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 RealPage (Nasdaq: RP), which makes software used for managing rental properties, are down as much as 11% today on more than four times their average trading volume.

So what: The company just reported fourth-quarter earnings, but actually beat analyst estimates on both the top and bottom lines. The only analyst action was a reiterated "buy" rating by RBC Capital Markets. However, the earnings outlook for fiscal 2011 falls just short of analyst estimates.

Now what: RealPage is a newcomer to the public market, and neither analysts nor us investors have had much of a chance to build financial models for the company. For 2011, the company hopes to increase its market share while looking for plug-in acquisition opportunities to bolster growth. We'll see soon enough how management handles that two-pronged plan; for now, I suggest that you let this too-hot stock cool down a bit before touching it with your own money. It's a perfectly safe addition to your watchlist, though.

Interested in more info on RealPage? Add it to your watchlist.