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 retailer Liz Claiborne (NYSE: LIZ) briefly fell 12% today after the company announced a disappointing outlook for next year.

So what: The fiscal fourth quarter was actually stronger than expected, with an adjusted loss of $0.03 versus the $0.13 loss analysts expected. But investors are focusing on a 2012 target that falls short of "threshold goals." The company now sees adjusted EBITDA of $180 million to $220 million in 2012.

Now what: Forecasting a year in advance is hard enough, but looking out two years is nearly impossible at the rate consumer preferences change. Because of that, I think the market is overreacting a little bit after a decent quarter. Adjusted EBITDA is still expected to double next year, and as the economy improves so will this stock. I am buying the dip and am cautiously optimistic Liz Claiborne can beat expectations again next quarter. (Click here to read about today's pop in Revlon shares.)

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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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