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 electronics and appliance retailer hhgregg (NYSE: HGG) shorted out today, losing as much as 12% in intraday trading as Best Buy (NYSE: BBY) dragged down electronics retailers.

So what: It was a pretty miserable day for Best Buy as the company's stock was hammered after announcing disappointing third-quarter results. The retailer said that it was hurt in particular by TV sales as discounters like Wal-Mart (NYSE: WMT) and Costco (Nasdaq: COST) lured away customers by pushing lower-end -- and lower-priced -- flatscreens. To be sure, hhgregg is not Best Buy, and we won't hear any results out of the company until late January unless it pre-announces. However, investors are obviously worried that the pressure being applied to Best Buy by discounters is also squeezing hhgregg.

Now what: As long as shoppers are watching their wallets and are willing to sacrifice brand name -- and potentially quality -- in favor of price, hhgregg and Best Buy could both face a tough slog. Currently, both companies are continuing to push TVs from manufacturers like Sony (NYSE: SNE) and Samsung, while Wal-Mart and Target (NYSE: TGT) are focusing on brands like Vizio, Westinghouse, and Apex.

After today's drop, shares don't look particularly expensive, though they don't look particularly cheap either. The business is an interesting up-and-comer, so investors may want to keep an eye on it in case the share price gets more attractive.

Want to keep up to date on hhgregg? Add it to your watchlist.

Best Buy, Costco Wholesale, and Wal-Mart Stores are Motley Fool Inside Value recommendations. Best Buy, Costco Wholesale, and hhgregg are Motley Fool Stock Advisor picks. Wal-Mart Stores is a Motley Fool Global Gains recommendation. Motley Fool Options has recommended buying calls on Best Buy. The Fool owns shares of Best Buy, Costco Wholesale, and Wal-Mart Stores.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Fool contributor Matt Koppenheffer owns shares of Wal-Mart, but does not own shares of any of the other 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.