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: SMART Technologies (Nasdaq: SMT) dropped 23% in intraday trading today after reporting disappointing earnings and issuing a weak outlook.

So what: EPS of $0.01 fell short of the consensus estimate of $0.08. Revenue grew 8% year over year and operating expenses increased 28% year over year as the company stepped up spending on research and development and selling, general, and administrative expenses. 

Now what: This digital whiteboard maker said it is suffering from weak spending in the North American education sector. Given the budget shortfalls at state and local governments in the U.S., this weakness could persist. That combined with limited and lumpy earnings history means investing in SMART Technologies may not be a smart move.

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