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: Networking or "cloud computing" stocks took a collective jump off the deep end after F5 Networks (Nasdaq: FFIV) reported supposedly disappointing earnings and fell 22%.

So what: To be honest, earnings weren't all that bad as fellow fool Anders Bylund pointed out, but a revenue miss has spooked investors into thinking the growth story may not be as good as anticipated. Second-quarter revenue guidance of $275 million to $280 million was below estimates of $280.7 million, and the $700,000 difference is apparently enough to cause panic in the streets. A host of related companies including Riverbed Technology (Nasdaq: RVBD) and Rackspace Hosting (NYSE: RAX) have followed F5's lead, falling 10% today.

Now what: Analysts put in overtime last night upgrading F5 after a sell-off in after-hours trading. Credit Suisse and Gleacher & Co. were among those to upgrade the stock. The danger with owning a high-growth stock is investors react skittishly to disappointing reports when there is an expectation that the stock will continue to crush expectations, such as what happened today. The sell-off looks to be a little overdone, especially for F5 Networks, and I expect shares to strengthen after the panic of this quarter has passed.

Interested in more info on F5 Networks? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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