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 outdoors-gear retailer Cabela's (NYSE: CAB) were pounded like a tent stake today, falling as much as 13% in intraday trading as investors reacted to first-quarter earnings.

So what: Cabela's first-quarter results seem to be a case of "good, but not good enough." After adjusting for divestitures, sales were up 5.7%, with retail stores leading the way with 11.3% sales growth. Comparable store sales were also up a strong 8.9%. Total revenue of $587 million topped analysts' expectations of $578 million. On the bottom line, Cabela's earnings per share fell from an adjusted $0.29 last year to $0.25 but matched analysts' estimates.

Now what: The initial reaction to Cabela's report moderated a bit as the day went on, and the decline was less than 9% as of this writing. While the sell-off brought the stock's forward price-to-earnings ratio down to 13.6, I can't say that I'm ready to leap at the shares. Members of the Motley Fool's CAPS community seem to be on the fence as well, as they've given the stock a middle-of-the-road three-star rating. However, for current shareholders, I don't see anything in the earnings release that justifies the market's cut-and-run reaction.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool’s disclosure policy prefers dividends over a sharp stick in the eye.