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 insurance-related software seller Ebix (Nasdaq: EBIX) started the day in fine form but fell to an intraday low 12% below Monday's closing price, all on very high trading volume.

So what: The stock never quite recovered from a broadside of allegations fired off against it in mid-March, and today's earnings report only gave Ebix a tighter haircut. That, of course, makes no sense, because Ebix beat the Street's earnings target by 12% while just edging out the revenue consensus.

Now what: That's the second irrational 10% drop I've covered today. The one thing Ebix has in common with Hollysys Automation Technologies is a very large short-seller contingent -- over 22% in Ebix's case and 9% for Hollysys. Ebix is back to prices not seen since last September after a brief stint more than 40% higher. Ebix is an official recommendation of two Foolish newsletters, including a real-money position, and carries a five-star CAPS rating to boot. With backing like that, this fall becomes a research item at the very least, and perhaps even a buy-in opportunity.

Interested in more info on Ebix? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Ebix is a Motley Fool Rule Breakers selection. The Fool owns shares of Ebix. Try any of our Foolish newsletter services free for 30 days. 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 is investors writing for investors.