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 sportswear and underwear designer Warnaco Group (NYSE: WRC) look underdressed today after falling as much as 10.1% in heavy morning trading.

So what: Warnaco's first-quarter earnings fell short of analyst expectations despite very strong sales. Costs ballooned to support Warnaco's Calvin Klein sales and to expand the company's retail-store network.

Now what: The stock is pretty much back where it was after the fourth-quarter report, which is to say, up by a market-beating 34% over the past year. Amid competition from Maidenform (NYSE: MFB), Limited Brands (NYSE: LTD), and Hanesbrands (NYSE: HBI), Warnaco stands tall with an ultra-clean balance sheet and consistent growth. This quarter was a speed bump on the road to greater profits, but Warnaco should be back on track when this spending spree blows over.

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