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 Israeli software company ClickSoftware Technologies (Nasdaq: CKSW) dove as much as 17% in intraday trading after the company cranked down its fourth-quarter expectations.

So what: Analysts were looking for $20 million in revenue from ClickSoftware's fourth quarter, but the updated guidance puts the company's top line at just $18 million. In addition, the company said that higher headcount and a write-off due to a customer bankruptcy will also leave the bottom line lower than planned, though it didn't offer a specific number.

Now what: In the company's statement, management remained upbeat about the company's growth and the upcoming year. Investors, however, were obviously disappointed with today's update, particularly after they bid shares up nearly 100% (prior to today's drop) from the stock's summer low. The onus will now be on management to show that the fourth-quarter miss was a fluke and that optimism is still warranted.

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

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 does not own shares of any of the 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 prefers dividends over a sharp stick in the eye.