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: Computer Sciences Corp. (NYSE: CSC) dropped 18% in intraday trading today after reporting disappointing earnings and issuing disappointing guidance

So what: Preliminary fourth-fiscal-quarter EPS of $1.09 fell 34% year over year and missed the consensus estimate of $1.11. Guidance for the new fiscal year is EPS of $4.70 to $4.80, well below the consensus estimate of $5.13.

Now what: Management expects 3% to 6% revenue growth and flattish EPS growth in the coming year. Delays in federal contracting decisions and the reworking of a multiyear contract with the U.K. National Health Service are hurting financial performance. An SEC investigation announced in February has the potential to result in a downward restatement of prior earnings.

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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.