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 Active Network (NYSE:ACTV) got sliced nearly in half today, down by 46% at the low, after the company reported earnings.

So what: Third-quarter revenue came in at $109.2 million, slightly below expectations. Earnings per share came in at $0.05, just above the $0.04 consensus estimate. However, the real culprit to the crash was Active Network's outlook.

Now what: Fourth-quarter revenue should be in the range of $93 million to $97 million. That was only marginally below forecasts, but fiscal 2013 was way short. Next fiscal year is expected to see revenue of $470 million to $480 million, but investors were expecting it to clear at least $500 million. A number of analysts have downgraded the stock today as a result, including Raymond James, Northland Securities, and Barrington Research, further adding to the downside pressure.

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Evan Niu, CFA, has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Motley Fool newsletter services recommend Active Network. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.