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 Healthways (Nasdaq: HWAY) fell 14% today after the company released earnings.

So what: Sequentially revenue grew 4% to $169.6 million and earnings per share increased 42% to $0.17. Analysts were expecting $168.5 million in revenue and $0.18 in earnings.

Now what: To top off a quarter that was basically in line with expectations, Healthways reaffirmed guidance for 2011. So why the big decline in shares today? Well, JMP Securities downgraded shares from market perform to underperform, but I don't find any big red flags beyond the downgrade. After closing last night near a 52-week high, investors may have gotten ahead of themselves, but I think for long-term investors this looks like a bump in the road.

Interested in more info on Healthways? Add it to your watchlist.