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: Riverbed Technology (Nasdaq: RVBD) dropped 24% in intraday trading today after issuing a disappointing earnings report and outlook.

So what: Second-quarter EPS of $0.21 met the consensus estimate and increased 62% year over year. Revenue grew 35% but fell short of consensus forecasts.

Now what: Management blamed the disappointing revenue on weakness in European markets due to both the economy and the company's execution. It announced new sales management in the region last week and expressed optimism that the new management would fare better. The company's expectations for profit in the current quarter were below the consensus estimate, at least partially due to expenses associated with two acquisitions announced last night. At least four analysts cut their price target on the stock.

Interested in more info on RVBD? Add it to your watchlist by clicking here.