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 Checkpoint Systems (NYSE:CKP) have plunged more than 14% today after the company reported second-quarter earnings that disappointed analysts on the bottom line.

So what: Checkpoint's revenue came in at $172 million for the second quarter, and its adjusted earnings were $0.11 per share. The top-line result was slightly ahead of Wall Street's $171.1 million consensus, but as analysts were looking for $0.18 in EPS, the bottom-line result is understandably disappointing. However, Checkpoint has raised its full-year revenue guidance slightly into the $685 million to $700 million range, which beats Wall Street's expectation of $680.9 million even on the low end. Full-year EPS guidance remains in the range of $0.65 to $0.75, which hits the $0.70 consensus right in the middle.

Now what: Checkpoint's shares have already doubled over the past 52 weeks, and this was a clear sign of profit-taking. The company's forward guidance gives it an adjusted P/E in the 20.3 to 23.5 range, which is not in screaming buy territory, but it's not in nosebleed territory, either. There might still be plenty of fuel left in this stock-price growth engine. Do some digging into the details and you might find out that Checkpoint is worth a small slice of your portfolio today.

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Fool contributor Alex Planes 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.