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 communications technology company Arris Group (Nasdaq: ARRS) fell 10% today after the company released disappointing earnings.

So what: First-quarter revenue of $267.4 million missed expectations by $2.1 million, and earnings per share of $0.16 missed by a penny. Topping it off, the company expects second-quarter earnings per share to range between $0.16 and $0.20, at the bottom end of expectations.

Now what: The earnings miss on revenues and EPS was small, but investors are fixated on the outlook today. It may be at the bottom end of what analysts were expecting, but it still leaves plenty of upside for investors. Arris doesn't have a long history of missing expectations, and if it meets forward estimates, shares only trade at an 11.6 forward P/E ratio -- a good value for opportunistic investors.

Interested in more info on Arris Group? 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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