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 Incontact (NASDAQ:SAAS) have ended the day more than 6% lower after climbing partway out of a 12% hole that they plunged into at the open, as investors have apparently moderated their disappointment toward the company's mediocre second-quarter earnings report.

So what: Incontact reported revenue of $31.1 million for the second quarter, which missed Wall Street's $32.2 million target despite posting an impressive 19% year-over-year gain. However, the company's narrow $0.03 loss per share was $0.01 better than the $0.04 loss analysts had expected. Gross margin grew on both a GAAP and an adjusted basis.

Incontact's management tweaked its full-year guidance, and the company now expects total revenue to be in the $130 million to $132 million range, which will be driven by 25% to 28% growth in software segment revenue (total growth is in the 18% to 20% range). That comes in disappointingly below Wall Street's $136.1 million consensus for 2013, and is likely to be the main reason for the mild panic seen today.

Now what: Analysts at Benchmark downgraded Incontact to Hold after the report, and Piper Jaffray analysts point out that investors should have "expected" the drop after a steep run-up for the year collided with lowered earnings guidance. However, Piper maintained its $12 price target, and noted that the company's underlying business remains strong. A 20% annual growth rate is nothing to sneeze at -- there's no reason to run for the hills today if you were already in contact with Incontact's shares before the drop.

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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.