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 payment processor Global Payments (NYSE: GPN) slipped more than 10% in intraday trading as investors digested worse-than-expected earnings.

So what: Global Payments reported revenue of $440 million, up 7% from last year and in line with analyst estimates. The bottom line, however, showed earnings per share of $0.67 on an adjusted basis, not only down from last year, but short of the $0.69 that Wall Street was hoping for. There are few ways to better inspire investor ire than by missing earnings estimates.

Now what: Global Payments connects merchants with the card networks for Visa (NYSE: V), MasterCard (NYSE: MA), Discover (NYSE: DFS), and other card companies. All of these companies -- Global Payments included -- rely on increasing levels of commerce to drive their businesses. For that reason, it seems hard to imagine that investors will see a rapid recovery for Global Payments. For investors who have their eye on Global Payments, though, big downside reactions like this could create a buying opportunities.

Interested in more info on Global Payments? Add it to your watchlist by clicking here.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.