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 home-appliances and electronics retailer hhgregg (NYSE:HGG) plunged 12% today after its quarterly results and outlook disappointed Wall Street.

So what: The stock soared over the past six months on signs of rebounding demand, but today's fourth-quarter results -- EPS plunged 82% on a 2.6% slip in revenue -- and market-missing guidance is forcing Mr. Market to sober up. In fact, same-store sales for the quarter sank 9.8% while gross margins decreased 66 basis points, reigniting worries about its competitive position going forward.

Now what: Management now sees 2014 EPS of $0.75-$0.90 on revenue of $2.50 billion-$2.56 billion, versus the consensus of $0.79 and $2.59 billion.

"While I am pleased with the current trends in the business, we are cautiously optimistic given the inherent volatility that exists in our business and the importance of the upcoming Memorial Day sales period," said CEO Dennis May. So with the stock still up more than 130% from its 52-week lows, I'd wait for more of that uncertainty to be factored into the price before jumping in.

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Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool recommends hhgregg. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.