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 IT management specialist CA (NYSE: CA) are blinking red today, falling as much as 10.9% on fairly heavy trading.

So what: $0.48 of non-GAAP earnings in the fourth quarter on $1.13 billion in sales fell slightly short of analyst expectations and the midpoint of management's own guidance. On top of that, CFO Nancy Cooper just announced her retirement and the market hates CFO turnover.

Now what: On the other hand, CA's outlook on 2012 was stronger than current analyst consensus and the company is taking some drastic steps to firm up its operations. That includes selling off the Internet security segment to private equity firm Updata Partners and allocating more resources to the Nimsoft system monitoring solution. I'd call this a budding turnaround story and a buy-in opportunity if not for the fact that CA never was in serious trouble to begin with, and the stock trades at an industry-average 15 times trailing earnings. Add CA to your watchlist and wait for a deeper drop, or just invest in IBM (NYSE: IBM) instead if you believe in mainframe software stocks.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Fool owns shares of International Business Machines. 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.