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 online travel expert Expedia (Nasdaq: EXPE) were flying in the wrong direction today, losing as much as 18% in intraday trading after the company reported earnings.

So what: Fourth-quarter revenue at Expedia registered a 16% gain from last year and a came in a few million above Wall Street's expectations. However, adjusted earnings per share grew just 10%, to $0.32, well shy of the $0.36 bar that analysts had set. Operating income before amortization -- a non-GAAP measure that the company tracks -- was even more sluggish, posting 7% growth and highlighting the jump in the company's cost of revenue and its sales and marketing expenses.

Now what: Shares of Expedia currently trade at a bit more than 12 times its just-reported full-year adjusted earnings per share. Is that an opportunity? On one side of the balance, there's the strong brand recognition from brands like Expedia, hotels.com, and Hotwire along with the continued growth of online travel bookings. On the other side, there's stiff competition from foes like priceline.com (Nasdaq: PCLN) and Orbitz (NYSE: OWW) -- both of which will be reporting earnings later this month -- and the online air-travel shakeup that's being led by American Airlines (NYSE: AMR). There are definitely uncertainties and challenges ahead for Expedia, but particularly after today's sell-off, the risk-reward balance could be starting to tip in favor of investors.

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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.