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 Advance Auto Parts (NYSE: AAP) need repairs a day after the company released earnings falling 10%.

So what: Results on the top and bottom line both fell below expectations in the first quarter. Revenue was up 4% to $1.9 billion and earnings per share were $1.35. Analysts had expected revenue to be $1.92 billion and earnings per share of $1.38.

Now what: The earnings miss was pretty minor, so a 10% move seems a little excessive today. Management still expects to hit full-year targets even after missing this first quarter so optimism internally is high. Of course Advance Auto Parts has had a history of beating estimates recently, so investors may just be spoiled by the company's performance.

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