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 perishable food retailer The Fresh Market (Nasdaq: TFM) sank as much as 15% today after its quarterly results disappointed investors.

So what: Higher revenue and margins helped Fresh Market breeze past Wall Street's first-quarter profit estimates, but given the big double-digit sell-off, it's obvious that Mr. Market is looking well past today's results. With management simply reaffirming -- and not raising -- its full-year profit outlook of between $1.01 and $1.05, investors might be worried that the company won't be able to sustain its seemingly lofty P/E.

Now what: I'd look into today's sell-off as a possible buying opportunity. While Fresh Market doesn't exactly have the scale of Whole Foods Market (Nasdaq: WFM), it continues to grow at a steady pace and plans to open about 12 to 14 stores by the end of the year. Short-term price hiccups just come with the growth stock territory, but if Fresh Market continues to deliver solid results, there's no reason it can't be a long-term multibagger.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Motley Fool newsletter services have recommended buying shares of Fresh Market and Whole Foods. The Motley Fool owns shares of Whole Foods Market. Try any of our Foolish newsletter services free for 30 days.

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