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: Avid Technology (Nasdaq: AVID) dropped 26% in intraday trading today, after reporting a loss instead of the expected second-quarter profit.

So what: Non-GAAP EPS of -$0.10 was nowhere near the consensus forecast of $0.09, and below the year-ago quarter's -$0.05. Revenue also fell to $161 million, from $162 million. GAAP EPS was -$0.31.

Now what: This was the second earnings miss in two quarters: first quarter non-GAAP EPS was -$0.02 against a consensus estimate of $0.09. The press release offered neither an explanation for the disappointing results nor a plan to improve financial performance. The company hasn't delivered a profitable year since 2005, and the current CEO has been in charge for more than three-and-a-half years. There was nothing in today's news that suggests current management can turn Avid Technologies around.

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

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.