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 Wolverine World Wide (NYSE: WWW) fell as much as 15% in early trading before recovering to being down about 7% as of this writing. Investors didn't like what they heard from the maker of outdoor footwear, which reported second-quarter earnings this morning.

So what: Looking at the numbers, you wouldn't know there was a problem. Revenue grew 20% to $310.1 million, while per-share profit improved to $0.48, a 40% gain. Analysts were expecting $294.3 million and $0.46, respectively.

Now what: So, what gives? Management's conservative guidance, apparently. Wolverine maintained its full-year forecast, which calls for $2.40 to $2.50 in per-share earnings on $1.38 billion to $1.42 billion in revenue. Bullish investors wanted more, according to the consensus coverage.

I agree, but I also think unrevised guidance accounts for half of the story. Why they wanted an increase matters more. In this case, I think they were hoping for a catalyst to lift Wolverine past the $2 billion that VF (NYSE: VFC) has agreed to pay for Timberland (NYSE: TBL), a similarly styled maker of outdoor shoes. What do you think? Weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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