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.

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