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.

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