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: Ingram Micro (NYSE: IM) dropped 11% in intraday trading today after badly missing earnings expectations.

So what: EPS of $0.38 was down 17% from the year-earlier quarter and far short of the consensus estimate of $0.48.  Management said the main reason for the disappointing earnings was difficulty transitioning to a new business management system in Australia.

Now what: Management stated the Australia transition is "progressing" but will likely impact the current quarter. The company also indicated profit margins are being pressured by competitive pricing in certain Asian markets, softer retail demand in Europe, and accelerated growth in emerging markets such as China and India (where it has lower margins). Many of these challenges could persist for some time and the company's transition to a new business management system is in not expected to be complete for approximately three years.

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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.