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 JDA Software (Nasdaq: JDAS) fell 10% today after the company released earnings and outlook.

So what: Adjusted earnings per share of $0.61 actually beat estimates of $0.56, but investors are focusing on the 2011 outlook. The company expects earnings per share to come in between $2.00 and $2.20, and analysts were hoping for more, expecting $2.40 per share.

Now what: Management said an uncertain landscape in Europe led the company to give a more cautious outlook. Weak margins in its consulting services business aren't expected to turn around quickly during 2011. Still, with a price of $28.30 as of this writing, JDA is trading at a decent price considering the 58% jump in revenue this quarter. I am cautiously optimistic the valuation gives investors a nice entry point into this stock, as long as conditions don't deteriorate further.

Interested in more info on JDA Software? 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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