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: Lender Processing Services (NYSE: LPS) dropped 13% in intraday trading today after the company reduced guidance for non-GAAP EPS in the current quarter from a range of $0.79 to $0.82 to a range of $0.54 to $0.56.

So what: The consensus forecast had been calling for non-GAAP EPS of $0.81. The new forecast calls for 31% year-over-year decline in per-share earnings in the current quarter. The company, which processes foreclosures and new home loans, blamed the weakness on fewer defaulted loans and mortgage loan originations, particularly for refinancing.

Now what: Management noted it is "well-positioned to gain additional market share" and plans provide an outlook for the remainder of the year in July, when it reports second-quarter earnings. While foreclosures may pick up in the near term and provide some respite, ultimately the level of foreclosures should fall below current levels. Interest rates are also likely to rise, a negative for refinancing mortgages. Thus, market share gains may not be enough to overcome what management described as "very difficult market conditions."

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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.