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 Syntel (Nasdaq: SYNT) fell 11% at the market open today after the company reported earnings.

So what: Fourth-quarter revenue was up 23%, to $144.9 million, and earnings per share hit $0.71. Revenue was $1.9 million lower than expectations, but earnings beat the $0.68 analysts had expected, so the quarter wasn't bad at all. But investors were fretting about 2011 in early trading.

Now what: Guidance for 2011 was weaker than expected with an EPS range of $2.65 to $2.90, lower than the $2.94 analysts were expecting. The mixed results are what caused a little confusion over which direction shares should be headed. As I am writing this, shares have recovered most of the early losses and are now down less than 3%, a more rational level after an earnings beat and a slightly disappointing outlook.

Interested in more info on Syntel? 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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