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: This morning, shares of Vera Bradley (Nasdaq: VRA) took a nosedive, falling more than 12% before recovering most of the losses later in the day.

So what: The news of the day was earnings of $6 million, or $0.17 per share, on revenue of $91.6 million. Earnings would have been $0.25 per share if not for IPO charges and adjustments for income taxes.

Now what: Some big sellers hit the stock early before seeing Vera Bradley actually beat estimates on an adjusted basis. The market turned around, and the stock has seen positive territory for some of the day, but this morning there was definitely some confusion. Solid earnings last quarter should be a catalyst to move the stock higher, but I'm a little tepid considering the wild swing this morning.

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