so this underperformance was underwhelming in multiple ways.

Now what: Upcoming guidance of $980 to $995 million in revenue and $0.36 to $0.40 per share represents no progress from Compuware's trailing-12-month results (not counting the most recent quarter) of $1 billion in revenue and $0.37 in EPS. With growth apparently stalling, Compuware's recent sell-off seems justified, as there's no dividend payment to keep shareholders around while they wait for management to right the ship. Check back in for Compuware's full-year report to see if these mediocre projections improve. Since Compuware took special note of the "challenging European environment," it seems unlikely that we'll see a rebound -- Europe's problems aren't going away in a single quarter.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more news and insights. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.