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: Computer Sciences Corporation (NYSE: CSC) dropped 14% in intraday trading today after announcing that the quarter that ended in March will come in below expectations.

So what: In February, the company forecast fiscal 2011 revenue of $16.2 billion and EPS of $5.20. Now it expects revenue of about $16.1 billion and EPS of about $4.75. The company's fiscal year ends in March, so the shortfall is crammed into its fiscal fourth quarter.

Now what: The fiscal-fourth-quarter EPS is likely to come in at about $1.12, well below the consensus estimate of $1.56. The relative sizes of the revenue and EPS shortfalls suggest expenses are out of control, which may indicate service delivery challenges. CSC also said it expects the size of a large contract with the U.K.'s National Health Service to be reduced and federal procurement delays affected new business awards; neither bodes well for the outlook.

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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.