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 apparel manufacturer G-III Apparel (Nasdaq: GIII) were looking out of style today as they fell as much as 17% in intraday trading on heavier-than-average volume.

So what: Earnings, or rather lack thereof, were the culprit for G-III's decline today. For the first quarter, the company reported a loss of $0.03 per share on revenue of $197 million. Though revenue topped analyst estimates and the loss was narrower than last year's, the folks on Wall Street were expecting a $0.04-per-share profit.

Now what: The company's outlook may have been just as disappointing for investors. Management maintained its previous full-year earnings-per-share guidance of $3.15 to $3.25 and introduced a second-quarter forecast of $0.18 to $0.22 per share. Current analysts' forecasts fall at the upper end of both ranges, whereas investors typically like to see those expectations line up with the midpoint of management's view.

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