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: Amdocs Limited (NYSE: DOX) shares fell 10% today after the company announced earnings and guidance for next quarter.

So What: Revenue was up 7.7% to $762.2 million and adjusted earnings per share were $0.62, versus an estimate of $0.59. Despite the positive earnings surprise, shares fell because the company gave a weaker than expected outlook for the first quarter of fiscal 2011.

Now What: Clearwire Corp. (Nasdaq: CLWR) suspended business with Amdocs because of changes in business priorities, which will hurt Q1. Emerging market opportunities will also require investment, which will hurt the first quarter, although this should provide opportunity in the future. Next quarter won't be a complete disaster, and this Fool thinks the market has overreacted on the downside. Meaning: Amdocs is on sale!

Interested in more info on Amdocs? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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