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 financial services specialist Broadridge Financial (NYSE: BR) traded down as much as 10% today after the company reported disappointing fiscal second-quarter earnings.

So what: Showing off the stability of its core business, Broadridge boasted that the company continues to retain 99% of its customers and is collecting a dependable, recurring revenue stream from that side of the business. However, the company's event-driven business, which is linked to mutual fund proxy campaigns, has been falling flat lately. That provided a big drag for Broadridge's results, leaving second-quarter revenue and earnings per share at $442 million and $0.08, respectively. Both were significantly below Wall Street's expectations.

Now what: Making matters worse, the company said that it doesn't see a near-term rebound in the event-driven business and that, along with a $0.05 per-share one-time expense, caused management to lower its full-year outlook from a range of $1.55 to $1.65 to a range of $1.30 to $1.40. Broadridge's CEO stressed that the event-driven business is a cyclical one that can be difficult to predict, but that the company hasn't seen a secular change that would change the dynamics of the business. With strong cash-flow and a decent dividend, Broadridge could be a stock to keep an eye on -- particularly if concerns over the event-driven business continue to weigh on the stock.

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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.