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 La-Z-Boy (NYSE: LZB) slept in an awkward position on the couch last night and woke up with a stiff neck, falling 10% today.

So what: Earnings came out last night, but they certainly didn’t warrant the move we saw today. Adjusting for one-time items, earnings per share totaled $0.24, on revenue of $338.9 million. Analysts only expected earnings of $0.19 and revenue of $324 million, so what in the world is going on?

Now what: The move was really based on a Wall Street Strategies downgrade of the stock, coupled with expectations of cautious consumer spending. I think the market is overreacting today, projecting far too much weakness after a solid earnings beat. La-Z-Boy is a better value than both Ethan Allen (NYSE: ETH) and Furniture Brands (NYSE: FBN) right now, and I think the market will eventually reward shareholders who can wait out this downgrade slump.

Interested in more info on La-Z-Boy? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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