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: Tech Data (Nasdaq: TECD) dropped 11% in intraday trading today after earnings fell short of consensus expectations.

So what: EPS of $1.03 grew 17% year over year, but came in short of the consensus estimate of $1.05. Revenue of $6.33 billion grew 13% year over year (10% adjusted for currency effects) but came in short of the consensus forecast of $6.4 billion.

Now what: For the current quarter outlook, management said only that  it expects "year-over-year organic sales growth," hinting at potentially tepid sales. For the year, management said it's confident in Tech Data's "ability to achieve our stated goals of double-digit operating income and earnings growth." With first-quarter sales a little weaker than expected and lukewarm guidance, it appears TECD may have trouble meeting the consensus forecast of 14% EPS growth in 2011.

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Fool contributor Cindy Johnson does not own shares of any company named above. 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 has a disclosure policy.