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 optical equipment maker Ciena (Nasdaq: CIEN) fell 12% today after the company released earnings.

So what: Revenue was $433.3 million, higher than analysts' estimates of $421.9 million, and a loss of $0.14 per share was better than the $0.16 loss that was expected. But then we got a look at outlook, and with analysts expecting second quarter sales of $438.5 million, management only sees it in the range of $415 million to $435 million.

Now what: As fellow Fool Anders Bylund pointed out today, this may be nothing more than a market correction after a long hot streak for Ciena. Considering that quarterly earnings were stronger than expected, I wouldn't be panicking today on a little weakness from the outlook. With that said, if I'm a buyer I may wait for a longer correction before jumping in. With earnings out of the bag, there may not be much to drive the stock higher in the short term.

Interested in more info on Ciena? 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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