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 Bazaarvoice, Inc. (NASDAQ: BV) fell more than 16% during intraday trading Thursday after the social commerce solution provider released solid fiscal second-quarter 2014 results, but simultaneously provided disappointing forward guidance. In addition, Bazaarvoice announced the resignation of its CEO.

So what: Quarterly revenue rose $45.5 million, or above management's previously guided range of $44.75 million to $45.25 million. This, in turn, translated to an adjusted net loss of $4.8 million, or $0.06 per share, which is also at the better end of the company's previously expected range calling for a loss of $0.06 to $0.09 per share. Both figures also exceeded analysts' expectations, which called for an adjusted net loss of $0.07 per share on sales of $44.95 million.

Despite the beat, however, Bazaarvoice lowered its full-year sales guidance by roughly 2% to $181 million-$184 million, blaming it on "higher-than-expected dollar churn in Q2 and, to a lesser extent, softness in [its] media revenue."

Finally, Bazaarvoice surprised investors by announcing that, as of Jan. 31, 2013, CEO Stephen Collins will resign. He will be replaced by Bazaarvoice president Gene Austin, who formerly served as CEO of Convio for nine years. Remember, around this time last year Collins was appointed CEO, after Bazaarvoice co-founder Brett Hurt abruptly resigned amid a U.S. Department of Justice trial and antitrust investigation stemming from its 2012 acquisition of PowerReviews.

Now what: That trial is now complete, and Bazaarvoice is currently awaiting a verdict, which management states should arrive sometime over "the next several weeks."

In the meantime, it's worth noting Collins says he aggressively recruited Austin himself, and analysts at Pacific Crest have already chimed in to say his prior experience with software as a service should help improve the company's churn and sales execution. Even so, given the uncertainty around the status of its acquisition, I'd personally prefer hearing what the verdict is before making any decisions about Bazaarvoice stock.

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