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 ValueVision Media (NASDAQ:VVTV) were picking up static today, falling as much as 14% after reporting earnings last night and sending a letter to shareholders defending its current strategy today.

So what: The parent of the ShopHQ channel and related home-shopping platforms said revenue improved 6% in its first quarter to $159.7 million on strong demand in the Fashion & Accessories and Beauty, Health, & Fitness segments, but that was short of estimates at $161.4 million. Earnings per share improved a penny to $0.03, matching analyst targets. Customer growth was strong in the quarter, up 22% to 1.4 million, and CEO Keith Stewart said he was "pleased with the results."

Now what: While those results didn't seem worthy of a double-digit sell-off, investors may be feeling jittery about the company's upcoming proxy fight with activist hedge fund The Clinton Group. This morning ValueVision sent a letter to shareholders in which Chairman Randy Ronning urged them to vote for the company's picks for the board of directors at its shareholders' meeting next month. The letter stressed the company's achievements, including adjusted EBITDA growth of 166.1% since August 2012, and its successful strategy, saying that the Clinton Group has "no clear strategy to deliver shareholder value." The Clinton Group has put six of its own board nominees up for a vote, and has attacked current management on multiple occasions for not delivering on its own targets. A proxy fight can sometimes send shares up as investors are anxious for a change in leadership, but that does not appear the case here, as the stock approached a 52-week low on today's news.

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Jeremy Bowman and The Motley Fool have no position in any of the stocks mentioned. 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.

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