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: WD-40 Co. (Nasdaq: WDFC) dropped 10% in intraday trading today after badly missing the consensus earnings estimate.

So what: Second-fiscal-quarter EPS of $0.53 fell 17% from the year-ago quarter and was well short of the $0.67 consensus estimate. Sales of $79.2 million declined 2% from the year-ago quarter, with a 14% decrease in the Americas more than offsetting growth of 11% in Europe and 22% in Asia-Pacific.

Now what: Updated guidance calls for EPS of $2.23 to $2.35 for the fiscal year, down from January's guidance of $2.25 to $2.40. Management said the company continues investing in four strategic initiatives: expand into growth markets, innovate in existing markets, acquisitions/strategic partnerships, and new marketing strategies targeting loyal end-users. Those strategic initiatives need to work better than they did in the most recent quarter to justify the stock's P/E ratio of 21.7.

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