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: Coldwater Creek (Nasdaq: CWTR) shares are down a staggering 35% in morning trading today.

So What: The specialty retailer announced that it expects a loss in the third quarter due to poor customer response to its merchandise. The company is forecasting a per-share loss of $0.14 to $0.19, down from earlier estimates of a per-share profit of $0.01 to $0.04.

Now What: Consumers may benefit as the company slashes prices to move its "fashion missing" inventory. Now analysts and investors have their eyes on Ann Taylor (NYSE: ANN) and Chico's (NYSE: CHS), to see if Coldwater Creek's issues are company-specific or part of a broader spending trend in women's apparel. Talbots (NYSE: TLB) earlier in the month predicted that it would have a weak third quarter. Shares of the retailers are trading down this morning.

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