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 Juniper Networks (NYSE:JNPR) have dropped by as much as 10% today after the company reported preliminary earnings with worse-than-expected guidance.

So what: Revenue in the quarter was $1.06 billion, with non-GAAP earnings per share of $0.24. Both results were mostly in line with expectations, and CEO Kevin Johnson said renewed demand from service providers was offset by weaker performance in enterprise sectors, such as federal and financial services.

Now what: Guidance for the coming quarter calls for revenue in the range of $1.07 billion to $1.1 billion, with adjusted earnings per share of $0.22 to $0.26. Analysts were expecting an adjusted profit of $0.27 per share. UBS is keeping a "neutral" rating, saying Juniper isn't firing on all cylinders. Goldman Sachs still thinks the stock is a "sell" in part because of macro headwinds and a weaker competitive position. Lazard Capital is also "neutral" and is waiting for clarity on product adoption.

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