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: Quantum Corp. (NYSE: QTM) dropped 18% in intraday trading today after reporting disappointing earnings.

So what: Non-GAAP EPS of $0.01 fell 75% year over year and missed the $0.03 consensus estimate. GAAP EPS of -$0.02 deteriorated from -$0.01 in the year-earlier quarter. Revenue of $102 million fell 6% year over year.

Now what: The CEO cited a tough comparable and weakness in disk system and software sales for the meager revenue, and noted he expects new products and a focus on sales and marketing to get the company "back on track." For the current quarter, management expects revenue of $160 million (down 5% year over year), a slight, sequential decline in non-GAAP gross margin, and a slight, sequential increase in GAAP operating expenses. Sterne Agee downgraded the stock to neutral from buy.

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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.