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 Global Cash Access (NYSE:GCA) dropped by as much as 17% today before recovering most of those losses after the company released preliminary results.

So what: For 2012, the company expects cash earnings per share at the high end of its previously provided outlook of $0.81 per share to $0.84 per share. Adjusted EBITDA should also come in at the high end of guidance, which called for $77 million to $80 million. The real cause for concern was guidance.

Now what: The company is expecting cash earnings per share in the range of $0.76 per share to $0.83 per share, with adjusted EBITDA of $70 million to $74 million. The company cited unfavorable pricing terms on certain contract renewals, among other factors, for the soft forecast. The guidance is short of the consensus estimate, which calls for $0.87 per share in adjusted earnings.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.