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 services company Sapient (Nasdaq: SAPE) fell as much as 11% after the company announced third-quarter results.

So what: As far as I can tell, there wasn't much to be upset about in Sapient's numbers. Total revenue was up 33% from last year and GAAP net income soared 141%. Both sales and earnings per share (GAAP and non-GAAP) were above analysts' estimates. The company also forecast fourth-quarter revenue above what Wall Street had in its books and projected better margins. Watching Sapient's shares fall after all that is a bit disorienting -- sort of like watching a mouse chase a cat.

Now what: Sapient, which competes with the likes of Accenture (NYSE: ACN), has seen its shares climb 45% since the beginning of the year. Investors may be concerned that shares have run too far -- even after today's drop, the stock currently fetches a price-to-earnings ratio of 24 on expected 2011 earnings per share. From a business perspective, the third quarter looked pretty good for Sapient and it sounds like the fourth quarter will be even better. From a stock perspective, though, some investors are obviously reconsidering what Sapient's shares are worth.

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