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 fashion-forward clothier Aeropostale (NYSE: ARO) got tossed in the hamper today, with shares falling by as much as 16%.

So what: The company said that sales in the most recent quarter, which ended in April, dropped 7% and that earnings per share would be around $0.20, below a previous outlook range of $0.35 to $0.38. At least one analyst from Brean Murray Carret & Co. downgraded the stock after the announcement.

Now what: The fashion market is fickle, and it appears that Aeropostale is very out of style right now. Today's news was also mixed from competitor gap Gap (NYSE: GPS), which announced that first-quarter sales were down 3% even though April same-store sales were up 8% from last year. I'm definitely going to sit out this move until we get a clear indication of whether Aeropostale is missing out on seasonal trends or whether the market has passed it by.

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